Moving Premises and Business Energy
We know that moving into new businesses premises can be stressful and important tasks, such as organising your...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.
"So helpful, especially as I found the contract renewal on my new half hourly meter quite baffling (KVA charges, MOP contracts and other "extras" all had me scratching my head). Arron took great care to explain everything clearly and told me everything I needed to know in order to be able to compare prices from all avenues on a level field. He didn't pester me endlessly for a decision did exactly as I asked in terms of call backs and quotations. Such a refreshing change to deal with someone who listens. Arron has helped me renew my contract next month through switchmybusiness in a very straightforward and painless way on an excellent rate. Fabulous service, thank you Arron."This review was posted by Louise on the 18th of January 2018
A lovely lady called Bhavni phoned me …
"A lovely lady called Bhavni phoned me very quickly after I went online. She couldn't have been more helpful, explaining all the different rates for me. She managed to save me a huge amount per year - gave me her direct phone number if I needed to phone again - like gold-dust! even gave me a termination letter to send to my supplier. Couldn't have been easier and will definitely use again - and hope I get to speak to Bhavni again. Thanks again"This review was posted by Julie Dickie on the 17th of January 2018
Excellent service and hassle free
"Excellent service and hassle free, Jessica Purnell handled everything for me and got us a great deal, even giving advice on how to cancel the previous contract. Thank You"This review was posted by Neville Blenkinsopp on the 17th of January 2018
"Brilliant service - very quick to the point and explained everything very well! Would recommend to anyone who is looking to change their electricity supplier."This review was posted by Jess on the 17th of January 2018
Excellent service straight to the point …
"Excellent service straight to the point and the process was painless!"This review was posted by Nick K on the 16th of January 2018