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In the Energy Sector, a New Kind of Hybrid Emerges

Feb 16, 2018 | 09:00 GMT
Wind turbines spin alongside the Drax power station, the biggest coal-fired plant in Europe.

Wind turbines near Selby, England, spin alongside the Drax coal-fired power station.

(CHRISTOPHER FURLONG/Getty Images)

The global transition away from fossil fuels and toward more sustainable energy sources is well underway. Though the rise of green technologies such as solar panels or electric vehicles may seem to bode ill for the international oil industry, many oil companies are trying to change with the times. Royal Dutch/Shell, for example, spent $217 million in January to buy a 43.8 percent stake in Silicon Ranch, a U.S.-based solar developer. Rather than competing against low-carbon technologies, fossil fuel companies are increasingly working to incorporate them, setting the stage for a new class of hybrid firms to emerge in the global energy industry....

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