Brexit Could Cause Increased Energy Bills, Say ECIU

Britain’s EU referendum results were released this morning and showed that voters have decided to leave the European Union. The result is already having a significant impact on Britain. The Energy and Climate Intelligence Unity predict the result could cause energy bills to rise.

Richard Black, director of the Energy and Climate Intelligence Unit (ECIU), said: “Leaving the EU is likely to put an upwards pressure on energy bills, partly due to the direct financial costs of Brexit and also the impact of reduced investor confidence. So an immediate challenge for the Government following this vote will be to prevent bills rising.

“Affordability and security of supply have been enhanced by our increasing gas and electricity connections with the EU. A choice for the government now is whether it wants to continue expanding those connections and hence the benefits to hard-working British families, or to shut up shop.

“On climate change there has been speculation that an independent UK would scrap measures to tackle the problem. These measures are mostly enshrined in British law, however, and it seems likely that the strong cross-party majority in favour of reducing emissions in both Houses of Parliament would seek to defend them.”