Shell PLC (LSE:SHEl) has urged the government support it more to achieve its aim of becoming a major electricity supply business to UK households.
As part of its plans to diversify away from oil and gas, the FTSE 100 company has committed to invest £25bn to supply clean power to 5mln households and electric vehicle drivers by 2030, up from the current 1.5mln.
"The investments will help 'propel the UK closer to net-zero and help to ensure security of supply," Shell's UK country chair, David Bunch said last night.
"However, Shell cannot act alone," he said in a statement on LinkedIn.
"Investing this money requires urgency of action across government to deliver the enabling policy and business case frameworks. These must address both the supply and demand side of the energy transition."
The comments came after the UK government announced a windfall tax on oil and gas producers in response to record household energy bills and bumper profits for the oil industry as crude prices have soared.
Shell has expressed disappointment with the tax saying it expects to pay an incremental amount under the proposal.
Its planned investment in UK electricity will be over the next decade, with more than 75% intended for low and zero-carbon products and services, including offshore wind, hydrogen, carbon capture utilisation and storage (CCUS) and electric mobility.
Though associated with oil and gas, it also supplies about 1.4m UK households with electricity through its UK retail business, Shell Energy Retail.
About 100,000 drivers are also signed up to Shell Recharge in the UK, which provides electric car charging.
Due to the collapse of more than 30 rival suppliers since August, Shell's retail business has grown and it has absorbed more than 500,000 customers left behind by Pure Planet, Daligas, Colorado Energy and Green Supplier, using the regulator's safety net process.