OFGEM to further investigate energy market over rigging allegations
Although it’s yet to be actually granted the new, extended powers provided under the REMIT legislation, the OFGEM seems keen on making its presence more felt on the UK energy market, the regulator announcing the fact that it plans to widen its investigation into alleged manipulation of gas and power markets.
According to a news report on the matter, the Ofgem, along with the City regulator, the Financial Conduct Authority, is already carrying out extensive investigations into possible gas price manipulation raised by Seth Freedman, a whistleblower from the ICIS-Heren PRA. Sources close to the investigations say this work is intensifying, with preliminary findings expected later in the summer.
Unfortunately, the OFGEM also revealed that the higher level of uncertainty regarding the energy market might actually directly affect consumers. “A lack of confidence in the integrity of benchmarks may raise prices to consumers as the costs of risk from uncertainty may be passed through to them”, the regulator’s spokespeople revealed.
This is just one of the latest factors that seem to be contributing to the ever-increasing energy bills consumers will ultimately have to foot, and that’s exactly the reason why this is the best time to start investing into an energy-efficiency solution that will help you cut bills and save money, namely HeatingSave.
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