The UK Government will become one of the first in Europe to implement a European Union Regulation to protect wholesale gas and electricity markets from abuse.

Under the EU REMIT Regulation, Ofgem will have new powers to require access to information, inspect premises and impose unlimited fines for those who break the law.

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These powers will be put into place through Secondary Legislation and come into force from 29 June 2013.

Energy Secretary Edward Davey said: "It is vital that we have all weapons at our disposal in the fight against unlawful activity in the energy market. It is my role to protect consumers, particularly the most vulnerable, who can suffer the most when markets are abused.

"That's why I have given Ofgem new powers to deal with market manipulation and insider dealing in wholesale gas and electricity. These include unlimited fines and new access to information, including the power to enter premises."

(CD/MH)