Shell launches residential power brand Shell Energy, enters Texas market with 100% renewable electricity plans

HOUSTONJune 7, 2022 /PRNewswire/ — Shell today announced the launch of the Shell Energy brand into the residential power market in the United States† Through Shell Energy Solutions (“Shell Energy”) the company now offers 100% renewable electricity plans to eligible customers in Texasexpanding its portfolio of offerings and giving residential customers access to renewable electricity plans while building on the trusted relationships the company has built with Texans over decades.

“We’re excited about this entry into the residential electricity market and look forward to providing a suite of 100% renewable electricity plans to customers across the state,” said Glenn Wright, Vice President of Renewables and Energy Solutions for Shell in the Americas. “Shell is widely known for its leadership in developing and delivering low-carbon solutions for commercial customers. Now, backed by our extensive energy trading and marketing expertise, we can offer new products to residential customers who want sustainable, innovative energy plans for their homes .”

Shell Energy offers 100% renewable electricity plans to customers in competitive areas of the Energy Reliability Council of Texas (ERCOT) grid, with plans backed by renewable energy certificates that support generation from renewable resources.

“We continue to see opportunity in change,” Wright said. “This expansion of our renewable offerings in the US allows us to build on our leadership in the energy transition.”

In addition to a standard 100% renewable electricity plan, Shell Energy offers a plan for electric vehicle drivers that features free charging during off-peak hours and a fixed electricity rate. For homeowners with solar panels, Shell Energy offers a solar buyback plan that gives customers credit for the excess solar power they export to the grid.

Globally, Shell Energy currently serves approximately 1.5 million customers across nine countries. Shell Energy’s launch in the US is another step in Shell’s development of a material integrated power business, in-line with Shell’s strategy to become a net-zero emissions energy business by 2050.

For further information, please visit: www.shellenergy.com

Notes to Editors:

  • The 100% renewable electricity plans offered through Shell Energy Solutions (TX PUCT #10174) are backed by Renewable Energy Certificates. Renewable Energy Certificates are issued when one megawatt-hour (MWh) of electricity is generated and delivered to the grid from a renewable energy resource.
  • Shell Energy electricity plans include a standard 100% Renewable Electricity Plan, an Electric Vehicle Charging plan, and a Solar Buyback plan. Shell Energy’s Electric Vehicle Charging plan provides customers free charging during specific off-peak hours and a fixed energy rate.
  • Shell Energy’s Solar Buyback plan gives customers credit for the excess solar power they export. Any excess electricity that customers’ solar panels produce will offset their electricity usage, and Shell Energy Solutions will credit them for this extra power.
  • The ERCOT market supplies power to more than 26 million consumers across 8 million residential meters in Texasdelivering approximately 90% of the energy used in Texas
  • Shell Energy North America (US) LP acquired MP2 Energy LLC (MP2 Energy), a commercial and residential power retailer in 2017. MP2 Energy’s residential business was rebranded to Shell Energy Solutions in June 2022 and serves a footprint of approximately 33,000 customers.
  • By 2030, Shell aims to sell more than 560 terawatt-hours of power per year, twice as much electricity as the company sells today, as part of its ambition to become a net-zero emissions energy business by 2050.

ABOUT SHELL ENERGY:
Shell Energy provides energy solutions for homes, businesses, communities, and industries that help make energy usage smarter, cleaner, and easier. These solutions include everything from helping power the homes, moments, and families we love, to helping create a roadmap for businesses to meet carbon reduction goals. Because while Shell has been in the power business for almost two decades, we believe we must also help power progress toward a better energy future.

Cautionary Note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ”Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this press release refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward Looking Statements
This press release contains forward-looking statements (within the meaning of the US Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ”anticipate”, ”believe”, ”could”, ”estimate”, ” expect”, ”goals”, ”intend”, ”may”, “milestones”, ”objectives”, ”outlook”, ”plan”, ”probably”, ”project”, ”risks”, “schedule”, ”seek”, ”should”, ”target”, ”will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2021 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, June 7, 2022. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

Shell’s Net Carbon Footprint
Also, in this press release we may refer to Shell’s “Net Carbon Footprint” or “Net Carbon Intensity”, which include Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers ‘ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Footprint” or “Net Carbon Intensity” are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-zero emissions target
Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Footprint (NCF) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward Looking Non-GAAP measures
This press release may contain certain forward-looking non-GAAP measures such as [cash capital expenditure] and [divestments]† We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this press release do not form part of this press release.

We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

SOURCE Shell USAinc.

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