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Octopus has confirmed its migration of Shell Energy’s customers to its systems is now “well under way”, following the acquisition of the latter’s domestic energy supply businesses last year.
Following Shell’s decision in early 2023 to review the future of its domestic energy supply arms in the UK, the Netherlands and Germany in light of “tough market conditions,” Octopus revealed last September that it had agreed to acquire the British and German businesses.
The full migration of Shell’s 1.3 million household energy customers will see Octopus serve 6.6 million consumers in the UK.
In an update posted on its website, the retailer said: “Just before Christmas we migrated the first Shell Energy customer to Octopus Energy systems.
“We’re now well under way and more Shell customers will begin receiving their welcome email from Octopus Energy in the coming weeks and months.
“Until you’ve moved you can continue to use your Shell Energy online account and phone number as normal. We can’t wait for you to join us soon,” it added.
The news comes as Shell revealed on Thursday (1 February) that its adjusted earnings for 2023 decreased by 29% compared to a year earlier thanks to lower oil and gas prices, as well as lower volumes and lower refining margins.
Last year earnings were $28.2 billion (£22.3 billion) compared to $39.9 billion (£31.6 billion) in 2022.
Commenting on the results Shell’s chief executive Wael Sawan said: “Shell delivered another quarter of strong performance, concluding a year in which we made good progress across the targets outlined at our Capital Markets Day.
“As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.
“In 2023, Shell returned $23 billion to shareholders. In line with our progressive dividend policy, Shell is now increasing its dividend by 4%. We are also commencing a $3.5 billion buyback programme for the next three months.”
The results for 2023 follow a record-breaking year in 2022 during which the energy giant posted the highest profits in its 115-year history due to the surge in oil and gas prices following Russia’s invasion of Ukraine.
Adjusted earnings for that year were more than double the previous year’s figure of $19.3 billion (£15.7 billion).
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