| CATEGORY: NEWS AND ANNOUNCEMENTS |
EU threatens gas crackdown |
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Thu 16 Feb 2006
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LONDON (SHARECAST) - Europe's gas and electricity industries face tough action over any anti-competitive behaviour, the European Union warned following an investigation into practices in the industries.
European Union competition boss Neelie Kroes said the industry must open up and a number of firms now faced separate investigations, though the names of these firms ware not disclosed.
The EU has been investigating whether energy firms on the continent have been colluding to keep prices high.
"In the coming weeks and months, the Commission will launch individual anti-trust investigations," she said. "We are just at the beginning of a period of more intensive anti-trust enforcement."
British suppliers have blamed the recent sharp rises in the price of gas to UK consumers on the high cost of gas being shipped in from Europe.
UK regulator Ofgem welcomed the EU's comments. "Where the report has found evidence of market abuse, we welcome the Commission's commitment to pursue such cases urgently and vigorously," chairman John Mogg said.
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