It “will take years” to get energy prices back to pre-Ukraine war levels, the boss of one of the world’s biggest energy firms has told the BBC.
Enel’s Francesco Starace said bringing prices down depends on new sources of energy such as renewables and heat pumps.
Governments across Europe are spending billions helping business and households afford energy bills.
They are also scrambling to secure new supplies.
Mr Starace said the company, which produces and distributes electricity and gas, tried to shield its 20 million European customers from energy market volatility this year.
It did its best to stick to the fixed-price contracts it had agreed, he said.
Breaking customer trust would inflict greater damage on the firm than a hit on one year’s results, he said.
The Italian energy giant sells power to more than 70 million homes and businesses in over 30 countries.