Shell Plc is reportedly considering selling its UK energy supply business after injecting £1.2 billion into the loss-making division to help it cope with rocketing gas and electricity prices.
News report on Thursday from The Telegraph, UK-based newspaper, quoted the company as saying that it has launched a strategic review of the business, which supplies 1.4 million British households and also operates in the Netherlands and Germany.
According to the news report, Shell Plc, one of the largest operators in the energy industry globally, raises the prospect of the unit being sold just six years after it first moved into the UK household supply sector.
A spokesman of the company reportedly said, however, that no decisions had been made and that Shell’s priority was to “ensure our customers in those countries continue to receive a reliable and affordable energy supply” while helping those who are struggling with bills.
It would be recalled that the oil company first entered the UK home supply market in 2017 when it acquired energy and broadband provider – First Utility and the company’s estimated 825,000 customers..
Since then it has expanded its footprint with the acquisition of Green Star Energy and the Post Office’s energy business, as well as sealed agreements to take on some customers whose suppliers collapsed in the face of rising prices that have convulsed the industry for the past one and a half years
