The oil and gas giant Shell has announced their plans to sell their household energy supply business following a five month review.
Octopus Energy and Ovo have launched bid to buy the unit after Shell put the business up for sale after deciding to quit the retail industry.
Shell announced on Tuesday, “As we stated at the end of January 2023, we have been conducting a strategic review of our home energy retail businesses in the UK, the Netherlands and Germany.
“That review has now concluded and as a consequence, we intend to exit those businesses.
“A sales process is already under way, with the intent to reach an agreement with a potential buyer in the coming months.
“Deal completion would be subject to the usual regulatory and other approvals.”
About half a million of households also receive their broadband from Shell Energy, the company said, “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 maximise employment.
“Neither our B2B wholesale and SME customer supply businesses under the Shell Energy brand, or our home energy retail businesses outside Europe, are in scope of this potential divestment.”