8 Must watch TED talks for small business owners
Feeling a drop in motivation? TED talks never fail to fire us up. Here are some of our favourites......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.
Arron Newton- Fantastic customer …
"Arron Newton- Fantastic customer service Arron Newton has been First Class with me when it came to helping us to get a great deal on our business electricity and gas. His advice has been invaluable and his contact details are now firmly saved on our business database. I would thoroughly recommend both Switchmybusiness.com and Arron , many Thanks Dave Jackson, The Catering Butcher -Stoke"This review was posted by David Jackson on the 17th of August 2017
I spoke with Bhavni today who was very …
"I spoke with Bhavni today who was very helpful and friendly. The switch over from British Gas to Dual was so simple. I was given a template to send to British Gas to terminate the contract by email, all I had to do was fill in my account number. There really was no hassle! Thanks"This review was posted by Will Halton on the 16th of August 2017
Very good service
"Very good service. Explanations from Arron Newton were clear and thorough, making the process easy and straightforward. I would certainly recommend Arron and this company. Excellent."This review was posted by Dulik on the 16th of August 2017
Mark Weeks - Excellent Service
"Mark Weeks has helped me with selecting the most Competitive Electricity supplier for our Business needs. I would thoroughly recommend both Switchmybusiness.com and Mark Weeks, many Thanks"This review was posted by Jason Davenport on the 16th of August 2017
All good as far as I can tell
"All good as far as I can tell. 24 hours from first enquiry to signed contract and a good deal as well. Mark Weeks made it all simple and was friendly and helpful. He even got a decent rate for my mum!"This review was posted by Chris Gutsell on the 16th of August 2017