Shell has reportedly given its British retail arm nearly £1.2 billion of financial backing this year.
That’s according to the financial results of the company which show that Shell Energy’s loss rose to £102.4 million in 2021 from £83.6 million a year earlier.
A filing published earlier this week suggests Shell Energy Retail received capital in instalments of £20 million, £177 million and £288 million while having access to a working capital facility totalling £680 million.
UK’s utilities have been hit by fluctuations in energy prices since the end of 2021 – the market volatility led to many bankruptcies, including Bulb, which was put into special administration before being acquired by Octopus.
ELN has approached Shell Energy for comment.