National Grid handed £30m fine
The UK's National Grid has been fined £30 million for stifling competition in the gas market.
Industry watchdog Ofgem found the energy network in breach of competition in February 2008 and the Competition Commission upheld the decision yesterday (April 29th).
The National Grid was accused of restricting competition and therefore denying customers access to lower prices and better services after it struck a deal with energy suppliers to own gas meters, restricting their abilities to replace them with more energy-efficient ones.
"This ruling confirms that National Grid has abused its dominance in the domestic gas metering market, restricting competition and harming consumers," commented Ofgem's Lord Mogg.
Ofgem had previously levied a fine of £41.6 million but this was reduced.
National Grid said it was disappointed with the ruling.
Ofgem aims to secure Britains energy supplies by promoting competitive gas and electricity markets and help the industry achieve environmental improvements.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.