Vitol Power Unit Under UK Scrutiny After Profit Rose 2,600%.

Vitol, along with other power operators in the UK, is facing a clampdown from regulator Ofgem following supply-gaming moves at gas-fired power plants. (Bloomberg) -- The British power generation unit of Vitol Group saw a 27-fold increase in profits last year as prices soared and its traders employed controversial tactics that are now facing regulatory clampdown. Read More: UK Power Traders Will Be Banned From Charging Excessive Prices The regulator now plans to ban traders from offering excessive prices in the back-up market, known as the balancing mechanism, during periods in which they already said they didn't plan to generate. [Extracted from the article]