UK’s Shell Energy to take on customers of failed supplies GOTO Energy

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Britain’s energy market regulator Ofgem said on Thursday it has appointed Royal Dutch Shell’s power retail business Shell Energy to take on customers Goto Energy Ltd.

GOTO Energy Ltd, which supplied some 22,000 domestic customers, ceased trading on Monday, becoming the 12th UK energy firm to fail since the beginning of September.
Shell Energy also took on more than 500,000 customers of four other failed suppliers in recent weeks.

Many British energy suppliers have struggled with soaring wholesale gas and electricity prices while the amount they are able to charge customers is limited by Ofgem’s price cap.
Ofgem said that, for existing GOTO Energy customers, energy supplies would continue as normal after they were switched over to Shell on Oct. 21.

“Your energy supply will not be interrupted. Shell will be in contact with customers over the coming days with further information. Once the transfer has been completed, customers can shop around for a better deal if they wish to,” said Neil Lawrence, Ofgem’s director of retail.
Global energy major BP called on Thursday for more investments in longer term energy contracts, storage and the diversification into various fuels to build a robust energy system in future.

The call comes after coal, oil and gas prices surged to all-time or multi-year highs in recent weeks hammering utilities and consumers from Europe to China, raising inflationary pressures and putting at risk a global recovery from the COVID-19 pandemic.
Globally buyers and consumers are advocating for higher investment in energy assets for continued and affordable supplies.

“I think the real question is not about how it looks today because, in general, things are being supplied today, I think the question is what would it look like as we head into the winter months,” BP Chief Executive Bernard Looney said at the Indian Energy Forum.
“People are doing what they can to get ready for that but I think what it means in the longer term…we must invest into things like longer term contracts, invest into natural gas which remains a great balancer in the system, invest into storage and invest into diversification.”
Some countries are already topping up energy storage to avoid shortages during winter, Looney said.

On Wednesday, BP signed a 10-year piped natural gas supply deal with a unit of China’s Shenzhen Gas Group Co Ltd starting 2023.
BP also aims to supply 15% of India’s gas needs, Looney said.
Separately, BP wants to strengthen its energy-trading operation, one of the world’s largest, which will benefit from the company’s new focus on electric vehicle (EV) charging business.

“We intend to double down on and grow, particularly here in Europe, particularly in China and looking at the United States,” Looney said referring to BP’s EV charging business.

Earlier this month, small British energy supplier Pure Planet, in which BP holds a stake of about 24%, ceased trading as many suppliers struggled with record wholesale energy prices.

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