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

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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.

 

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