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Shell Seeks Acquisitions to Bolster Australia Power Presence

Bloomberg

Shell Seeks Acquisitions to Bolster Australia Power Presence

(Bloomberg) — Shell Plc is targeting acquisitions in Australia in its bid to become an integrated energy provider.

The London-based oil major is looking for a “step change” in its Australian presence from electricity generation to retail, including building up “significant battery positions,” Greg Joiner, chief executive officer of Shell Energy Australia, said in an interview.

Shell, which last week reported its second-highest earnings on record, is one of Australia’s biggest liquefied natural gas exporters, but is seeking to diversify away from fossil fuels and become the world’s biggest power company. The company has already made a string of acquisitions in Australia in recent years, including generation company ERM Power Ltd., retailer Powershop, and a stake in windfarm developer WestWind Energy Development Pty.

“Our pathway will be to grow the business organically and continue to look for other M&A opportunities that will enable us to have a step change in our scale,” Joiner said.

Smaller targets are “more likely,” although Joiner didn’t rule out larger acquisitions.

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