Royal Dutch Shell Group .com Rotating Header Image

December 8th, 2022:

Shell’s UK Unit Got £1.2 Billion This Year to Weather Energy Crisis

Bloomberg

Shell’s UK Unit Got £1.2 Billion This Year to Weather Energy Crisis

William MathisBloomberg News: 8 Dec 2022

(Bloomberg) — Shell Plc gave its British retail energy arm roughly £1.2 billion ($1.5 billion) of financial backing this year to survive wild swings in natural gas and power prices.

UK energy retailers have been under extreme stress for more than a year as a supply crunch drove wholesale prices to record highs. Dozens failed in 2021 as costs soared and regulations prevented them from raising tariffs. Those that survived incurred hefty expenses taking on the customers of collapsed rivals. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell injects $1.5 bln into UK retail power business to help it weather volatility

REUTERS

Shell injects $1.5 bln into UK retail power business to help it weather volatility

Reuters: Ron Bousso: Dec 08, 2022

LONDON — Shell has injected nearly $1.5 billion into its British energy retail business this year to help it weather huge volatility in power prices that caused the collapse of several rival UK power utilities, Shell Energy said in a filing on Thursday.

Britain’s power utilities have been rocked by huge fluctuations in energy prices since the end of 2021 due to a shortage in natural gas supplies, which was exacerbated after Russia sharply reduced supplies to Europe following its invasion of Ukraine in February.

Shell Energy’s operating loss rose to 102.4 million pounds in 2021 from 83.6 million pounds a year earlier, according to the company’s financial results, released on Thursday.

The loss was “principally driven by market conditions. In particular, the unprecedented rise in energy prices in the latter part of 2021 adversely impacted financial performance, including increased costs as a result of supplier failures in the market and the inability to pass on higher energy costs,” according to the results filing. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.