EU fines capacitor makers €254m over price-fixing cartel

Capacitors are essential parts of almost all electronic products, from smart phones to appliances in homes, electronic systems in cars and wind turbines

EU raids biofuel groups over alleged price-fixing

The European Commission raided biofuel companies in two EU countries this week over alleged price-fixing concerns. It carried out “unannounced inspections” at the premises of firms active in the production, distribution and trading of ethanol, a biofuel. “The Commission has concerns that price benchmarks may have been distorted through anti-competitive behaviour, including through possible collusion […]

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 […]

32,000 call to further investigate UK oil market fixing

A national campaign group in support of keeping petrol prices down called on the Office of Fair Trading (OFT) to launch another inquiry into the scandalous oil price fixing allegations that came to light earlier this year. FairFuelUK along with MPs handed in a 32,000-name petition to the OFT yesterday calling for a full and […]

Oil market urgently needs ‘official watchdog with teeth’

The oil market urgently needs an “official watchdog with teeth” to ensure there is no market manipulation and UK families and businesses pay a fair price for fuel. That’s the suggestion from Quentin Willson, Campaign Leader of FairFuelUK, in response to the recent revelation over alleged price collusion, which led to BP and Shell offices […]

BP and Shell offices raided over alleged price-fixing

Oil giants BP and Shell saw their offices raided yesterday after allegations of collusion over price fixing over the last 10 years. The European Commission confirmed officials carried out “unannounced inspections” at the premises of those companies active in and providing services to the crude oil, refined oil products and biofuel sectors. The Commission did […]

UK SMEs’ lack of trust in energy suppliers

Small and medium sized businesses (SMEs) in the UK are angry and frustrated and have lost trust in their energy suppliers. That’s according to new research which claims business owners, managers and key decision makers across the UK are fed up with the continuous price rises which they believe are unfair. It claims only 36% […]

Davey quizzed on Libor-like gas pricing “racket”

Energy Secretary Ed Davey this afternoon said it is “totally unacceptable” for people to profit from manipulating energy prices, declaring that if there is a “racket” in the UK gas market then the “full force of the law” will be brought down on the guilty parties. He made the remarks when taking questions in the […]