Higher energy bills are here to stay, oil company boss warns

Annual bill for British homes is currently around £2,500 on average

Sky-high energy prices are not going to fall anytime soon and may never return to pre-Covid levels, an energy boss has warned.

The cost of wholesale energy began to rise after the easing of pandemic restrictions, before shooting up as a result of Russia’s invasion of Ukraine and the sanctions lodged against Moscow aimed at deterring further escalation.

But as countries seek to ditch fossil fuels in favour of alternative energy supplies – both to shed their dependence on Russian oil and pursue more environmentally-friendly futures – experts warn this could mean energy costs remain high.