Statement on UK gas market reporting

ICIS detected some unusual trading activity on the British wholesale gas market on 28 September 2012, which it reported to energy regulator Ofgem in October. The cause of the trading pattern, which involved a series of deals done below the prevailing market trend, has not yet been established. ICIS welcomes the seriousness with which the regulator has so far responded to this information and we have provided all the evidence at our disposal to help the regulator determine what happened.
ICIS also welcomes the additional powers that are to be assigned to national energy regulators as of 2013 under the REMIT regulation and the additional market oversight provided by the pan-European energy regulator ACER.

ICIS would like to make clear that it does not sanction, and never has sanctioned, the recording of telephone or other conversations by its employees without the explicit consent of the individual involved.


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