(Bloomberg) -- A Morgan Stanley unit was fined £5.4 million ($6.8 million) for failure to retain messages sent by traders over WhatsApp in the first-ever penalty of its type issued under the powers of the UK’s energy regulator. Most Read from Bloomberg Huawei Is Building a Secret Network for Chips, Trade Group Warns Musk Told Pentagon He Spoke to Putin Directly, New Yorker Says Goldman Is Cracking Down on Employees That Aren't in Office Five Days a Week Borrowers With $39 Billion in Student...

British consumers spent as much as £1.1 billion ($1.4 billion) more on electricity and goods last year after losing access to European Union internal energy markets. That’s according to analysis by trade body EnergyUK, which showed higher carbon prices in the UK’s emissions trading market heaped an extra £700 million on consumers in 2022. Bills were also boosted by as much as £370 million due to post-Brexit trading arrangements, which mean interconnector power is bought and sold less...

The UK government should investigate whether power trading firms are manipulating the country’s electricity markets to boost their profits, former Labour Party Leader Ed Miliband said. Miliband, now his party’s spokesman on climate change and energy, was responding to a Bloomberg News investigation published Thursday exposing how some of the UK’s power companies are using an off-on tactic — saying they will switch off their plants ahead of expected peaks in demand, only to then agree to keep...