An energy company has been fined £37 million after manipulating British electricity markets at a time when it was co-owned by one of the world’s biggest pensions funds. Intergen falsely claimed that its UK power stations would not be operating during winter peak hours when electricity was scarce, pushing National Grid to pay it massively inflated prices to run them. The market abuse, which made it almost £13 million, occurred on four days in October and November 2016. At the time, Intergen was 50 per cent-owned by the Ontario Teachers’ Pension Plan, which has since sold its stake. The other 50 per cent remains owned by two Chinese groups: China Huaneng and Guangdong Yudean Group.
Times 15th April 2020 read more »