Losses at Royal Dutch Shell’s British household energy supply venture deepened to £32 million last year as it battled to stop customers leaving for cheaper rivals. Shell Energy Retail, which was rebranded from First Utility in March last year, blamed a “very difficult competitive environment”, in which it said that many companies were offering unsustainably cheap prices. He said that 26 suppliers had left the market in recent years, leaving behind £300 million in unpaid debts. Colin Crooks, the Shell executive who ran the business until this month, said that it had sold energy at a loss to try to stem customer departures but had not priced cheaply enough to rank on price comparison websites “at the top of the table, where you needed to be in order to grow”.
Times 21st Dec 2020 read more »