The UK’s future relationship with the EU was outlined in the government’s draft withdrawal agreement that was published yesterday.
Trade body Energy UK’s Chief Executive Lawrence Slade welcomed the progress towards delivering a withdrawal agreement, which he said would “ensure the smooth functioning of markets and […] keep bills down for UK customers and businesses.”
Within the withdrawal agreement, a framework was proposed that would facilitate “technical cooperation” between gas and electricity transmission system operators in the UK and the EU Internal Energy Market, and mechanisms to allow continued UK-EU energy trading between the two.
Additionally, it said that there would be no reduction in the level of environmental protection. Greenhouse gas reporting would remain in place, along with a carbon pricing system of “at least the same effectiveness and scope” as the EU emissions trading system which places a value on companies’ carbon emissions.
The Single Electricity Market, which allows electricity suppliers across Ireland and Northern Ireland to compete with each other, would be maintained.
EU leaders are scheduled to meet on 25 November to finalise terms.
[From Cornwall Insight]