UK power market price reporting "open to manipulation"

Norweigan gas supplier criticises Uk companies.

New Statesman
Photograph: Getty Images
 
Norway's Statoil, a gas supply company, has criticised UK market price reporting as "open to manipulation".
 
In a letter on its website, Statoil said:
 
We are concerned that the current methodology allows for the potential use of incorrectly reported trades to be factored into the index calculations, which can result in inaccurate prices being published. Statoil would support the use of a daily weighted average of reported physical trades. This will enable the published pricing indices to fully reflect the traded market and would reduce the opportunity for gaming or market manipulation."