Shell to sell energy supply arm

Shell has confirmed its German, Dutch and British household energy supply businesses are up for sale and could be offloaded in the coming months after generating poor returns.

"A review has now concluded and as a consequence, we intend to exit those businesses,” Shell said in a statement.

“A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months.”

British Gas, Octopus Energy and Ovo are understood to have previously bid on Shell’s UK retail energy arm, according to Reuters, which was created after the acquisition of First Utility in 2019.

Shell Energy is anticipated to be worth between US$50mln and US$100mln, according to Reuters’