Shell CEO Believes Europe Energy Crisis Might Not Be Limited To “Just One Winter”

According to Shell’s chief executive, Europe might have to plan for energy savings and rationing beyond this coming winter.

“It may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing and a very, very quick buildout of alternatives,” CEO Ben van Beurden said. “That this is going to be somehow easy, or over, I think is a fantasy that we should put aside.”

He added that it might be unlikely for the pressures on energy supplies to have a limited effect “to just one winter.”

The chief’s comments follow the soaring price of natural gas futures after Russian state-owned natural gas exporter Gazprom has announced yet again a routine maintenance shutdown.

However, the prices recently made a sharp decline after Germany said its gas storage facilities are set to be 85% full by next month, a month ahead of schedule.

Information for this briefing was found via Financial Times and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply