Shell powers into UK retail market in bid to become biggest energy firm

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

The move will put more pressure on the UK power market, which has seen many customers abandon traditional utilities for smaller, cheaper suppliers

FILE PHOTO: A logo for Royal Dutch Shell Shell is seen on a garage forecourt, March 6, 2014. Picture: REUTERS / NEIL HALL

This undercuts former cheapest UK power supplier Bulb Energy, which has a deal available for £981 pounds a year, and is about 18% cheaper than power supplied by Centrica-owned British Gas, according to data from UK power regulator Ofgem. The bank said Shell’s plan to invest about $1bn-$2bn a year on its new energies division is only 5% of the company’s annual capex and “hence has significant room to grow”. It added that it was “difficult to rule out” Shell buying other UK-based utilities such as the retail unit of SSE or Npower, which are both up for sale.

“Shell recognises the world needs more energy with lower emissions and this will give customers more flexibility, greater control and cleaner energy,” said Mark Gainsborough, executive vice-president of Shell New Energies US.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK minister Gove backs PM May - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.%Britain's Environment Secretary Michael Gove said on Sunday Prime Minister Theresa May 'absolutely' had his support, adding that it was a time for'cool heads' to focus on getting her twice-rejected Brexit agreement approved by lawmakers.% Never in the history of England have so many turned their backs on on so few who are fighting for so much freedom for so many.
Source: SABC News Online - 🏆 32. / 51 Read more »