"The economic situation has resulted in reduced demand for gas, which obviously has an implication on profitability for the energy supply companies," Mr Parrett told the BBC.
He added that a sure-fire way of energy firms maintaining their profitability was to keep energy prices high.
Mr Parrett concluded that in the longer term energy prices were likely to rise.
The price of gas for consumers has almost doubled in the past three years, despite a drop in wholesale prices, it has been claimed.
According to the Daily Telegraph, campaigners are complaining that the prices cuts announced by energy firms at the start of this year are taking too long to come into effect.
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