As energy markets regulator, we take seriously any allegation of abuse in the wholesale energy market in Britain.
Under REMIT, firms arranging transactions on wholesale energy products in Britain must report ‘suspicious transactions’ to Ofgem without delay. We also welcome this information from anyone that suspects a breach of REMIT.
What’s a ‘suspicious transaction’?
This is where there are ‘reasonable grounds’ to suspect the transaction might constitute ‘market abuse’, such as insider dealing or market manipulation.
Firms should ensure staff responsible for managing market abuse risk have access to adequate training to identify potentially suspicious transactions.
You can find information on the types of behaviour that can amount to market abuse in ACER’s latest guidance to NRAs on REMIT: Guidance on the application of Regulation 1227/2011 on wholesale energy market integrity and transparency.
Want to report a suspicious transaction?
To report a suspicious transaction, please email Ofgem’s Market Abuse Inbox.
Alternatively, you can use ACER’s online reporting application. Once submitted on ACER’s website, we will be immediately informed.