MSE News: Watchdogs investigate gas price 'manipulation'

"The FSA and Ofgem are looking into claims energy companies fiddled with wholesale gas prices, which could affect bills..."
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  • MikeR71
    MikeR71 Posts: 3,852 Forumite
    Well well, not quite the same thing, but I have to say I told you so:

    http://forums.moneysavingexpert.com/showthread.php?t=4263599&highlight=
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    Any company's not raised prices yet ? This could discourage them for doing so for a while.
  • 2010
    2010 Posts: 5,329
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    In the mid 80`s Thatcher sold off all the energy companies and since then they`ve all been fiddling prices.

    So basically it`s taken the regulator 25 years to look into what everyone has known for years.

    You don`t seriously believe they`ll find anything
    do you?
  • pooch
    pooch Posts: 828 Forumite
    edited 13 November 2012 at 11:45AM
    If I understood the allegation correctly, it relates to a specific date (28th September) which is important since it is when most gas contracts are established when it is alleged the market was manipulated downwards

    It needs that to be first proven, and then further, that on other occasions the assumption that the market was manipulated upwards before people need to get too excited over these allegations.

    Otherwise, if anyone was to benefit from this, it would have only have been derivatives traders. ;)
  • chanz4
    chanz4 Posts: 10,867
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    one person said it, think of all the statments that are said about labour mps..... are they all true
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • grahamc2003
    grahamc2003 Posts: 1,771 Forumite
    MikeR71 wrote: »
    Well well, not quite the same thing, but I have to say I told you so:

    http://forums.moneysavingexpert.com/showthread.php?t=4263599&highlight=

    Well, not only not quite the same thing, but nothing at all like you postulated, which was

    I just wondered, is anyone still in doubt that the big energy companies get together and fix prices across the board? Only this can explain the fact that they increase their prices all around the same time while still making millions in profits.

    The energy trade reporter who brought the accusation of price fixing, iirc from the tv news last night, didn't mention price fixing by energy companies, but fixing by other traders by entering 'phantom' trades at critical times (i.e. altering the spot price at a time when that spot price was used as a basis for energy prices based upon it). It looks to me that only the traders themselves or the financial outfits they work for would gain by such manipulation - indeed, the mse report says it's unclear whether consumers actually gained or lost by that manipulation
  • oldskoo1
    oldskoo1 Posts: 616
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    Either way we are still very unlikely to see a significant fall in prices. If anything prices will go up to "cover" the cost of the mammoth fines being dished out.

    if it's true...
  • Pincher
    Pincher Posts: 6,552
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    How much could the manipulation have added to the bill?

    I am usually on a cheap deal, so it's a little unlikely I have been ripped off.

    The best outcome would be a blanket £100 credit for every year with a supplier. In this dream, I would get £800 from E.On. :)
  • undaunted
    undaunted Posts: 1,870 Forumite
    I have little faith in either Ofgem or the FSA finding anything (it would probably be more convenient not to!) or bills falling as a result but time will tell.
  • Plushchris
    Plushchris Posts: 3,592 Forumite
    Pincher wrote: »
    In this dream, I would get £800 from E.On. :)

    Keep dreaming..:rotfl:

    Its always nice to have dreams..
    Missing Tesco R&R since Feb '07 :A & now a "Tesco veteran" apparently! ;)
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