Due to Russia’s reduction in gas supply, the European oil giant Shell Plc has issued a warning that the continent may need to get ready for several winters of high energy costs and electricity restrictions.
Ben van Beurden, the company’s CEO, also urged people to confront reality, saying, “I believe the end of the crisis is merely a delusion that we must set aside.”
Following its invasion of Ukraine, Russia has halted gas deliveries, putting Europe in an energy crisis.
Prices increased six times more as a result than they did the previous year. According to Bloomberg and observed by Al Arabiya. net, despite the fact that German gas reserves are filling up more quickly than anticipated, the nation faces the possibility of not being able to weather the winter if Moscow cuts off supplies to the region’s largest economy.
The European Union declared that it intended to take immediate action to lower the high energy prices that reveal the shortcomings of the power market’s current structure.
The region’s governments have already pledged to providing rescue packages of over 280 billion euros ($278 billion).
Shell’s CEO predicted last month that the energy markets will likely stay competitive, with limited supply and fluctuating prices throughout the rest of this year and into the following.
Shell cautions that there will be more than one winter of the European energy crisis.
About Author
