As Brexit Arrives, Energy Trading In Focus between UK and EU

As Brexit Arrives, Energy Trading In Focus between UK and EU

Future arrangements between the UK and EU energy markets should maximize the benefits of interconnection with the bloc’s countries, according to RenewableUK, formerly, the British Wind Power Association.

Under the Brexit agreement, the UK and the EU have agreed to a framework for future electricity trading.

The new model includes guarantees for open and fair competition, including on safety standards for offshore, and the production of renewable energy, according to the EU.

The UK Government has said the agreed model of trading will take time to develop and will not be in place for 1 January 2021.

Previously developed and communicated alternative arrangements will need to be implemented in the interim, it said.

RenewableUK director of strategic communications Luke Clark said: “We welcome the announcement of a Brexit deal as we hope it will provide certainty for investors and stability for hundreds of companies developing and operating vital renewable energy projects throughout the UK.

“It’s important that our future arrangements with the EU’s energy market allow us to trade power in a way that maximizes the benefits of the interconnection with EU countries, so we can export our surplus power and import flexibly to support our energy system when necessary.

“We’ll need to study the text of the agreement in detail and there are several key points we’ll be looking out for, but the agreement of a free trade deal on goods will help the British manufacturers exporting renewable technology to EU countries.”

RenewableUK, is the trade association for wind power, wave power, and tidal power industries in the United Kingdom. RenewableUK has over 660 corporate members, from wind, wave, and tidal stream power generation and associated industries.

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