Shell has announced plans to sell its household energy and broadband businesses, in a move that affects almost two million customers.
The oil and gas giant said in a statement today that it had decided to sell up after a five-month review.
Shell launched a strategic review of its European retail businesses in January, citing "tough market conditions" as the reason for the review.
The sales will be of the company's retail energy business in Britain, Germany and the Netherlands.
In a statement released today, Shell said: "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."
Reuters reported last month that three of Britain’s largest power providers - Ovo, Octopus Energy and British Gas owner Centrica have all expressed interest in buying Shell's energy arm.
Octopus Energy and Ovo have reportedly placed bids for Shell Energy and progressed into the second round of bidding.
A bid was also reportedly placed by British Gas - however, nothing has yet been confirmed.
Shell launched into the home energy supply market in 2018 after taking over First Utility and rebranding the business to Shell Energy Retail the following year.
It employs around 2,000 people in the UK.
For the 1.4million customers of Shell Energy, it is important to note that nothing will change during the sales process.
For now, everyone who receives their gas and electricity tariffs from Shell Energy will continue to receive them as normal.
Shell Energy business customers will also be unaffected by the sale and Shell will continue providing energy to non-domestic customers.
Shell provides broadband to around 500,000 customers and again, nothing will change for these people either.
In its statement, Shell said: "We are committed to supporting both customers and staff and protecting customer interests during this period, and to ensuring a seamless transfer to a buyer capable of delivering on its obligations, including our intent to maximise employment."
“Neither our B2B wholesale and SME customer supply businesses under the Shell Energy brand, or our home energy retail businesses outside Europe, are in scope of this potential divestment.”
Shell expects to complete a deal of the sale "in the coming months" although this buyout will likely be subject to regulatory approval before it goes ahead.
Before anything happens, customers affected by the change will be contacted and informed of the steps of the process.
If another energy provider takes over, customers will be transferred to the new provider although that would also take a bit of time to complete.
