Breaking News: Shell Energy withdraws from Ohio and Texas electric power markets

HOUSTON, Sept. 4, 2001 — Shell Energy Services LLC, an affiliate of Shell Oil Company, today announced that it is exiting from the Ohio retail electricity market and the Texas Electric Choice program.

Shell Energy will seek another marketer for its 30,000 Ohio power customers. In addition, the company will not participate in the open market phase of the Texas program that is scheduled to begin Jan. 1, 2002.

Texans who selected Shell Energy as their new electricity provider in the pilot phase may choose another marketer. Alternatively, they will be returned to their incumbent utility without requiring any action on their part. Ohio and Texas customers should not experience any service interruption.

Shell Energy will focus its efforts on its existing natural gas markets in Georgia and Ohio.

Shell Energy said the decision was made because the pace of electricity deregulation across the United States has slowed substantially. As a result, it is unlikely that Shell Energy will be able to reach adequate size nationwide to be profitable in electricity in a reasonable length of time.

Alan Raymond, president and CEO of Shell Energy, said, "Volatile energy prices and an uncertain economic environment over the past few months have caused legislators, regulators, generators and marketers to reconsider their deregulation situations and strategies."

"We commend the Texas Legislature and the Public Utilities Commission of Texas, as well as the Public Utilities Commission of Ohio, for developing innovative electric choice programs in their states. We believe they will deliver on their promises of choice and economy for their citizens," Raymond continued.

"We thank our Ohio and Texas customers who selected Shell Energy as their electricity provider and assure them that Shell Energy will do all it can to make their transition to another provider seamless," he added.

Shell Energy customers may obtain additional information by visiting www.shellenergy.com .

About Shell Energy

Shell Energy Services LLC is a subsidiary of Houston-based Shell Oil Company. Shell Energy was established in 1997 to extend Shell Oil Company's major presence in the wholesale energy industry by entering the emerging retail energy market.

SOURCE: Shell Energy Services LLC

Sponsored by FLSmidth

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