Shell to sell energy business in UK and Germany to Octopus Energy

Shell said it would sell its UK and German home energy business to British energy supplier Octopus Energy Group in a deal where the two companies are exploring a partnership in electric vehicle charging.

The businesses - Shell Energy Retail Limited in the UK and Shell Energy Retail GmbH in Germany - provide domestic gas, electricity and broadband services to approximately two million customers and operate under the Shell Energy brand.

Shell and Octopus also signed a memorandum of understanding to explore a potential international partnership for electric vehicle (EV) charging.

The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approval.

Shell and Octopus also signed a memorandum of understanding to explore potential international partnerships for electric vehicle (EV) charging, including for Shell Recharge subscribers, Shell said.

The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approval.