In light of tough market conditions, Shell announced that it is considering closing its home energy retail businesses in the United Kingdom, the Netherlands, and Germany.
Over the past year, governments’ efforts to protect consumers from rising bills and skyrocketing wholesale prices have been a challenge for European energy providers. Shell stated that it had begun a strategic review of the three businesses, which is expected to take several months, but that no decision regarding their future had been made yet.
In 2022, Shell provided its British energy retail business with nearly $1.5 billion in cash and credit to help it weather the extreme volatility in power prices that led to the demise of several rival UK utilities.
The UK division of Shell Energy Retail has 1.4 million customers, while the German division has 110,000 and the Dutch division has 15,000 each. Shell stated that neither its home energy supply businesses in Australia nor its wholesale and business-to-business (B2B) energy supply businesses were included in the strategic review.
Despite Shell’s difficulties in the retail sector, the company anticipates a record annual profit of over $30 billion in 2022 when it releases its financial results on February 7, 2023.
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