Edward Davey's response to conclusion of investigation in to alleged UK gas market manipulation
Secretary of State Edward Davey's response to the findings of Ofgem and the Financial Conducts Authority following an investigation in to alleged UK gas market manipulation.
Last autumn, the government was notified by price reporting agencies of allegations that the UK gas market had been manipulated. The two regulators, Ofgem and the Financial Conducts Authority (FCA) have reviewed the situation and have concluded that they could find no evidence in this instance of market manipulation and that no further action is required.
Secretary of State Edward Davey said:
鈥淥fgem and the FCA have conducted a rigorous review and have not found evidence of market manipulation in this case.
鈥淢arket abuse is a very serious concern and I鈥檓 determined that where it exists, the full force of the law is brought to bear.
鈥淭hat鈥檚 why we鈥檙e introducing annual competition reviews to make sure the energy market is operating properly, and we鈥檙e proposing to introduce criminal sanctions for manipulation of the energy markets.鈥�