Oil giant Shell will soon begin supplying lighting and heat to British homes through a major deal to buy the biggest energy supply rival to the ‘big six’ utilities.
Shell’s European arm will snap up First Utility for an undisclosed sum, giving the oil major a route into the domestic energy supply market in the UK and Germany, as it begins to shift towards clean electricity and electric vehicles.
The landmark deal emerged after a four-year relationship between the supplier and Shell, through which the Anglo-Dutch oil company provides all of First Utility’s wholesale gas and power. At the same time First Utility trades under the Shell brand in Germany.