Labour: Electricity market rigging claims 'deeply worrying'

Caroline Flint MP, Labour’s Shadow Energy and Climate Change Secretary, commenting on allegations of price fixing in the electricity market reported by ITV Business Editor Laura Kuenssberg, said:

These fresh allegations suggest that price fixing could be happening in the electricity market, as well as the gas market, which is deeply worrying and must be investigated as fully and rapidly as possible.

Whatever the outcome of these investigations, it is increasingly clear that there are deep structural problems with the way our energy market works and is regulated.

For too long, these energy companies have been allowed to get away with running their businesses in such a complicated way that it is almost impossible for anyone to know what the true cost of energy is.

These allegations show why it is more important than ever to create a tough new regulator the public can trust and to force the gas and electricity companies to sell the energy they generate into a pool, to open up the market and ensure fairer consumer prices.

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Electricity market rigging claim

ITV News has been told by a former energy trader the electricity market may have been rigged "for years" and "is worse" than what has allegedly been going on in the gas market.