Losses at Royal Dutch Shell’s household energy supply venture more than quadrupled to £138 million last year as the oil giant struggled against cut-price competitors. Operating losses at Shell Energy Retail ballooned to £83.6 million, from £26.7 million in 2019, as the company blamed “adverse market conditions” in the UK with “unsustainable, below-cost pricing across the market”. It also cited “investment in customer growth, higher customer acquisition costs and a rise in bad debt as a result of the coronavirus pandemic”. Shell supplied energy to 940,000 UK households by the end of last year, up from 745,000 a year earlier after it integrated 200,000 customers acquired from Green Star Energy. The supplier also booked a £52.4 million impairment charge as it wrote off investments in Germany, sending it to a total pre-tax loss of £137.8 million, from a £31.5 million loss in 2019.
Times 7th Oct 2021 read more »