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

Bourton-on-the-Water's Energy Efficient Store

21 November 2017

This Autumn Midcounties Co-op opened a 14,000 sq ft energy-efficient store in Bourton-on-the-Water, featuring multiple eco-friendly initiatives.

Read More

Will electric cars be driving the future?

14 November 2017

We all need to cut our carbon emissions, but are electric cars the future? We caught up with the experts at POD Point to find out.

Read More

How do biofuels work?

14 November 2017

We want you to know a bit more about how all our green initiatives work. Here's how biofuels can help us reach our sustainability goals.

Read More