The chief executive of the company that owns British Gas Energy said consumers’ bills are likely to stay high for the foreseeable future.
Centrica chief executive Chris O'Shea said while he believes the worst of the energy crisis was over, risks still remained.
A new price cap comes into effect over the weekend on June 24 which will see households in the UK with typical energy usage pay £2,074 (€2,414).
Mr O'Shea said prices have fallen from the rise caused by the Russian war, but are higher than the long-term average.
"I think the first act of the crisis is over," he told the BBC. "I think what we've got to remember is the energy prices had more than doubled before Russia invaded Ukraine.
"Now, prices are back down to pre-invasion levels but they're still two and a half times the long run average."
Gas and electricity bills will fall below the £2,500 (€2,910) level that was subsidised by the government under its Energy Price Guarantee scheme.
However, under the new price cap, which is set by the regulator Ofgem, households bills will remain £800 (€931) more expensive than two years ago.
Meanwhile, Cornwall Insight, a consultancy firm, estimates that changes in the price cap - which limits what companies can charge per unit of gas and electricity - will take energy bills for a typical consumer to £1,871 (€2,178) per year from October.
British Gas: Energy prices in the UK set to remain high
