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Brexit means ‘years of uncertainty’ for UK energy sector

The decision of the UK to leave the European Union means that “at best we are looking at several years of uncertainty” for the British energy sector.

That’s the verdict of the UK’s Shadow Minister for International Climate Change, Barry Gardiner.

Speaking yesterday at the Economist Energy Summit in London, Gardiner said that in the wake of the Brexit decision, “the first thing we need is clarity”.

“There is greater uncertainty about what the government is doing in various areas of energy policy. There is a lack of clarity and some things which seemed clear have changed.”

Gardiner said it was vital for the energy industry and its existing ” and potential ” investors to know “as much as possible about what leaving the EU means. Once we have a clear understanding of this, investors can start to make investment decisions.”

He said it was key to know “what our position is in the internal energy market”.

He said the UK had been instrumental in shaping the internal European market “and if we are outside of it, it will be a huge loss to Europe as well as the UK”.

Gardiner also stated that with projected energy infrastructure costs of à‚£100bn, the UK needed to know what its relationship was going to be with the European Investment Bank, which he said had ploughed à‚£31bn into the UK in recent years.

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