Britain taking gas claims 'very seriously'

Nov. 14, 2012 at 7:30 AM

LONDON, Nov. 14 (UPI) -- The British government takes allegations of market manipulation in the national gas market very seriously, Energy Secretary Ed Davey said.

The British Financial Services Authority announced it was looking into reports of unusual trading activity in the country's gas market that may have affected prices.

Davey told lawmakers that his office was informed last week by the FSA of the allegations of gas market manipulation.

"These allegations of market manipulation are being taken very seriously," he said in his statement. "We will support the regulators taking whatever steps necessary to ensure that the full force of the law is applied, if they are true, so that any guilty parties are held to account."

Centrica, the country's largest energy supplier, said a well-functioning wholesale energy market is in everyone's best interest.

"Centrica has very robust governance and compliance policies, which regulate its market participation and behavior," the company said in a statement.

British Prime Minister David Cameron has pressured utility companies to rein in gas prices for consumers.

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