Shell has launched a strategic review of its retail domestic energy businesses in the U.K., the Netherlands and Germany due to tough market conditions, Reuters reports.

European energy suppliers last year faced sharp spikes in wholesale prices and attempts by governments to shield consumers from rising bills.

A decision on the future of the business has not yet been made, Shell said.

In 2022, Shell invested nearly $1.5 billion in cash and credit into its British retail energy business to help deal with the huge volatility in electricity prices that led to the collapse of several competing British utilities.

Shell said its wholesale and business-to-business (B2B) energy supply businesses were not part of the strategic review, nor were its U.S. and Australian energy supply businesses.