The Financial Conduct Authority (FCA) and Ofgem have found no proof of price fixing in the British gas sector, after an investigation began a year ago following allegations from a whistleblower.
The person making the allegation, a former employer of Isis-Heren, said at the time that gas companies had manipulated the bidding process around the establishment of wholesale gas prices.
Energy secretary Ed Davey commented on Thursday, “Market abuse is a very serious concern and I’m determined that where it exists, the full force of the law is brought to bear.”
“That’s why we’re introducing annual competition reviews to make sure the energy market is operating properly, and we’re proposing to introduce criminal sanctions for manipulation of the energy markets.”
He added that the government would continue to ensure that the energy market is transparent and fair to consumers, and called on Ofgem to deliver an assessment of energy suppliers’ financial reporting practices by spring 2014.
“It is right and proper that they continue to be vigilant and we will continue to support them by ensuring the right regulatory framework is in place and that there are appropriate deterrents”, Davey said.
Meanwhile, Seth Freedman, the reporter who disclosed the claim by the whistleblower, wrote in March, “Ofgem officials stated they had neither the required powers nor comprehension to properly investigate the suspicious trading, and didn’t bother interviewing key witnesses as part of their probe.”
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years