Shell to exit European home retail energy businesses

Shell (SHEL.L) said on Tuesday that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns.

Shell launched a strategic review of its European retail businesses in January, citing “tough market conditions”, shortly after CEO Wael Sawan took office.

“That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months,” Shell said in a statement.

Reuters reported last month that three of Britain’s largest power providers had expressed interest in acquiring Shell’s UK retail business.