Friday 23 January 2015

Energy market abuse penalties could start in April

New penalties including prison time for rigging wholesale gas and electricity prices could come into force in April, DECC announced yesterday.

Last year the Government proposed sanctions to protect consumers from unfair practices and give regulators new powers, including sending people to jail for up to two years.

Under the proposals, it would also be a criminal offence to make misleading claims or hide facts about wholesale energy prices.

Following a consultation on the proposals, DECC said: “The Government is going ahead with the implementation of new criminal sanctions through regulations for the offences of insider dealing and market manipulation.

“Subject to parliamentary process, the regulations are expected to come into force in April 2015."

Trading in Britain's wholesale energy market has been estimated to be worth between £297 billion – £333.5 billion a year.