London, UK, 08 December 2016 – The UK’s Competition and Markets Authority (CMA) has confirmed its selection of data from ICIS to calculate its price cap for prepayment customers.
The price cap is one of the most high-profile measures introduced as part of the CMA’s two-year investigation into Britain’s energy markets.
The cap regulates the amount that suppliers can charge customers on prepayment tariffs out to the end of 2020. The CMA expects the price cap to reduce bills for the 4 million customers in this sector by £300 million a year.
Rob Kolkman, Managing Director at ICIS, said:
The Competition and Markets Authority’s choice of ICIS data reflects its quality and its widespread usage amongst both regulatory bodies and industry participants.
As the most trusted provider of real UK wholesale energy market data, our price references will help to ensure the UK markets function effectively for all stakeholders.
The CMA chose to use price assessments from leading energy market intelligence provider ICIS to calculate wholesale energy prices, to ensure that the price cap reflects the real cost of supply to these customers.
The cap will be updated every six months to reflect changing market conditions.
The CMA’s investigation into the functioning of the UK’s energy markets began in 2014. The price cap will be in place from 1 April 2017.
ICIS is the world's largest petrochemical market information provider and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years' experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. Some 350 of ICIS’s staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.
About Reed Business Information
Reed Business Information provides information, analytics and data to business professionals worldwide. Our strong global products and services hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of RELX Group, a world-leading provider of information and analytics for professional customers across industries.
About RELX Group
RELX Group is a world‐leading provider of information and analytics for professional and business customers across industries. The group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalisation is approximately 26.6bn GBP / 31.3bn Euro / 33.5bn USD
Tara Sabanandan, Marketing Manager, ICIS
Direct: +44 (0) 207 911 1713
Rosie Williams, Aspectus PR
Direct: +44 (0) 20 7092 8127
We are holding a webinar on 26 January 2017 at 12pm GMT to help you understand the market data used in these calculations and how to adapt to this new requirement. The event will be presented by Zoe Double, ICIS’ Head of Power, who will explain:
You can now register for this webinar by clicking on the link below.
Independent and reliable pricing and market intelligence for the global chemical and oil markets.
Price assessments, indices, news and analysis for the oil, gas, liquefied natural gas, carbon and coal sectors.
Key price assessments for all fertilizer products, including nitrogen, sulphur, ammonia, urea and phosphates.