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Job risk as Shell considers quitting energy market

BBC NEWS: Job risk as Shell considers quitting energy market

BBC NEWS 27 JAN 2023

Up to 2,000 UK jobs are at risk at Shell Energy after it announced it was considering quitting the energy sector.

The firm said it was conducting a “strategic review” to its operations in the UK, Netherlands and Germany amid “tough market conditions”.

The Coventry-based company provides energy to 1.4 million homes in the UK and broadband to around 500,000 people.

A spokesperson said: “No decisions have yet been taken on the way forward” and added the review could take months.

The company said it wanted to “maximise value” and “address performance in tough market conditions” but did not confirm what this could mean for jobs.

One of the options on the table is to pull out of the home energy market altogether.

Energy firms have been restricted by the Ofgem cap, which will be changing in April, on how much suppliers can charge for the energy they sell.

The cap means firms are obliged to set prices below what it costs them to buy wholesale gas and electricity.

In May 2022 it was reported that 30 energy companies stopped trading in the UK since August 2021.

Shell said it remained committed to its business model of producing, buying, trading, transporting and selling energy around the world.

“Our priority remains to ensure our customers in those countries continue to receive a reliable and affordable energy supply, and to provide support for customers who are struggling with the cost of energy and wider cost-of-living pressures,” the firm added.


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