BRITS have been told the energy crisis may last for two years, according to Centrica's chief executive Chris O'Shea.
He said "the market suggests" high gas prices will continue "for the next 18 months to two years".
He also added the high demand for gas was partly being driven by a move away from coal and oil.
"And so as you turn off coal-fired power stations in other countries, there isn't an abundance of gas that you can just turn on quickly," O'Shea told the BBC.
Mr O'Shea also threw cold water on the idea of boosting supply from the North Sea as a domestic solution to the crisis. "We bring gas in from the United States, from Norway, from Europe, from Qatar, from other places. So we're not in a position to simply have the UK as an isolated energy market.
We are part of a global market.
"At a time when temperatures are dropping, the price of gas is only increasing." Saxo Markets has also warned that high gas prices could be normalised following the crisis.
Mike Owens, a sales trader on the investment and commodity trading platform, said: "Wholesale gas prices have soared to more than double this winter and there are no signs to suggest they'll get anywhere close to their historic average of more than four times lower than the current price soon, meaning without significant government intervention, average energy bills for households of £2,000 or higher could become the new normal for many years. " It follows warnings from industry leaders that a taxpayer-backed support package for energy-intensive businesses hit by the surge in gas prices may be no more than a "flimsy sticking plaster".
(c) 2022 City A.M., source Newspaper