Basic Search  |  Summaries  |  Advanced SearchPenalty: £1,500,000
Year: 2021
Date: 8 April, 2021
Offence Group: competition-related offences
Offence Type: energy market violation
Violation Description: National Grid ESO paid a £1 penalty plus £1,499,999 to the Voluntary Redress Fund in settlement of a finding by Ofgem that the company failed to comply with its requirements to provide accurate forecasts of electricity demand with lack of oversight to spot and correct the behaviour. Inaccurate forecasts may have incurred increased wholesale costs of electricity and benefited the company financially.
Action Type: agency action
Settlement Type: settlement with Ofgem
Agency: Office of Gas and Electricity Markets
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: utilities and power generation
Specific Industry of Parent: utilities
Source of Data: (click here)