UK energy firms face charge of 'Libor-like' price manipulation
14 Nov 2012
The UK's 'big six' energy companies have denied allegations of price rigging in the wholesale gas market.
Centrica, which suffered a fall in its share price of 2.5 per cent in morning trading on price-rigging allegations last night, said it had very robust governance and compliance policies, which regulated its market participation and behaviour.
It added its traders were "prohibited from providing price information to price reporting agencies".
The company, owner of the British Gas, added it was important to stress that the wholesale gas market had more than 50 participants, not just energy supply companies, handling hundreds of trades every day.
A spokesman said the company was confident it had not manipulated the UK gas market. In similar statements spokespersons of E.ON, RWE npower, EDF Energy, SSE and ScottishPower denied involvement in any wrongdoing.
The comments come as treasury minister Greg Clark vowed that any energy company found to have been involved in price rigging would be "severely punished."
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