Shell Plc has agreed to sell its home energy retail business in the UK and Germany to Octopus Energy Group Ltd. for an undisclosed sum, ending the oil and gas giant’s foray into the direct supply of natural gas and power to households under the Shell Energy brand.
The deal, which is subject to regulatory approval, will see Octopus Energy take over the supply of energy to around 900,000 customers in the UK and Germany. Octopus Energy is one of the fastest-growing independent energy suppliers in the UK, with a focus on renewable energy and innovative technology.
Shell’s decision to sell its home energy retail business comes as the company seeks to focus on its core oil and gas operations and transition towards cleaner forms of energy. The sale will allow Shell to concentrate on developing its renewable energy portfolio and investing in new technologies such as hydrogen and carbon capture.
Octopus Energy CEO Greg Jackson said in a statement that the acquisition would help the company to accelerate its growth and expand its customer base. “We’re delighted to welcome Shell Energy’s customers to Octopus Energy,” he said. “We’re committed to providing them with great value, green energy and outstanding customer service.”
The deal is expected to be completed in the coming months, subject to regulatory approval.