Shell Petroleum Company Limited agreed to sell its home energy business, Shell Energy Retail Limited (SERL) in UK and Shell Energy Retail GmbH(SERG) in Germany to Octopus Energy Group through its 100% owned subsidiary Impello Limited (“Shell”).
Domestic gas, power and broadband services to approximately two million customers are provided by the business and it operates under the Shell brand. The transaction effective date is on the 1st of September 2023 and will be completed in the fourth quarter of 2023, subject to regulatory approval.
Residential customers and operatives in 15 countries benefits from the innovative energy solutions by the leading energy retail company, Octopus.
Tariffs and offers will remain constant for all existing home energy customers, including continued access to 100% renewable power and there will be uninterrupted Customer service following regulatory approval and deal completion, both companies will ensure a seamless transfer of the businesses and eventually brand from Shell Energy to Octopus.
“This agreement follows the announcement during our Capital Markets Day to divest our home energy retail business in Europe,” said Steve Hill, Executive Vice-President, Shell Energy. “To drive performance, discipline and simplification, we are prioritizing countries, projects, and routes to market where we can deliver the most value. We will work closely with Octopus to ensure a seamless transition and continued high standards of customer service.”
The agreement includes the signing of the memorandum of Understanding by Shell and Octopus to explore a potential international partnership to bring the best possible experience to their EV Charging customers, including Shell Recharge subscribers. Options will be explored for possible joint promotions and brand activations, alongside co-operation on out-of-home charging and other activities across the EV value chain. Shell is already a leading EV charging provider with a global charging network set to expand to around 200,000 public charging points by 2030.
