DECC threatens jail for rigging energy market

Anyone found guilty of rigging wholesale gas and electricity prices could face up to two years in jail under new proposals unveiled today. The Government wants to introduce new sanctions to protect consumers from any unfair practices and give regulators new powers to prosecute people suspected of abusing the energy market. Under the proposals, it […]

‘There isn’t a free market at all – it’s completely manipulated’

The UK’s energy market “isn’t a free market at all” according to Kevin McCullough, Chief Executive of UK Coal (pictured right). Speaking at Energy Live 2013, he said Britain’s market was instead “completely manipulated”. Asked whether the Government was ‘picking winners,’ the Head of Power and Utilities at EY, Tony Ward (pictured left), said the […]

Barclays’ $453m fine for allegedly rigging US energy market

Barclays Bank and four of its traders have been ordered to pay $453 million (£298m) by the US energy regulator for allegedly manipulating electricity prices. The bank must pay $435 million (£286m) in penalties to the US Treasury within 30 days, one of its traders must pay $15 million (£9.87m) whilst the other three $1 […]