The UK and the EU remain committed to joint action to meet climate ambitions, reveal the legal texts released this week.
The British and Irish Chamber of Commerce, the Electricity Association of Ireland, Energy UK, the European Federation of Energy Traders, Eurelectric and WindEurope welcome the publication as a step towards achieving a successful deal on energy. In a joint statement, published today, they call on the negotiating Parties to:
- Clarify the details and timeline of the implementation of UK carbon pricing and the link with the EU Emissions Trading System (EU ETS).
- Maintain, a certain form of participation, of the UK in the EU bodies, such as ENTSO-E, ENTSO-G and ACER.
- Provide clear and transparent rules that enable cross-border trading, which is essential for maintaining the security of supply, low energy bills for consumers and integrating increased shares of renewable generation.
The future trading between the island of Ireland and Great Britain and its impact on consumers remains of particular concern. While the current protocol protects the single electricity market on the island of Ireland, it does not cover the trading with Great Britain, hampering the future functioning of the Day-ahead market. If the Internal Energy Market rules will not be applied, the resulting segmented, less efficient and less liquid markets could lead to higher energy prices for customers.
Read the full statement here.