LONDON, January 21, 2016 /PRNewswire/ --
ICIS data helps Ofgem to make UK wholesale traded markets more widely accessible to energy consumers and stakeholders
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.
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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 Organization 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.
ICIS is an independent price reporting agency focusing on global energy, petrochemical and fertilizer markets. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years' experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.
It is our aim to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. Some 350 of ICIS's staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.
ICIS is a division of Reed Business Information, part of RELX Group plc..
About Reed Business Information
Reed Business Information provides information and online data services to business professionals worldwide. Customers have access to our high-value industry data, analytics, information and tools. Our strong global brands hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of RELX Group plc, a world-leading provider of information solutions for professional customers across industries.
About RELX Group
RELX Group plc is a world-leading provider of information solutions for professional customers across industries. The group employs about 28,000 people of whom half are in North America.
Reed Elsevier PLC is the London Stock Exchange listed vehicle for holding shares in RELX Group. Shareholders in Reed Elsevier PLC own a 52.9% economic interest in RELX Group. Reed Elsevier NV is the Amsterdam Stock Exchange listed vehicle for holding shares in RELX Group. External shareholders in Reed Elsevier NV own a 47.1% economic interest in RELX Group. The combined market capitalisation of the two parent companies is approximately £23.9bn/€34.3bn. Its shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RUK and ENL.
Tara Sabanandan, Marketing Manager, ICIS
Rosie Williams, Aspectus PR