UK energy suppliers cleared of gas market price manipulation charges following Ofgem investigation

Britain’s largest energy companies have been cleared of all charges related to the alleged price manipulation in the UK wholesale gas market after an investigation by energy regulator Ofgem and the Financial Conduct Authority (FCA) found no compelling evidence to support the accusations.

According to a media news report on the matter, this large-scale inquiry began over a year ago, following some very serious accusations brought against the suppliers by a whistle-blower who worked at ICIS Heron, a financial information company that publishes energy price reports.

At the time of the launch of the investigation ICIS Heron said it “detected some unusual trading activity on the British wholesale gas market on 28 September 2012, which it reported to energy regulator Ofgem in October”.

The allegations suggested that gas was sold by traders at low-than-market prices in order to influence the benchmark price used to price a range of contracts.

But Ofgem said the traders concerned had given “credible” explanations to “demonstrate that their trading activity was not improper”.

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