Price manipulation to be banned in Swiss energy sector
Switzerland plans to enact laws to prevent price manipulation and insider trading in its domestic energy markets.
Energy Minister Simonetta Sommaruga unveiled the plans on Friday, saying the reforms are needed to secure Switzerland’s energy security.
The proposed reforms would force energy companies to open their books to the energy regulator Elcom to give the authorities early warnings of supply problems.
Insider trading and price manipulations are currently allowed in the Swiss energy market, but these practices will be prohibited in future.
The move comes after the government approved measures to grant energy companies bridging loans to overcome financial difficulties.
In return, companies must submit to tighter regulatory scrutiny, Sommaruga said.
This would affect 40 Swiss and 65 foreign electricity providers and 20 companies that supply gas.
The proposed legal amendments will go through a consultation process that will last until the end of March next year.
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