Energy News – 24/02/2017
What’s been making headlines across the energy world this week? We round up the big stories from the las...Read More
The UK energy watchdog, Ofgem, has published an open letter on market abuse in the wholesale business electricity and business gas markets. What does it mean?
Concerns over “behaviour that may constitute market manipulation” has prompted Ofgem to “remind market participants of their duty to publish inside information in an effective and timely manner” and complying with reporting obligations under the transparency regulations.
The letter specifically draws attention to aspects related to the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), an EU regulation adopted in 2011 designed to increase the transparency and stability of the European energy markets while combating insider trading and market manipulation.
Specifically, the letter notes that “misleading signals” or attempts to influence business energy prices. The practices ‘observed’ by the letter include ‘layering’, which the Financial Times eloquently explained as rapidly entering bogus bids or offers to manipulate prices. Pre-arranged trading and inside information disclosure was also mentioned by Ofgem.
Ofgem, as the Financial Times pointed out, gained new powers in 2013 so can now levy unlimited fines on those who break the rules. Ofgem warned in their letter that they will “take action to follow up on potential breaches of REMIT, including failures to register, report transactions or publically disclose inside information in a timely and effective manner”.
Closer attention to business energy is long overdue in the opinion of SwitchMyBusiness.com so the Ofgem warning is welcome.
However, the impact on business gas and electricity tariffs is as yet uncertain and may well be limited. Instead, you could spend 20 minutes us to quickly compare and switch business energy suppliers (with us taking care of the paperwork). Give us a call on 0330 0100 251 (or request a call back using our form) for a no obligation comparison.
Excellent communication and help
"The service was always efficient, emails were tesponded to quickly and efficiently. Would definitely recommend"This review was posted by Nella Mcgregor on the 27th of February 2017
"Jessica Purnell was great, she was helpful and everything was easy. I have saved £150 per month! many thanks Jess :-)"This review was posted by Melanie Baker on the 23rd of February 2017
Thank you Jess Purnell!
"Jess really helped us out with switching suppliers... she wasn't pushy at all and the service was great. Thanks again!"This review was posted by Becki on the 23rd of February 2017
Thanks for your help Mark Weeks and Switch My business
"I would like to thank Switch My Business and particularly Mark Weeks for the ease of switching and saving me money! I can highly recommend them. Thanks again Richard Blake"This review was posted by Richard Blake on the 22nd of February 2017
"Aaron sorted out a new electricity deal for my church, enabling us to make good savings. We have now received confirmation of our new 3 year plan.During our telephone conversations Aaron was always very polite and efficient. Dawn Marskell"This review was posted by Dawn Marskell on the 21st of February 2017