According to Reuters , cited financial results released on Thursday, indicate Shell ( NYSE:SHEL ) has added an additional £1.2 billion (roughly $1.5 billion) to its U.K. energy retail business this year to help it withstand the volatility in power prices that led to the demise of several rival power utilities, including Bulb.
Since the end of 2021, energy prices in the UK have been going up and down a lot. This is because of a shortage of natural gas, which was made worse when Russia cut off supplies to Europe after its invasion of Ukraine in February.
The report states that in 2021, Shell’s ( NYSE:SHEL ) U.K. energy retail division reported an operational loss of £102.4M, compared to a loss of £83.6M in 2020.
Shell ( NYSE:SHEL ) extended £680 million in working capital credit to its UK unit “to cover its short-term working capital needs” through the end of 2019.
The cash infusion was hardly significant for Shell’s ( NYSE:SHEL ) overall profit, which reached a record $30B in the first nine months of 2022.
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