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Shell (New York Stock Exchange: SHEL) is working with US investment bank Lazard to evaluate options, including the sale of its European gas and power retail business, Bloomberg reported Tuesday.
Shell (SHEL), who has already said it was considering getting out of the struggling European domestic power businessafter skyrocketing energy prices following Russia’s invasion of Ukraine last year led to a crisis in the UK retail energy sector.
The move would mark a significant shift for Shell, which not long ago planned to become a major home energy provider as Europe’s economy shifts increasingly towards electricity and moves to reduce carbon emissions.
To help deal with record volatility in 2022, Shell’s UK retail power and gas unit (SHEL) required £1.2 billion (~$1.5 billion) of financial backing from its parent company, following lose £100 million in 2021.
Shell (SHEL) continues to improve its balance sheet and shareholder allocation, writes Tudor Invest Holdings in a recently published analysis in Seeking Alpha.