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Shell moves into Australian power market with offer to buy ERM

22/08/2019
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The oil majors’ continued diversification into electricity and utilities continues, with Shell this week making a $418 million offer to buy ERM Power Ltd, Australia’s second-largest electricity retailer to commercial and industrial customers.
Shell moves into Australian power market with offer to buy ERM
Not only is ERM Power an electricity retailer but is an electricity generator in its own right owning and operating two gas-fired generation plants.

The bid comes at a time when Australia is wholeheartedly embracing the clean energy transition, with a wide array of projects currently in the pipeline that will decarbonise the country’s energy mix. The bid is also a strategic fit with Shell’s longer-term vision of becoming the world’s top power producer by 2030, as it moves away from being a pure-play hydrocarbons producer.

Commenting on the bid Shell Australia’s Country Chair Zoe Yujnovich said:

“This acquisition aligns with Shell’s global ambition to expand our integrated power business and builds on Shell Energy Australia’s existing gas marketing and trading capability. ERM will become our core power and energy solutions platform and this acquisition is a significant step forward in growing Shell’s integrated power business in Australia. Upon completion, we look forward to welcoming ERM’s staff and customers to Shell.”

It is expected that ERM’s shareholders will vote on the deal around November, with ERM’s directors recommending that shareholders vote in favour of the deal (in the absence of a superior proposal). It is expected that the acquisition could be completed before the end of 2019.

Australia’s energy landscape is changing


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sir please consider me
iftikhar ali, 23 August 2019
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Shell moves into Australian power market with offer to buy ERM - Time to read 2 min
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