Shell plans to expand amid energy market chaos

Jun 13th, 2022

The Telegraph

Shell plans to expand amid energy market chaos

The FTSE 100 company plans to invest £20bn-£25bn in the UK

By Rachel Millard: 13 June 2022 • 7:27pm

Shell is pursuing a significant expansion of its business supplying electricity to UK households amid intense volatility in energy markets.

The FTSE 100 company wants to supply clean power to five million households and electric car drivers by 2030, up from about 1.5m today, as part of plans to diversify away from oil and gas.

Shell plans to invest £20bn-£25bn in the UK over the decade, more than 75pc of which will go towards low carbon energy such as wind turbines and electric car charging points.

David Bunch, Shell’s UK country chair, said the investments will help “propel the UK closer to net zero and help to ensure security of supply”.

However, he said the company needs a “stable tax and investment climate” and businesses and government need to “pull in the same direction”.

It comes after the Government announced a windfall tax on oil and gas producers, to try to raise cash for households struggling with record household energy bills.

Shell’s core business is drilling for oil and gas but it also supplies about 1.4m UK households with energy via its UK retail business Shell Energy Retail.

About 100,000 drivers are also signed up to its Shell Recharge service for electric car charging in the UK.

Shell’s retail unit has grown since last year following the collapse of about 30 rival suppliers since last August amid a surge in wholesale gas prices.

It has picked up more than 500,000 customers left behind by failed suppliers Pure Planet, Daligas, Colorado Energy and Green Supplier, under the regulator’s safety net process.

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