“That’s our turf” - German utilities worried about Shell acquisitions, expansion plans
Shell’s acquisition of home battery start-up Sonnen and its plans to become the world’s largest power company worry German utilities, Konrad Fischer and Angela Hennersdorf report for the Wirtschaftswoche business magazine. Unnamed RWE and E.ON strategists told Fischer and Hennersdorf Shell is securing strategic positions in renewables, electricity retail and energy solutions such as storage. “That’s all our turf,” one energy manager said, adding Shell had the financial firepower to make acquisitions he would like to make himself. “But we have to think it over three times to decide whether we want such an investment, and whether we can afford it.”
Earlier this year, Shell took over German battery pioneer Sonnen. The company will possibly also buy green energy provider Lichtblick. Shell said it March it plans to transform itself into “the largest electricity power company in the world” by the early 2030s.