British Gas owner warns energy crisis to last two years

Soaring energy prices which threaten the living standards of millions could last up to two years, the boss of the UK's biggest energy supplier has said.
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Chris O'Shea, chief executive of British Gas owner Centrica, said there was "no reason" to expect gas prices would come down "anytime soon".
He said hopes that bills rising by more than 50% to about £2,000 a year would be short lived may be misplaced.
Rising energy bills have fuelled concerns over the cost of living.
"The market suggests the high gas prices will be here for the next 18 months to two years," Mr O'Shea told the BBC.
Many countries see gas as an intermediate solution while they wean themselves off more carbon-intensive energy sources, such as oil and coal, creating an international dash for gas as the world economy wakes up after its Covid-related slumber.
"As we move towards net zero, gas is a big transition fuel," Mr O'Shea said.
"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."
The idea of re-badging gas as a "transitional fuel", rather than as a traditional hydrocarbon, has growing political support and has encouraged those calling for increased investment in boosting the supply of gas from domestic sources such as the North Sea.
However, Mr O'Shea was doubtful that higher levels of UK-sourced gas would have made much difference to surging prices.
"I'm not sure an increase in UK supply would have brought the price down from £3 a therm, as it was in December, from 50p as it was a year ago," he said.
"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."