Shell increases stake in Australia’s electricity market with Powershop takeover
November 26, 2021
Energy giant Royal Dutch Shell has expanded its presence in Australia’s electricity market, buying retailer Powershop from NZ’s Meridian Group as part of a $729m deal that may irk some customers who have tried to avoid fossil fuel companies.
Infrastructure Capital Group will take the non-retailing arm of Meridian’s Australian operations, which includes the Mount Mercer and Mount Millar windfarms, and hydro power plants attached to the major dams of Hume, Burrinjuck and Keepit.
Neal Barclay, Meridian’s chief executive, said the sale offered an “exciting opportunity” for the Australian assets and their employees given Shell’s and ICG’s plans to develop their respective renewable energy and retail presences in Australia.