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Shell CEO Warns Energy Crisis May Last More Than One Winter

  • Van Beurden stresses need for efficiency savings, rationing
  • European Union looking at steps to bring down power prices
The shell logo adorns a gas pump at a Royal Dutch Shell Plc.

The shell logo adorns a gas pump at a Royal Dutch Shell Plc.

Photographer: Dimas Ardian/Bloomberg

European oil major Shell Plc cautioned that Europe may have to brace for a string of winters with exorbitant power bills and electricity rationing as Russia squeezes gas supplies.

“It may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing and as a very, very quick build out of alternatives,” Chief Executive Officer Ben Van Beurden told reporters at a conference in Stavanger, Norway. “That this is going to be somehow easy or over, I think is a fantasy we should put aside -- we should confront the reality.”