• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 52 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 7 hours China's Blueprint For Global Power
  • 2 hours IMO 2020:
  • 4 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 8 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 12 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 12 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 5 hours Deepwater GOM Project Claims Industry First
  • 13 hours PETROLEUM for humanity 
  • 12 hours Idiotic Environmental Predictions
  • 6 hours Brexit agreement
Alt Text

A Crisis Is Brewing For Offshore Oil

Times are hard for both…

Alt Text

Iran Claims To Have Video Evidence Of Oil Tanker Attacks

An Iranian National Security official…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

Shell’s Latest Acquisition Is Big News For UK Utilities

Royal Dutch Shell is preparing to take on the UK's Big Six energy suppliers after it announced today it would buy First Utility, a leading challenger firm.

The move represents an expansion of Shell's energy supply business from commercial and industrial customers to the residential sector.

First Utility co-founder and chief financial officer Darren Braham said the acquisition will allow the firm to develop more innovative new services for its customers, including capitalising "on all the opportunities provided by digitalisation, decarbonisation and the move to battery technology and electric vehicles".

Shell's executive vice president of new energies, Mark Gainsborough, said the company's move into Britain's household energy market would improve choice for customers.

"The supply and demand of residential energy is rapidly changing, driven by new technologies that enable householders to better manage their energy use, and the need for a low-carbon energy system," he said.

“We believe that the time is right to build upon our strong relationship with First Utility by investing to grow its business."

First Utility, which serves around 825,000 homes in the UK, began a wholesale energy trading partnership with Shell in 2013, and in 2015 it signed a licensing agreement with Shell that allowed it to operate in the German household energy sector under Shell's brand.

Shell Energy Europe Limited (SEEL), Shell's European gas and power marketing and trading business, will continue to supply wholesale gas and electricity to energy retailers in the UK and Europe, including First Utility, and First Utility will operate as a stand-alone entity and subsidiary of Shell within its new energies division, the companies said.

The deal, which was announced for an undisclosed sum, is expected to complete in early 2018.

It comes amid government plans to cap energy prices, which critics have said could reduce competition and investment in the sector.

Shell's shares rose 1.6 per cent to 2,470.97p after the announcement.

By CityAM

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play