Energy UK comments on Ofgem's new enforcement powers
Commenting on today's announcement on new powers for Ofgem to tackle energy market abuse, Angela Knight CBE, Chief Executive of Energy UK, said:
“Energy UK and its members welcome today’s announcement on the enforcement of the EU Regulation on Energy Market Integrity and Transparency (REMIT) in the UK. Although we do not believe that market manipulation is a widespread problem in the UK energy markets, we recognise that, where malpractice is suspected, Ofgem, and other national regulators, must have the powers to investigate, and if abuse is proven, to impose proportionate penalties.
European energy market are becoming increasingly integrated and it is therefore critical that market integrity is taken seriously across Europe. Customers and other stakeholders must have full confidence in the market, and authorities need to have the powers to regulate well and take action if required."