Shell Becomes UK Gas/Power Retailer

Shell said March 1 it has completed the acquisition of Impello Ltd and its subsidiaries, owner of a UK energy retailer First Utility, following receipt of all necessary regulatory and other approvals.

It is the first time that Shell will have directly supplied households in the UK. First Utility is also active in German energy retailing. The transaction was first announced December 21. Neither side has disclosed the deal's value.

The deal completion comes at a time when UK gas system operator National Grid has issued a 'Gas Deficit Warning' asking UK industrial customers to come offline in order to safeguard enough supplies to the residential sector, as the UK is gripped by snowstorms and extended sub-zero temperatures. More will follow on that story.

First Utility now becomes a wholly-owned subsidiary of Shell, within its New Energies division. 

Colin Crooks, previously Shell’s Vice President, Downstream Strategy & Portfolio, takes over as its CEO from today. He said: “Bringing such a well-respected and innovative company into the Shell group will enable us together to offer even more choice and value to consumers in the UK and Germany. The rapidly-evolving retail energy market is a natural place for Shell to expand its business, building on the trusted relationships we’ve built with our millions of forecourt customers. We aim to grow our customer base by offering an attractive range of products and a real alternative to other companies in the sector.”