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OFGEM selects ICIS for new initiative

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Hydrocarbon Engineering,

British energy regulator Ofgem has chosen ICIS to provide gas and power market data for use in its latest transparency initiative, the Wholesale Market Indicators.

ICIS has helped to bring transparency to energy pricing for more than two decades and provides data to both the energy market and regulators. The market valuations that it produces are widely referenced in wholesale supply contracts, both in the UK and globally.

"We're proud that Ofgem has selected ICIS data in its latest work to make the UK energy markets function effectively for consumers and stakeholders," says Christopher Flook, Managing Director at ICIS. "ICIS is committed to producing robust and transparent price references, and this choice reflects our long history as the UK's most trusted independent information provider for energy markets."

ICIS ensures that its entire commodity benchmark price reporting meets the highest standards with its commitment to the oil Price Reporting Agency (PRA) principles set out by the International Organisation of Securities Commissions (IOSCO). In 2015, ICIS successfully completed its third consecutive independent audit for its price reporting business, which was voluntarily expanded to cover a total of 42 commodity price benchmarks, including energy indices.

Adapted from press release by Francesca Brindle

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