Shell Invests More than Half a Billion Dollars in Australian Power Market

Royal Dutch Shell bought Meridian Energy’s local electricity business in Australia to provide electricity to households for the first time. The deal is worth $528 million. Shell previously acquired Australia’s biggest power supplier to commercial businesses in 2019. The new acquisition is in line with the company’s plan to double its power business to 560 terawatt hours a year by 2030.

Shell said in a statement that their aim was to become a leading supplier of clean power and this acquisitin expanded their customer portfolio in Australia.

Meridian’s local electricity and gas retail business is Australia’s 10th largest, and has more than 185,000 customers with a 1% residential market share.

Shell will acquire Meridian’s 300 MWs of Australian assets including wind farms and hydropower, as well as two projects of wind farm development and energy storage.

After Meridian decided to sell its power business, it attracted interest from several companies including Spain’s Iberdrola and Italy’s Enel.

After Shell gets the approval for foreign investment from the Australian Government, the deal is expected to finalize in early 2022.

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