UK Energy Trader Fined £2.1M For Price Rigging

Law360, London (September 5, 2019, 3:31 PM BST) -- A British energy-trading platform manipulated prices in the wholesale gas market by submitting fake trading offers and is now on the hook for a £2.1 million ($2.6 million) fine, a government regulator said Thursday.

A trader working for Engie Global Markets, the online trading platform of global energy company Engie, manipulated gas prices to increase profits at the business, the Office of Gas and Electricity Markets said.

The fine sends a “strong signal” to companies in the energy market that the regulator is prepared to use its enforcement powers to stamp out abuse, Dermot Nolan, chief executive at Ofgem said....

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