Ofgem to Acquire New Powers to Investigate Alleged Rigging of Gas and Power Markets

British energy regulator Ofgem continues investigation into alleged manipulation of gas and power markets while acquiring new powers to protect wholesale gas and electricity markets from abuse.

“Ofgem is asking energy market stakeholders for their views on how they use price benchmarks produced by price reporting agencies,” reads a note published by Ofgem on Thursday.

The UK Government will become one of the first in Europe to implement the European Union Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT), which sets a number of explicit obligations on the energy companies and those arranging energy trading.The powers are due to come into effect later this month.

“It is vital that we have all weapons at our disposal in the fight against unlawful activity in the energy market. It is my role to protect consumers, particularly the most vulnerable, who can suffer the most when markets are abused,” said Energy Secretary Edward Davey on Thursday.

The investigation of the Ofgem was triggered by the disclosures to the Guardian by Seth Freedman, a whistleblower from the ICIS-Heren PRA.

Ofgem is the Office of the Gas and Electricity Markets, which supports the Gas and Electricity Markets Authority, the regulator of the gas and electricity markets in Great Britain.