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Year long probe finds there is no eveidence of gas market rigging

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ofgemOfgem and The Financial Conduct Authority have conducted a review of the gas market, and have concluded that there is no evidence of manipulation.

The investigation started as a result of concerns raised by Seth Freedman, a price reporter at ICIS Heren, that there had been attempts made to distort prices in September 2012.

Freedman made accusations including that some of the energy companies, including the big six, had been trying to rig prices for profit by manipulating the benchmark prices set by agencies such as Icis.

After “detailed analysis” and face-to-face meetings with “a number of market participants”, Ofgem and the FCA said they found no evidence of this.

The regulators commented “because of the concerns those allegations raised among energy consumers” and they added that “they always take seriously any allegation of market abuse in energy or financial markets and will consider carefully any evidence that is brought to our attention”.

 

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