Energy concern Shell is considering the possibility of withdrawing from its electricity retail businesses in Britain, the Netherlands and Germany. The reason is cited as «tough market conditions.»
The corporation has begun a review of businesses that are located in these countries. This will take several months. An exact timeline for the withdrawal of the businesses has not been given, Reuters reported.
Shell invested about $1.5 billion in cash and credit last year in its U.K. energy retail business to help it cope with high price volatility. Shell Energy Retail has 1.4 million customers in the country. The corporation's German unit has 110,000 customers and the Dutch unit has 15,000.
The retail business has run into difficulties, Shell intends to record a record annual profit of $30 billion. The exact figures will be known on February 7.