UK gas supplier Statoil condemns market price reporting

Norway-based Statoil, one of the world’s biggest energy companies and a major gas supplier for Britain, has just issued a damning report regarding the UK’s power market price reporting system, a news article reveals.

Basically, the company calls for a serious improvement of the current price reporting methodology in order to offer more reliable and transparent calculations of the pricing indexes. Statoil also expressed their concerns regarding the possible use of incorrectly reported trades to be factored into the index calculations, leading to the publishing of inaccurate prices.

The company’s statement follows a broader investigation into the wholesale gas market rigging, triggered by concerns raised by an ICIS Heren price reporter.

The respective report indicates that huge gyrations in reported prices on 28 September last year could represent market manipulation. That’s because the prices reported by agencies such as ICIS form the basis for long-term contracts and one explanation for the 28 September price movements is that traders stood to benefit by manipulating the benchmark price.

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