The UK’s Ofgem and FCA regulatory bodies yesterday announced the conclusion of their investigation into alleged price rigging in the gas market last year, which broke in the Guardian. The allegations were that traders attempted to “mark the close” on the last day of the gas financial year, in order to affect and profit from changes in related benchmarks that would arise.

Ofgem have stated that they have made detailed enquiries including looking at aggregate order books, and found that the intent of the orders was not manipulative.

Ed Davey MP, the UK Secretary of State for energy, made a statement in parliament yesterday, announcing  the outcome, and also how the powers that REMIT grants Ofgem will be used in the future to ensure transparency. he committed to putting in place criminal sanctions for breaches.

The manipulation and reporting aspect REMIT is expected to be adopted by the European Parliament in Q2 of next year.