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Brexit raises cost of energy from EU by £370m a year
The Guardian
|October 26, 2024
Brexit has added up to £370m a year to the price of power supplies from Europe, according to industry representatives. They calculate the total energy costs of leaving the EU could amount to £10bn by the end of the decade.
Energy UK, the sector's trade body, has called on Keir Starmer to negotiate a closer trading relationship with the bloc as part of the "reset" he is seeking with Brussels.
Before Brexit, Britain procured power through the EU's internal electricity market which brought together bids and offers in a system known as "single day-ahead coupling", using an algorithm to optimise pricing and flows of electricity.
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