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Shell (NYSE:SHEL) is working with U.S. investment bank Lazard to evaluate options including a sale of its European retail gas and power business, Bloomberg reported Tuesday.
Shell (SHEL), which already has said it was considering exiting the struggling European domestic energy business, after soaring energy prices following Russia’s invasion of Ukraine last year sent the British retail energy sector into a crisis.
The move would mark a significant reversal for Shell, which not longer ago planned to become a major household power supplier as Europe’s economy shifts increasingly to electricity and moves to cut carbon emissions.
To help deal with record volatility in 2022, Shell’s (SHEL) British power and gas retail unit required £1.2B (~$1.5B) of financial backing from its parent company, after losing £100M in 2021.
Shell (SHEL) continues to improve its balance sheet and shareholder distributions, Tudor Invest Holdings writes in an analysis posted recently on Seeking Alpha.