The British company left China due to the business environment

The British energy tycoon pulled out of China's electricity market at the end of last year due to the deteriorating business environment in China.
Voice of America reported on May 2, quoting an email from a Shell Energy spokesperson, that Shell has decided to withdraw from the Chinese power chain. This includes electricity generation, trading and sales. "We invest selectively and focus on creating value from our strengths, which requires tough choices," a spokesman said.
Shell CEO Val Sawan said the decision was part of the company's efforts to focus on more profitable businesses such as natural gas and oil. Shell said in a statement that the decision to withdraw began at the end of 2023.
According to Chinese media reports, Jiangsu Electric Trade Center and Guangdong Electric Trade Center have confirmed that Shell Energy Co., Ltd. has submitted an application to voluntarily withdraw from the Chinese market.
Shell was founded in China in 2014 and entered the Chinese electricity trading market as one of the first companies to invest in China in this field. According to reports, there are two reasons for Shell's withdrawal from China's electricity market, one of which is the energy transition and the economic slowdown. Another is fierce competition in China's electricity and energy sales market.