Annual Energy Statement

Martin Vickers Excerpts

Thursday 31st October 2013 Commons Chamber

[Martin Vickers (Cleethorpes) (Con)]

My constituents will welcome the possible introduction of criminal sanctions if any company is found guilty of rigging the market. Although I note Ofgem’s powers of compensation, would it not be more appropriate if consumers were to benefit if price or market rigging were found? Can we take action to ensure that such money goes back into consumers’ bank accounts?

[Mr Davey]

The measures in the Energy Bill provide that, if an individual consumer has been done wrong by an energy company—mistreated or subjected to any other malpractice—the fine, thanks to this Government, will go to the consumer. The criminal sanctions I have referred to today would be applied for systemic anti-competitive practices or manipulation of the energy markets by an individual or company.