Ofgem will be able to slap huge fines on energy market manipulators
Energy suppliers and distributors found guilty of trying to manipulate the energy market might receive uncapped fines, as Ofgem is granted new and enhanced powers, a news report reveals.
Under the Regulation of Wholesale Energy Markets and Transparency (REMIT) legislation, set to be introduced shortly in Parliament by Ed Davey, the energy and climate change secretary, energy regulator, Ofgem, will be given sweeping powers to inspect premises, seize data and levy much higher financial penalties.
The European Commission is keen on introducing REMIT legislation across all member states, as well as a system whereby companies will be forced to report details about their buying and selling of oil, gas and power when it is done over-the-counter. It is believed that, in this way, the danger of abuse on the relatively unregulated energy markets will decrease.
Earlier concerns about the price reporting agencies and the oil markets were raised in a report published last year by the International Organization of Securities Commissions (IOSCO), an association of organisations that regulate the world’s securities and futures markets.
While the prospect of unlimited fines might actually lead to companies thinking twice before trying to push up prices, the truth of the matter is that taking some serious measures for boosting one’s home energy efficiency levels is never a bad idea, and this is exactly where the Heat-Save wireless thermostatic radiator valves could really come in handy.
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Furthermore, the user friendly software and USB stick lets anyone wirelessly check and control individual radiators from any Windows™ laptop or PC.
So, one can turn down the heating in rooms that they’re not using and one can also easily plan up to four years in advance for times when the heating will not be in use with the heating holiday diary, while the ‘hands on’ override button on the valve means quick changes are easy from within the room.
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