Shell CEO Says, Energy Crisis may Last More Than One Winter

Power & Energy

Ben van Beurden, chief executive of Shell, said the gas shortages across the continent of Europe are likely to last for many upcoming winters, raising the prospect of continued energy rationing as governments across Europe are pushing to develop alternative supplies.

The cuts in Russian gas supply have plunged European countries into an energy crisis, which is driving the wholesale prices to leave consumers facing large bills, and also the highest rates of inflation since the 1980s.

The chief executive of Shell said that the situation can persist for several years, and it might be that they will have a number of winters where they have to find solutions. Ben van Beurdan said the solutions to the energy crisis should be found through efficiency savings, and also through rationing.

He added that this would somehow be easy, and he thinks that this is a fantasy, which they should put aside. The comments by the Shell CEO come as the biggest economies in Europe are bracing for a tough winter of growing inflation, and the threat of recession as rising gas and electricity bills pile pressure on businesses and households across the continent.

Sandy

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