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06/08/2014
Public May Face Prosecution For Abusing The Energy Market
UK energy regulators may be given the power to prosecute people suspected of abusing the energy market, according to new proposals.
Anyone found guilty of rigging wholesale gas and electricity prices could face up to two years in jail under new laws being put forward by Energy and Climate Change Secretary Ed Davey today.
Under the new laws, it would be a criminal offence to fix the price of energy at an artificial level or use insider information to buy or sell energy on the wholesale market. It would also be an offence to make misleading claims or conceal facts about wholesale energy prices to manipulate the market – especially if it could affect competition in the energy market.
The government wants to introduce these new sanctions to safeguard consumers from any unfair practices.
Mr Davey said: "Manipulating the energy market is absolutely unacceptable, and these proposals provide a much stronger deterrent – more in line with the approach taken in the financial markets.
"The government is doing everything it can to help consumers by increasing market competition to drive prices down. We have also set up the first ever annual competition assessment, which has led to the first ever referral of the sector to the competition authorities."
(CD/MH)
Anyone found guilty of rigging wholesale gas and electricity prices could face up to two years in jail under new laws being put forward by Energy and Climate Change Secretary Ed Davey today.
Under the new laws, it would be a criminal offence to fix the price of energy at an artificial level or use insider information to buy or sell energy on the wholesale market. It would also be an offence to make misleading claims or conceal facts about wholesale energy prices to manipulate the market – especially if it could affect competition in the energy market.
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The government wants to introduce these new sanctions to safeguard consumers from any unfair practices.
Mr Davey said: "Manipulating the energy market is absolutely unacceptable, and these proposals provide a much stronger deterrent – more in line with the approach taken in the financial markets.
"The government is doing everything it can to help consumers by increasing market competition to drive prices down. We have also set up the first ever annual competition assessment, which has led to the first ever referral of the sector to the competition authorities."
(CD/MH)
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