Ed Davey decides to jail himself

Rigging gas and electricity prices will become a criminal offence for the first time under new measures outlined by the Government.

Ed Davey, the Energy and Climate Change Secretary, announced that anyone found guilty of rigging wholesale gas and electricity prices – used as a the basis for domestic bills – could face up to two years in jail.

What the hell’s the minimum carbon price if it’s not price rigging?

The new laws would cover anyone seeking to fix the price of energy at an artificial level, or using insider information to trade on the wholesale market.

Jail thyself Davey!

5 comments on “Ed Davey decides to jail himself

  1. From a govt website which was the first when I googled “price fixing UK law”:

    “You may be fined or sent to prison for up to 5 years if you are involved in cartel activity. Company directors may be disqualified from being a director for up to 15 years.”

  2. The Telegraph has paraphrased Ed Davey’s announcement – it is only businessmen who can go to jail.

  3. “The new laws would cover anyone seeking to fix the price of energy at an artificial level”

    So they’ll be getting rid of fuel duty/tax then?

  4. In fairness to Ed Davey it is not DECC but Treasury that was responsible for introducing the misleadingly named Carbon Price Floor (which is actually a variable rate tax, albeit one linked to the price of EU ETS allowances, not a minimum carbon price per se).

  5. All those CFD price fixes are illegal then (£155/MWh for offshore wind etc…)? .And the Hinkley Point deal?

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