Europe is facing a difficult winter, with even higher energy prices, said Ben van Beurden, CEO of Shell Plc.
"We are really looking forward to a very hard winter in Europe. Prices will continue to rise, and in the worst case we may end up in a situation where we have to introduce restrictions"
he said.
European governments and industry leaders are anxiously awaiting developments as gas shipments on the Nord Stream 1 pipeline have been halted and it is unclear if they will ever be restored. According to Beurden, it's impossible to say how long things can get worse, or whether there will be a complete shutdown.
"For a long time, we thought that it was not in Russia's interest to cut off its biggest market. (…) As we can see, he is willing to use the energy supply as a weapon"
- He told.
Gas prices in Europe have increased fivefold in the past year, in Germany they are already discussing the possibilities of restrictions, recommending shorter shower times and other energy-saving behavior to the population.
"The only thing we can do is prepare. European governments should not wait until the last minute to prepare emergency plans"
he added.
Source: Bloomberg.com / korkep.sk
Photo: REUTERS/Sergei Karpukhin
