The UK Department of Energy and Climate Change has published a Consultation Paper setting out proposals for new criminal offences which will give the UK’s energy regulators power to prosecute individuals and corporates suspected of abusing the wholesale energy markets. The proposed offences are designed to bolster the deterrent against market abuse in wholesale energy markets, where currently only civil sanctions apply. The deadline for responding to the Consultation Paper is 30 September 2014. The Government proposes that the offences could be brought into force as early as March 2015.
We have recently published an online briefing note on the proposals.