Regulators have found no evidence of price fixing in the UK’s wholesale gas market after a year-long investigation.
Energy regulator Ofgem and the Financial Conduct Authority launched an investigation last year into the possibility of price manipulation within the energy market after allegations were made from a whistle-blower within the industry in September 2012.
The report comes at a time when many have questioned the transparency of the UK’s energy market after four of the UK’s six major energy suppliers all increased their prices by around 10% in the last month, with wholesale prices only rising 1.7% over the last year.
In a statement, Ofgem said:
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.
