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MSE News: Watchdogs investigate gas price 'manipulation'
Former_MSE_Helen
Posts: 2,382 Forumite
in Energy
"The FSA and Ofgem are looking into claims energy companies fiddled with wholesale gas prices, which could affect bills..."
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Comments
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Well well, not quite the same thing, but I have to say I told you so:
https://forums.moneysavingexpert.com/discussion/42635990 -
Any company's not raised prices yet ? This could discourage them for doing so for a while.0
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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?0 -
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.
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one person said it, think of all the statments that are said about labour mps..... are they all trueDon'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.0
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Well well, not quite the same thing, but I have to say I told you so:
https://forums.moneysavingexpert.com/discussion/4263599
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 manipulation0 -
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...0 -
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.
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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.0
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