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Posts on ‘November 22nd, 2021’

Shell increases stake in Australia’s electricity market with Powershop takeover

The Guardian

Shell increases stake in Australia’s electricity market with Powershop takeover

Peter Hannam: Mon 22 Nov 2021 06.19 GMT Energy giant Royal Dutch Shell has expanded its presence in Australia’s electricity market, buying retailer Powershop from NZ’s Meridian Group as part of a $729m deal that may irk some customers who have tried to avoid fossil fuel companies.

A Meridian spokesperson defended the sale of the retailing arm to one of the world’s biggest fossil fuel companies, saying the company’s commitment “to do good by our customers and the planet is stronger than ever”.

“We consider this sale as a positive for both, knowing customers will get the same great service and knowing Shell Energy and its partner ICG’s vision is to significantly invest in a transition to a cleaner energy future,” the spokesperson said. “We are proud of that.” read more

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