OFGEM to further investigate energy market over rigging allegations

Although it’s yet to be actually granted the new, extended powers provided under the REMIT legislation, the OFGEM seems keen on making its presence more felt on the UK energy market, the regulator announcing the fact that it plans to widen its investigation into alleged manipulation of gas and power markets.

According to a news report on the matter, the Ofgem, along with the City regulator, the Financial Conduct Authority, is already carrying out extensive investigations into possible gas price manipulation raised by Seth Freedman, a whistleblower from the ICIS-Heren PRA. Sources close to the investigations say this work is intensifying, with preliminary findings expected later in the summer.

Unfortunately, the OFGEM also revealed that the higher level of uncertainty regarding the energy market might actually directly affect consumers. “A lack of confidence in the integrity of benchmarks may raise prices to consumers as the costs of risk from uncertainty may be passed through to them”, the regulator’s spokespeople revealed.

This is just one of the latest factors that seem to be contributing to the ever-increasing energy bills consumers will ultimately have to foot, and that’s exactly the reason why this is the best time to start investing into an energy-efficiency solution that will help you cut bills and save money, namely HeatingSave.

The HeatingSave system allows customers to achieve immediately savings of up to 30%+ on their energy bills. This is achieved by optimizing the energy consumption levels within any building with the help of an advanced heat-loss algorithm that creates a specific profile for any building and based on that, switches heating on later if its warm and off earlier if its cold. It also automatically adjusts your boiler depending on how warm it is outside – save up to another 10%.

Furthermore, the system also offers an advanced automatic occupancy detection system that allows the temperature to reduce to a background when areas are not used and quickly brought up to temperature when they are being used.

If you’d like to find out more about the HeatingSave Building Energy Management System, then simply contact our dedicated product team, they’ll help you get all the necessary information and answer all of your queries.

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