Shell plans to sell its household energy supply division in Europe over the coming months, according to a Tuesday report.
The sale was decided after a five-month review of the “troubling retail industry,” according to Bloomberg. Shell has already placed the business on the market, and reports are circulating that OVO and Octopus Energy have submitted bids for purchase. Shell previously refused to sell various assets to OVO, but given the new market landscape, this might change Shell’s decisions moving forward, Reuters noted.
Along with their energy supply, roughly half a million households get their broadband from Shell, Bloomberg noted. How the sale will impact these customers is unclear, as is the actual reason for the sale. Shell has not clarified what their leaders mean by a “trouble retail industry,” but one might assume it has something to do with the ongoing global energy crisis.
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“We are committed to supporting both customers and staff and protecting customer interests during this period, and to ensuring a seamless transfer to a buyer capable of delivering on its obligations, including our intent to maximise employment,” Shell said of the sale. (RELATED: US Officials Issue Major Warning Ahead Of El Niño)
The decision to sell comes just months after customers across Europe were forced to choose between eating and heating due to skyrocketing costs throughout 2022 and into the new year. British consumers have faced seemingly non-stop price hikes, with costs anticipated to keep rising.
