Gas and electricity bills are unlikely to return to pre-pandemic levels, the head of a Norwegian energy giant believes.
Anders Opedal, chief executive of Equinor, said the transition from fossil fuels to more sustainable energy sources would mean costs would remain high.
Mr Opedal also said that unexpected taxes on gas and energy companies were impacting UK investment.
Meanwhile, the former BP boss said energy costs would remain high for the next decade due to huge underinvestment in oil and gas as a result of new climate change targets.
Writing in the Telegraph, Tony Hayward said people “shouldn’t be fooled” by the recent drop in wholesale oil and gas prices, warning: “High energy costs will be a feature of the next decade”.
In October, the energy price cap jumped to £3,549 after months of high prices from £1,977 previously, although household bills were eased by the government’s £2,500 energy price guarantee, which rises to £3,000 from April.
Speaking about the switch to renewables, Mr Opedal told the BBC: “It will require a lot of investment and those investments have to be paid for, so I guess the energy bills might be a bit higher than in the past, but less volatile and high we have today.”
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