The British government was, in turn, reassuring on the subject. During a hearing before parliamentarians, the Minister of Energy estimated that the project would not be influenced by the outcome of the referendum. The calendar should, therefore, be maintained. You need to know then Brexit will impact energy overall .
Long-term effects on European Union policies
After leaving the European Union, the United Kingdom will no longer weigh in negotiations for the construction of the internal energy market. This could have significant consequences on subjects that London has advocated for within the Union, such as the exploitation of shale gas and the liberalization of energy markets.
You have no doubt already heard of what is called Brexit. This phenomenon, which marks the exit of the United Kingdom from the European Union, could have significant consequences. The latter partly refer to the energy sector. But how would that translate, what exactly could the effects of Brexit be, if it happened?
Brexit: what is at stake?
Next Thursday, the vote must take place to decide whether or not the United Kingdom’s exit from the European Union will materialize. In the event that this becomes effective, Great Britain will have to notify its intention to the European Council. The terms of its withdrawal will also have to be negotiated and would take effect by default two years later. This procedure actually follows from Article 50 of the Lisbon Treaty. It should be noted that, if Brexit succeeds, the new government could refuse to invoke article 50 in question. This could lead to a diplomatic and legal conflict which would make the procedures more cumbersome and make them all the longer.
Then comes the question of what would be the nature of the link between Great Britain and the European Union. The WTO agreements would apply by default but would be less favorable than those resulting from the regime in place. The benefit of trade agreements between the European Union and third countries would no longer return to the United Kingdom. It is for this reason that many economists believe that the implementation of Brexit would have a negative effect on the British economy. In this sense, the United Kingdom could seriously consider its return to the single market. In any case, if Brexit takes place, the estimates fluctuate between two and ten years before regaining certain stability in the regime.
Effects on the climate and the environment
Brexit would also result in the release of the United Kingdom from environmental standards as well as part of its climate commitments. Given that the United Kingdom’s environmental objectives have been contracted outside the European framework or have been transcribed by national law, the scope of this measure would quickly find its limit on the corporate side. Other effects would result in delays in investment in electricity production as well as interconnections. This would lead to an extension of the life of existing thermal power plants. More generally, climate policies should be revised. Another risk lies in the fact that Great Britain loses, temporarily or not, its access to the European carbon market. In other words, companies holding a carbon emissions permits would be affected financially.