Decision for pricing benchmarks in gas and electricity markets - a call for evidence
Decision
Publication date
Industry sector
- Supply and Retail Market
- Generation and Wholesale Market
Ofgem published a Call for Evidence in June 2013 on how market participants contribute to and use electricity and gas price benchmarks produced by Price Reporting Agencies (PRAs), and whether the current processes are fit for purpose. Having considered responses and the wider regulatory context, we set out our position that PRAs should voluntarily adopt the IOSCO Oil PRA principles for price assessments for gas and electricity markets. We will continue to monitor developments and note the legislative proposal for an EU Regulation on financial benchmarks which may encompass this area.