Which? response to allegations of manipulation of wholesale gas market prices

Richard Lloyd, executive director of Which?, said:

“Allegations of gas market price manipulation are shocking and will further undermine consumer confidence at a time when distrust of the energy industry is greater than any other sector and rising energy prices are one of people’s top financial worries.

“There is a worrying lack of transparency in both the gas and electricity wholesale markets, which must be tackled. Wholesale prices account for around half of the average household energy bill, so consumers must be confident that the price they pay is fair and not subject to abuse.

“Alongside the regulators’ investigations, the Government must now launch an urgent and swift independent review into what’s really behind the rising cost of energy.”

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