Shell to acquire Aussie power, gas retailer
Shell on November 22 said it will acquire Powershop Australia, an online electricity and gas retailer. The deal will take place through the A$729mn ($529) acquisition of Meridian Energy Australia Group (MEA) by a consortium of Shell and Australia’s Infrastructure Capital Group (ICG).
On completion, Shell will become the owner of Powershop, while ICG will become the owner of MEA's hydro and wind assets. Under the arrangement, Shell will also acquire wind power purchase agreements and has agreed offtake arrangements with ICG associated with MEA’s hydro and wind assets.
Powershop Australia, a subsidiary of MEA, serves more than 185,000 customers in the residential and small business markets. It offers electricity in Victoria, New South Wales, South Australia and Southeast Queensland, as well as gas in Victoria. MEA is a unit of New Zealand’s Meridian Energy.
The acquisition is subject to regulatory approvals. It is expected to be completed in the first half of 2022.