Shell mulls exiting energy retail business in UK, Germany, Netherlands

LONDON, Jan 26 (Reuters) – Shell (SHEL.L) has closed its home energy retail business in Britain, the Netherlands and Germany following “difficult market conditions”, the company said on Thursday. business strategy assessment.

European energy suppliers have grappled with soaring wholesale prices and government efforts to protect consumers from rising electricity bills over the past year.

Shell said no decisions had been made on the future of those businesses.

Shell is injecting nearly $1.5 billion in cash and credit into its UK energy retail business in 2022 to help it weather huge swings in electricity prices that have brought down several rival UK utilities.

Shell said its wholesale and business-to-business (B2B) energy supply business was excluded from the strategic review, as was its home energy supply business in the US and Australia.

Reporting by Ron Busso; Editing by Kirsten Donovan

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