By Joe Hoppe

Shell said Tuesday that its home energy retail unit will pull out of the U.K., Netherlands and Germany, with a sales process already underway.

The energy major said it intends to reach an agreement with a potential buyer in the coming months, with completion subject to usual regulatory and other approvals.

Shell said nothing will change for its customers during the sales process.

"We are committed to supporting both customers and staff and protecting customer interests during this period, and to ensuring a seamless transfer to a buyer capable of delivering on its obligations, including our intent to maximize employment," the company said.

Neither the business-to-business wholesale and small-to-medium-enterprise customer supply businesses under the Shell Energy brand, nor the home energy retail businesses outside Europe are covered by the potential divestment.

Shell decided to exit the markets after concluding a strategic review, begun in late January. It said then the review is part of its 'power progress' strategy which includes exploring options to address performance in tough market conditions and maximize the value of its portfolio.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

June 06, 2023 06:40 ET (10:40 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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