Shell to exit European home retail energy businesses - Reuters

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• Companies

• Shell PLC
• Shell's Chalet, LLC

LONDON, June 6 (Reuters) - Shell (SHEL.L) said on Tuesday that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns.

Shell launched a strategic review of its European retail businesses in January, citing "tough market conditions", shortly after CEO Wael Sawan took office.

"That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months," Shell said in a statement.

Reuters reported last month that three of Britain's largest power providers had expressed interest in acquiring Shell's UK retail business.

Reporting by Ron Bousso; editing by Louise Heavens and Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

Ron Bousso

Thomson Reuters

Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine. He has been named Reporter of the Year in 2014 and 2021 by Reuters. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel.

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