SHEL Shell Plc

By Ian Walker

Shell is selling its home energy business in U.K. and Germany to Octopus Energy for an undisclosed sum.

The energy giant said Friday that it expects the sale to complete in the fourth quarter of the year, subject to regulatory approval.

It said in June that its home energy retail unit would pull out of the U.K., Netherlands and Germany, with a sales process already underway.

"To drive performance, discipline and simplification, we are prioritizing countries, projects, and routes to market where we can deliver the most value. We will work closely with Octopus to ensure a seamless transition and continued high standards of customer service," Shell Energy Executive Vice President Steve Hill said.

As part of the deal with Octopus, the companies have also signed a memorandum of understanding to explore a potential international electronic-vehicle charging partnership to include joint promotions and brand activations alongside out-of-home charging and other activities across the EV value chain.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

September 01, 2023 06:59 ET (10:59 GMT)

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