Thursday, 7 August 2014

Energy riggers to face jail

Liberal Democrat Energy Secretary Ed Davey has put forward new proposals to safeguard customers from unfair practices by energy companies.

Under the new laws, anyone found guilty of rigging wholesale gas and electricity prices could face up to two years in jail.


The plans would give new powers to energy regulators to prosecute people suspected of abusing the energy market.

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.

Ed Davey said:
"Manipulating the energy market is absolutely unacceptable, and these proposals provide a much stronger deterrent - more in line with the approach taken in the financial markets."