Ofgem is to gain new powers to stop insider trading and manipulation of the wholesale energy markets.

Under measures unveiled by the UK Government, the energy regulator will be able to “remove documents from premises and sift these elsewhere to establish whether they are relevant to an investigation”.

Ministers will also create “a new gateway for public authorities to disclose relevant information to Ofgem”.

This will allow other bodies such as the Competition & Markets Authority to pass information to Ofgem.

European Union regulations

The UK Government said: “We believe there are clear benefits from bringing forward these additional powers for Ofgem to make the market work better for consumers overall.

“We will therefore proceed with introducing the powers as described through secondary legislation.”

The introduction of the new powers follows a consultation that began on 18 December into the European Union’s Regulation on Wholesale Energy Market Integrity & Transparency (REMIT).

> Read the proposals

Tags