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Shell warns of cash hit from soaring gas and power prices

REUTERS

Shell warns of cash hit from soaring gas and power prices

LONDON, Oct 7 (Reuters) – Royal Dutch Shell (RDSa.L) on Thursday said that soaring natural gas and electricity prices around the world will have a significant impact on its revenue in the third quarter.

In an update ahead of quarterly results this month, Shell also said that damage caused by August’s Hurricane Ida will dent earnings by $400 million in the quarter.

Natural gas and electricity prices around the world have been driven higher as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic. ,

Shell is the world’s top seller of liquefied natural gas (LNG), accounting for about 20% of global demand, though its sales have declined in recent months because of production problems.

Reporting by Ron Bousso Editing by Jason Neely and David Goodman

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