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The further economic consequences of Brexit: energy

Author

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  • Michael G Pollitt

Abstract

:The UK left the European single market in energy on 31 December 2020, having been a leading light in its promotion. It entered into a new energy relationship with the EU-27 as outlined in the EU–UK Trade and Cooperation Agreement (TCA) on 1 January 2021. This paper discusses what has happened to the UK energy sector since the Brexit referendum of June 2016. Since our previous paper on this topic in 2017, there has been a significant clarification in the impact of Brexit on the energy sector in the UK. We outline what the TCA says about energy. We then discuss the current and potential future effects of Brexit on the UK electricity and gas systems in turn. We observe that the likely economic welfare impacts on electricity are larger than the impacts on gas, but the overall microeconomic impact appears likely to be modest (but negative). We offer a number of concluding observations.

Suggested Citation

  • Michael G Pollitt, 2022. "The further economic consequences of Brexit: energy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 38(1), pages 165-178.
    • Handle: RePEc:oup:oxford:v:38:y:2022:i:1:p:165-178.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grab044
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    Cited by:

    1. Sultan Kaheel & Khalifa Aliyu Ibrahim & Gasem Fallatah & Venkatasubramanian Lakshminarayanan & Patrick Luk & Zhenhua Luo, 2023. "Advancing Hydrogen: A Closer Look at Implementation Factors, Current Status and Future Potential," Energies, MDPI, vol. 16(24), pages 1-29, December.
    2. Pollitt, Michael G. & von der Fehr, Nils-Henrik M. & Willems, Bert & Banet, Catherine & Le Coq, Chloé & Chyong, Chi Kong, 2024. "Recommendations for a future-proof electricity market design in Europe in light of the 2021-23 energy crisis," Energy Policy, Elsevier, vol. 188(C).
    3. Cemal Zehir & Mustafa Yücel & Alex Borodin & Sevgi Yücel & Songül Zehir, 2023. "Strategies in Energy Supply: A Social Network Analysis on the Energy Trade of the European Union," Energies, MDPI, vol. 16(21), pages 1-15, October.
    4. Stephen J. Ramos & Umit Yilmaz, 2023. "Energy transition and city–port symbiosis in biomass import–export regions," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(2), pages 406-428, June.

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    JEL classification:

    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

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