European gas prices fall to 16-month low

European gas prices fall to 16-month low

Gas and electricity prices are unlikely to return to pre-pandemic levels, according to the Norwegian energy giant boss.

Equinor CEO Anders Opedal said the shift from fossil fuels to more sustainable energy sources means costs remain high.

Mr Opedal also said the windfall tax on gas and energy companies was affecting investment in the UK.

Meanwhile, a former BP boss says energy costs will remain high over the next decade due to massive underinvestment in oil and gas in the wake of new climate change targets.

write in TelegraphTony Hayward said “don’t be fooled” by the recent drop in wholesale oil and gas prices and warned that “high energy costs will be the hallmark of the next decade”.

In October, the energy price cap surged to £3,549 from a previous £1,977, following months of high prices, but the government’s £2,500 energy price guarantee, which rose to £3,000 from April, helped keep households out of pocket. costs have been eased.

Speaking to the BBC about the switch to renewable energy, Oppedal said: And today is the best. “

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