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Losses at Shell Energy Retail grow in battle with cut-price rivals

THE TIMES

Losses at Shell Energy Retail grow in battle with cut-price rivals

Emily Gosden, Energy EditorThe Times

Losses at Royal Dutch Shell’s household energy supply venture more than quadrupled to £138 million last year as the oil giant struggled against cut-price competitors.

Operating losses at Shell Energy Retail ballooned to £83.6 million, from £26.7 million in 2019, as the company blamed “adverse market conditions” in the UK with “unsustainable, below-cost pricing across the market”.

It also cited “investment in customer growth, higher customer acquisition costs and a rise in bad debt as a result of the coronavirus pandemic”.

Shell supplied energy to 940,000 UK households by the end of last year, up from 745,000 a year earlier after it integrated 200,000 customers acquired from Green Star Energy.

The supplier also booked a £52.4 million impairment charge as it wrote off investments in…

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