As European leaders gather for the European Policy Community Summit to discuss energy security, Energy UK is calling for greater UK-EU cooperation in the energy sector.
In its report, “The Power of Partnership: UK-EU Energy Cooperation for a Clean and Secure Future,” the trade association argues that improved electricity trading and joint efforts on North Sea clean energy could save £11 billion for both the UK and EU in reaching their offshore wind goals.
However, the report warns that failing to link emissions trading systems (ETS) and harmonise trading rules could lead to higher costs and hinder progress.
This might result in higher energy export costs for the UK and increased fossil fuel imports for the EU, which could also deter investment in clean energy projects.
The report also highlights:
- Over a quarter of Europe’s gas supply lost due to the Ukraine conflict was replaced by UK exports.
- UK support helped France manage electricity shortages during maintenance and industrial actions.
- Linking ETS could save the EU €2 billion (£1.6bn) annually by reducing the need for gas imports.
Energy UK’s Deputy Director Adam Berman said: “As the UK and EU move toward net zero, cooperation will enable both sides to achieve their climate objectives more quickly and at lower cost.
“The UK Government have been clear that after years of acrimony, there is a clear need to reset relations with the EU.
“There’s no better place to start than closer cooperation on energy and climate change, areas in which both sides share the same goals and aspirations for the future – so there’s every reason to press ahead without delay.”
