Shell Energy is the new name of the energy supplier formerly known as First Utility. The rebranding of First Utility came in early 2019 following Shell's acquisition of the supplier in 2018.
Like most energy suppliers in the UK, Shell Energy is subject to Ofgem's price cap, which sets the maximum price of standard variable tariffs. The cap was set at its highest ever level of £1,971 in February 2022, coming into effect in April. Shell therefore set its SVT rate at £1,970.53.
In February 2021, Ofgem announced it would be increasing the price cap rate by 12% to £1,277 from October 2021. In reaction to this, Shell Energy prices were increased by the same amount for standard variable tariff customers. This translated to an average £139 price rise for these customers.
This followed a similar price increase in April 2021 when Ofgem announced a price cap increase of 9%, which meant customers would pay an average of £96 more per year after the change.
Shell Energy has previously tracked the price cap rate with price drops in October 2020, April 2020 and October 2019. The supplier also raised prices on its standard variable tariff in line with a rise in the price cap in April 2019.
In October 2021, Shell Energy took on the customers of three suppliers who had ceased to trade: Pure Planet, Goto Energy and Colorado Energy. This amounted approximately 272,000 customers.
In September 2021, customers from Green were transferred to Shell Energy after the supplier went bust. This totalled around 255,000 accounts.
In October 2019, Shell Energy acquired Green Star Energy. Green Star Energy's 200,000 customer accounts are now managed by Shell Energy.
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