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Gas prices: FSA examines whistleblower's claims of 'Libor-like' manipulation

November 13, 2012 by legitgov

Gas prices: FSA examines whistleblower's claims of 'Libor-like' manipulation --Whistleblower claims £300bn wholesale gas market has been manipulated by big power companies 12 Nov 2012 The City watchdog, the Financial Services Authority, is investigating claims by a whistleblower that Britain's £300bn wholesale gas market has been "regularly" manipulated by some of the big power companies, exploiting weaknesses that echo the recent Libor scandal. Separately, the energy regulator Ofgem has been warned by a company responsible for setting so-called benchmark prices, ICIS Heren, that it had seen evidence of suspect trading on 28 September, a key date as it marks the end of the gas financial year and can have an important influence on future prices.

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