Energy UK response to the FCA and Ofgem review of wholesale gas market manipulation
In response to the Financial Conduct Authority and Ofgem finding no evidence of wholesale gas market manipulation Energy UK said:
“Energy UK and its members are pleased that the FCA and Ofgem have concluded that there is no evidence of market manipulation. When this problem first arose, our members put out statements confirming they were not involved.
“The gas market is an international one with many overseas companies trading on it so any allegations of manipulation are very serious and must be fully investigated. Customers need to have confidence in markets and authorities need to have the powers to regulate well and take action if required. We are committed to stamping out wrong-doing throughout the market and encourage anyone that has evidence of misconduct to take it to the proper authorities.”