November 14, 2012

UK Gas Market Rigging: The Lying Game

Editorial, The Guardian


OffGrid

What happens in the energy markets matters far more to most people than what happens in that other industry under fire, banking. No one ever died from the lack of a current account, but 2,700 Britons die every year through not being able to afford to heat their homes – and around 7.8m people can't afford their fuel bills. So the reports we have published this week, of allegations from insiders that market prices for gas have been repeatedly manipulated, are extremely serious. Ed Davey, the secretary of state for energy, was right to respond immediately with a parliamentary statement of extreme concern; the prime minister's threat of punishment for any market-riggers was also appropriate and deft. And the gas regulator Ofgem and the Financial Services Authority have shown commendable...

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TAGGED: Big Six, Seth Freeman, Natural Gas, Price Rigging, United Kingdom

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