Energy Prices

by danielbarker on 14 August, 2014

Anyone found guilty of rigging wholesale gas and electricity prices could face up to two years in jail under proposals being put forward by Energy and Climate Change Secretary Ed Davey.

These laws would give UK energy regulators new powers to prosecute people suspected of abusing the energy market.

Under the new laws, it would be a criminal offence to fix the price of energy at an artificial level or use insider information to buy or sell energy on the wholesale market. It would also be an offence to make misleading claims or conceal facts about wholesale energy prices to manipulate the market.

Manipulating the energy market is absolutely unacceptable, and these proposals provide a much stronger deterrent – better in line with wrongdoing in the financial markets.

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