Customer update: Shell Energy’s latest financial results
By: Shell Energy
06 Oct 2021
Today we published our financial accounts for the year ending December 2020.
Shell Energy Retail is wholly owned by Royal Dutch Shell, but as a legal entity in the UK we provide our accounts to Companies House.
We wouldn’t usually talk too much about this, but with increased media focus on the energy sector at the moment, rising wholesale prices and lots of smaller energy suppliers going out of business, we want to reassure our customers that we’re here for the long term with the backing of Shell.
What were the results, and what do they mean for Shell Energy’s future?
The results show that we made an operating loss of £83.6m for the year. And that’s typical for the market which was, and remains, very tough for energy suppliers. But part of that loss was also a result of investments we made in growing the business and building for the future.
Despite this loss, we remain absolutely committed to supplying households with 100% renewable electricity, gas, broadband and smart home technology, and to building a successful long-term business that guides customers to a better energy future.
Shell Energy is here for the long term
Despite the steeply rising wholesale energy costs which have put pressure on all energy suppliers, we continue to invest for the long term to support households through the energy transition to help meet the UK’s goal of reaching net-zero carbon emissions.
As a well backed business with experienced leadership, we’re here to stay as an enduring UK energy provider.
We’re also actively helping to contribute to industry discussions with Ofgem and the Department for Business, Energy and Industrial Strategy (BEIS) about the broader issues facing the energy industry right now, to first and foremost do what we can to protect customers impacted by other suppliers going out of business.
That’s why we were in a strong position to pick up Green’s customers through Ofgem’s ‘Supplier of Last Resort’ process.
Investing in our future
We’re investing in our future through new products and services we offer our customers and growing the number of customers we serve.
Earlier this year, we acquired Post Office’s broadband and telephony business, which meant welcoming over 450,000 new broadband customers into the Shell Energy family.
And we’ve also partnered with cutting edge technology providers to launch our Shell Energy shop to help our customers upgrade their homes with smart home technology and make it easy to manage home energy.
We’re committed to becoming a net-zero emissions business by 2050
There is much work to do to help build the right infrastructure at-home and on-the-go for electric vehicles, shift away from gas or oil to heat homes to low-carbon heating solutions, and create a smarter, more flexible energy grid.
With the backing of Shell, and its target to become a net-zero carbon emissions business by 2050, in step with society, we’re committed to playing our part.
Read more about how we’re helping Britain’s homes to reduce emissions.