LONDON (AFP) – Energy group Shell on Friday said it had agreed to sell its United Kingdom (UK) and German units providing gas, electricity and broadband for an undisclosed amount to British company Octopus Energy.
“To drive performance, discipline and simplification, we are prioritising countries, projects, and routes to market where we can deliver the most value,” Shell Energy executive vice-president Steve Hill said in a statement.
It comes as British group Shell winds down its home energy retail business in the Netherlands but keeps similar operations in Australia and the United States.
Shell’s sale will make Octopus Britain’s second-largest domestic energy supplier behind British Gas.
The deal is still subject to regulatory approval and is expected to be finalised in the last three months of 2023.
Octopus said it would provide energy for an additional 1.4 million homes and broadband to 500,000 customers, mainly in the UK.
“Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system,” its chief executive Greg Jackson said.
