Return to all articles

Statement following the launch of investigations into gas price fixing by the Big 6

Posted on 13 November 2012

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.”

 

 

 

Latest News/Related Articles

Thanks for helping us save 1,000 tonnes of CO2

9 April 2019

This week marks 2 years since we switched to 100% renewable electricity as standard across all our tariffs. In the two years since we made the switch, our customers have stopped more than 1,000 tonnes of carbon dioxide from entering the atmosphere.

Read More

The future of small-scale renewable generation in Britain

1 February 2019

The Feed-in Tariff (FIT) scheme, designed to encourage take-up of small-scale renewable power generation such as solar panels, is due to change.

Read More

Challenging times in the energy market

30 January 2019

It’s hard to have missed the number of stories in the media recently about smaller energy firms going bust. One of the reasons why these firms have struggled recently is due to the sharp increases that we have seen in the costs of gas and electricity in the past year.

Read More