Aug 22, 2019
Shell enters Australia power market with $418m deal
Royal Dutch Shell has entered the Australian electricity market with a $418m deal for ERM Power, an energy supplier for businesses. Zoe Yujnovich, Shell's country chair, said the deal "Aligns with Shell's global ambition to expand our integrated power business and builds on Shell Energy Australia's existing gas marketing and trading capability". While Shell has said it plans to increase its annual spending on power and cleaner energy businesses to $2bn-$3bn by 2025, its traditional oil and gas divisions will still dominate. Shell wants to become the world's largest electricity provider, and sees power as an outlet for its gas. Shell said it expected the deal to close by the end of the year.
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