Shell acquires energy retailer Powershop Australia

Shell Energy Operations Pty Ltd, a wholly owned subsidiary of Shell plc, said it has acquired online energy retailer Powershop Australia.

The Australian energy retailer serves more than 185,000 customers, Shell said in a statement. The company will operate as a wholly owned subsidiary of Shell.

“The Powershop acquisition complements Shell’s existing Australian investments in zero and low-carbon assets and technologies,” the company said.

Shell said that the transaction has taken place through the 100 percent acquisition of the Meridian Energy Australia Group (MEA), which is the parent company of Powershop. This took place through a consortium of Shell and Infrastructure Capital Group (ICG), which is an Australian infrastructure investor and manager.

Shell has acquired Powershop and ICG has acquired MEA's portfolio of renewable generation assets and development projects, the company said.

Through this transaction, Shell will 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 that as part of the transaction, Shell Energy also acquired Powershop’s existing wind power purchase agreements (PPAs) totalling 300 MW of capacity.