Financial markets watchdog the Financial Services Authority and energy regulator Ofgem are examining allegations of manipulation of the UK’s £300 billion (Eur374.8 billion) wholesale gas market by major power companies. All of the ‘big six’ energy companies in Britain have denied any involvement.
“Market abuse is always wrong – but at a time when people and companies are struggling with high energy bills, the country would expect us to take firm action if these allegations prove true, and we will,” says UK Energy Secretary Edward Davey (pictured). “These allegations of market manipulation are being taken very seriously. We will support the regulators taking whatever steps necessary to ensure that the full force of the law is applied, if they are true, so that any guilty parties are held to account.”