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Ofgem and the FSA investigate allegations of gas price manipulation

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Both the Financial Services Authority and Ofgem are involved in a probe following claims that UK traders have rigged prices on the wholesale gas market. This follows claims from someone who worked for Icis Heren, the price reporting company.

The FSA confirmed the regulator had received ‘information in relation to the physical gas market, and will be analysing this information’. “In preparing for full implementation of new EU legislation to tackle market abuse (REMIT), we will consider carefully any evidence of market abuse that is brought to our attention as well as scope for action under all our other powers.

“Ofgem has already activated its established procedures to review the information we have received.”a statement the energy regulator said: “Ofgem can confirm that it has received information relating to trading in the gas market and is looking into the issue’.

The evidence was supplied by Icis Heren of what it believes to be suspect trading on the 28th Septemberm which is marked as the end of the gas year. The source was named by The Guardian as Seth Freedman who worked for Icis Heren for 9 months.

Energy secretary Ed Davey said he was “extremely concerned by the allegations and will be keeping in close touch with the regulators while they get to the bottom of this”




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