The role of oil companies as the boogeymen of energy has several faces. Beyond the traditional depiction of a vile, fossil polluter that emanates from the companies' historical occupation, a somewhat different narrative has gained ground in recent years: Titans with infinitely deep pockets now eyeing offshore wind and rapidly in the process of usurping the sector from its original proponents.
That tale, however, is marked by numerous potholes. In part, oil outfits like Shell and Equinor have in fact been active in offshore wind for several decades – and it's also too early to write off the role of electrical utilities, states S&P Global Ratings in a new analysis.
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