Co-operative Energy welcomes the Financial Services Authority’s (FSA) and energy regulator Ofgem’s joint investigation into allegations of wholesale gas prices being manipulated by the UK’s biggest energy companies.
As a new entrant on the energy market and an ethical licensed supplier, Co-operative Energy is not involved in the process of regulating or setting prices on the wholesale gas trading market. Co-operative Energy is a buyer from wholesale markets and does not trade contracts for its own profit.
Nigel Mason of Co-operative Energy commented: “These allegations are disturbing and it is only proper, fair and in the best interest of consumers that a full investigation into these matters is conducted. Whilst these allegations against the big energy suppliers have been denied, it is yet another example of non-transparency with their practices and comes at a bad time for customers of these companies who are already facing hefty price hikes this winter. We await the outcome with interest.”
He added: “The reason Co-operative Energy entered this challenging market was to be a consumer advocate through the way we do business. We will continue our campaign to get the energy consumer a better deal through greater openness and transparency and leading by example.”