Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Shell puts 2,000 UK jobs at risk with review of Shell Energy retail division

by January 27, 2023
January 27, 2023
Shell puts 2,000 UK jobs at risk with review of Shell Energy retail division

Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy and telecoms supply division.

The oil and gas supermajor said on Thursday that it had told staff in Shell Energy, which has operations in the UK, the Netherlands and Germany, that it has begun analysis of future options for the business, which could include exiting the sectors.

The UK business, which is headquartered just outside Coventry, has 1.4 million energy customers and about 500,000 broadband users.

The company said it had made the decision against the backdrop of a strategy which includes “continually exploring options to maximise the value of our portfolio and address performance in tough market conditions”.

Shell launched into the home energy supply market in 2018 after acquiring First Utility and rebranding the business to Shell Energy Retail the following year. It took over the Post Office’s broadband customers in 2021 and now offers broadband at varying speeds across three tariffs.

The energy company and its rivals reported booming profits from their oil and gas operations in 2022 as the price of commodities spiked, in part as a result of Russia’s invasion of Ukraine.

However, retail energy suppliers have struggled in recent years with nearly 30 UK operators going bust, including Bulb which collapsed into a government-handled administration before its acquisition by Octopus Energy.

Shell said that “no decisions” had been take on the future of its home retail businesses and the review process would take “a number of months”.

The company said: “Our priority remains to ensure our customers in those countries continue to receive a reliable and affordable energy supply, and to provide support for customers who are struggling with the cost of energy and wider cost of living pressures.”

Shell said its wholesale and business-to-business energy supply divisions were unaffected, along with its businesses supplying homes in the US and Australia.

The group will next week post its first results since new chief executive, Wael Sawan, took over from longstanding head Ben van Beurden earlier this month.

The firm is expected to post adjusted annual profits of around $83bn (£67bn) against $55bn (£44bn) the previous year, including around $19bn (£15bn) in the final quarter of the year, against $16.3bn (£13.2bn) a year ago.

Read more:
Shell puts 2,000 UK jobs at risk with review of Shell Energy retail division

0
FacebookTwitterGoogle +Pinterest
previous post
NatWest to close another 23 branches in England and Wales
next post
British taxpayers get stake in AI checkout firm & whisky distillery as it backs 53 new companies

You may also like

Cash crunch could wipe out venture-backed firms this...

March 29, 2023

Renters’ set to get protection as watchdog launches...

March 1, 2023

Nissan set to commit to making new electric...

November 23, 2023

Birmingham entrepreneurs emerge from the den with ‘saucy’...

August 16, 2022

Fifth of UK office space fails EPC energy...

July 17, 2023

Chippie owner hit with ‘devastating’ £40,000 fine for...

July 22, 2025

Unveiling the Secrets of Effective Reception Desks in...

November 27, 2023

UK Inflation Holds Steady at 2.2%, Core Inflation...

September 18, 2024

The Complete Guide to Banking as a Service...

February 19, 2024

The Future of Marketing: Integrating SMS and AI...

April 18, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • LIZ PEEK: Hillary is finally paying dearly for dirty tricks that hurt Trump and American voters

      August 5, 2025
    • Shein fined €1m in Italy for misleading environmental claims

      August 5, 2025
    • Rail services cut in southern England as dry weather disturbs track stability

      August 5, 2025
    • Tesla’s UK sales slump nearly 60% in July amid market pressures

      August 5, 2025
    • Companies House confirms identity verification rollout to tackle fraud and phoenix firms

      August 5, 2025
    • Companies House confirms identity verification rollout to tackle fraud and phoenix firms

      August 5, 2025

    Categories

    • Business (8,675)
    • Investing (2,171)
    • Politics (16,299)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved