Watson Farley & Williams (“WFW”) advised Shell Energy Europe Limited (“SEEL”) on a structured gas and power trading agreement with Evolve Energy Supply Ltd (“Evolve Energy”) for an initial term of seven years.
This was the second of SEEL’s deals of this nature in the UK on which WFW advised in 2024. Under the agreement, SEEL will provide gas, power and environmental products (including renewable energy and carbon offset credits) against a tailored collateral package of security and contractual undertakings. Evolve Energy will provide clients with renewable energy contracting options, while simultaneously unlocking a considerable working capital boost.
By bringing together Evolve Energy’s technical and customer engagement expertise with SEEL’s experience in delivering wholesale commodities, the transaction represents a major boost to Evolve Energy’s mission to break down the barriers businesses face accessing renewable energy. It also allows Evolve Energy to grow its energy supply from 1.2 TW to 4.2 TW by 2031, significantly boosting its capacity in line with the UK’s net zero strategy.
A subsidiary of London-headquartered international energy company Shell plc, SEEL is a market leading energy commodities trader of gas, power and associated environmental products.
Evolve Energy, previously known as Business Power and Gas Limited, is an independent non-domestic licensed electricity and natural gas supplier specialising in flexible energy contracts for Industrial and Commercial customers.
The cross-border, multi-disciplinary WFW team that advised SEEL was led by London Projects Partner Paul Simpson, working closely with Hamburg Regulatory, Public Law and Competition Partner Max Boemke. They were supported by London Projects Associate Tom Harvey and Trainee Hayley Rowcliffe.
Paul commented: “We are very pleased to have advised SEEL once again on an aggregator trading transaction. Our in-depth experience and expertise advising on such structured trading arrangements across our core sectors made us ideally placed to support SEEL on this transaction. The interplay of different skill sets as well as knowledge of the technical aspects of the underlying trading systems and products required close collaboration both with SEEL and between our London and Hamburg offices”.
