Shell Energy Operations Pty Ltd, a wholly owned subsidiary of Shell plc (Shell) has completed the acquisition of Powershop Australia (“Powershop”), an online energy retailer serving more than 185,000 customers.

A statement by Shell said that  Powershop will operate as a wholly owned subsidiary of Shell under the Powershop brand within the Shell Energy business in Australia, which is part of Shell’s global Renewables and Energy Solutions business.

“The Powershop acquisition complements Shell’s existing Australian investments in zero and low-carbon assets and technologies. It will form the basis to offer innovative products and services to meet evolving customer needs for low-carbon and smarter energy solutions, such as e-mobility and battery storage,” Shell said.

2.

Shell Posts $19.29 Billion Earnings for 2021

The British oil major, Shell Plc, has posted adjusted earnings of $19.29 billion for the full-year 2021. That compared with a profit of $4.85 billion the previous year. According to CNBC, analysts polled by Refinitiv had expected full-year 2021 net profit to come in at $17.8 billion.

For the final quarter of 2021, Shell reported adjusted earnings of $6.4 billion.

Shell CEO Ben van Beurden described 2021 as a “momentous year” for the company and said progress made in the last 12 months would enable the firm “to be bolder and move faster.”

“We delivered very strong financial performance in 2021, and our financial strength and discipline underpin the transformation of our company,” he added.

Shell also announced an $8.5 billion share buyback program in the first half of 2022 and said it expects to increase its dividend by 4% to $0.25 per share in the first quarter. Share buybacks totaled $3.5 billion in 2021.

Net debt was reduced to $52.6 billion by the end of 2021, a fall of $23 billion when compared to 2020.