This price sets the base line for energy bills in homes across the country, it also affects trade prices with other nations.
The Financial Conduct Authority and Ofgem have reported on Thursday that no such event had taken place. A yearlong investigation no evidence had been found to support these claims and therefore no action could be taken against the energy market.
An Ofgem spokesperson announced, “Ofgem and the Financial Conduct Authority have conducted a review of allegations of manipulation of the gas market in Great Britain on 28 September 2012. It has been concluded that no evidence of the alleged market manipulation could be found and therefore that the interests of consumers have not been harmed. Ofgem and the FCA are taking the unusual step of commenting on the work they have carried out into reviewing these specific allegations because of the concerns those allegations raised among energy consumers. Since becoming aware of these allegations, a detailed analysis of all relevant information has been conducted and face to face meetings with a number of market participants were held by both the FCA and Ofgem.”
This allegation against rigging the prices of a large market is one of many that have been surfacing. The commodity market has also been under the spotlight.
Earlier this year there was another accusation against large gas companies such as BP and the Norwegian Statoil.
The European Commission began an investigation into these companies for allegedly manipulating oil prices.
These allegations have influenced lawmakers across the EU to heavily scrutinize these markets for any signs of foul play.
However in this instance, after difficult investigation, no proof has emerged that the price has been tampered with.
The Energy Secretary said, “Ofgem and the FCA have conducted a rigorous review and have not found evidence of market manipulation in this case. Market abuse is a very serious concern and I’m determined that where it exists, the full force of the law is brought to bear.”
These events have caused UK lawmakers to create new regulations to ensure that the consumer is not cheated or forced to pay an unfair amount for their household bills.
In addition, earlier this month a number of ministers revealed that intend to make it a criminal offence against any foul play of this nature.
Criminal sanctions will be introduced for influencing any prices in the energy market.