(Reuters) Shell CEO Wael Sawan mentioned on Thursday that the subsequent few winters are a fear for power provide in Europe and that the continent wanted to maneuver away from reliance on luck for power safety.
“We’ve not structurally resolved the problems on power safety in Europe,” Sawan mentioned on the CERAWeek power convention in Houston.
Sawan mentioned Europe should cease “relying on luck as a method” and give attention to growing all types of power, particularly pure gasoline, because it responds to the provision crunch attributable to the battle in Ukraine.
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Shell’s new technique will “play to our strengths” in offering all types of power, together with oil and gasoline. The power transition will probably be pushed extra by demand patterns somewhat than efforts to cut back or change provide, he mentioned.
“Merely ravenous the world of that provide, that manufacturing of oil or for that matter for gasoline goes to end result within the large volatility and spikes in costs that we noticed in 2021, exacerbating the problems we see proper now with value of residing world wide,” Sawan mentioned.
The corporate not has any ambition to change into the biggest energy producer on the planet, he mentioned.
