Baku-APA. Britain’s Financial Services Authority (FSA) has launched probe into allegations of manipulation of UK wholesale gas prices made by a whistleblower, APA reports quoting Press TV.
The FSA is looking into claims that Britain's £300 billion wholesale gas market has been manipulated on a regular basis by some of the big name companies.
Separately, the Office of the Gas and Electricity Markets (Ofgem) announced it has "received information relating to trading in the gas market and is looking into the issue”.
The probe by the FSA and Ofgem follows claims by a whistleblower who worked for ICIS Heren, a financial information company that publishes energy price reports.
The claims warned against regular manipulation of benchmark prices which are critically important as many wholesale gas contracts are based on them. Changes, even small ones, can save or cost companies millions of pounds.
Energy Secretary Edward Davey said, "I am extremely concerned about these allegations and will be keeping in close touch with the regulators while they get to the bottom of this."
According to the BBC, the wholesale gas market includes everything from the UK’s North Sea gas supplies, to gas from Norway or elsewhere arriving in the UK by ship as LNG, liquefied natural gas.
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