March 30, 2023: On Wednesday, Ovo Energy plans to seize Shell Plc’s UK gas and electricity business. Sky News reported that this move would allow the British retail energy supplier to recycle the No. 2 spot in the British supply business.
The report added that Ovo is anticipated to propose an indicative offering for Shell Energy Retail Ltd’s UK operation, which cited sources. Shell Energy Retail has nearly 1.4 million customers.
In January, Shell stated it was considering exiting its home energy retail firms in Britain, the Netherlands and Germany after “tough market conditions”.
Retail energy supply in Europe has struggled over the past year, with increasing wholesale prices forcing governments to shield consumers from surging bills.
A successful deal would start Ovo’s customer base from nearly 4 million UK households to 5.4 million homes, based on information available on Ovo and Shell websites.
This should be Ovo ahead of Octopus Energy, the UK’s second-huge supplier, which has nearly 5 million household customers after taking over energy supplier Bulb.
According to the Sky report, it was unclear if Ovo is funding a takeover of the firms from existing financial resources or if it would need to raise recent equity or debt.
The report stated that British Gas owner Centrica, the UK’s significant retail supplier, is exploring an offer for the SERL arm, which cited industry executives.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
The activation of the Fallon Two Rock solar farm project has recently bolstered the Californian energy …