- Nov 14, 2016 1:31 pm GMT
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Since Theresa May became the new British Prime Minister last July, she has been determined to deliver Brexit by the end of March 2017. However, High Court recently ruled that Article 50 (a formal exit clause for countries to leave the EU) process cannot be triggered without the approval of the Parliament, which was a huge setback for May’s plans and poured more uncertainty to the process outcome. Whether that is just a mere delay for the Brexit to take place or the beginning of the process’ reversion, we will see in December (waiting for an expedited appeal by the Supreme Court).
For now, all we can do is try to depict a hypothetic scenario where Article 50 is finally triggered and how this event could affect the Energy Markets in the Kingdom, since its energy system is heavily influenced by the EU energy policies.
It is true that Brussels’ institutions have little to say in the price of commodities such as oil, coal, gas (and derivatives) and power. It is the international markets, supply & demand and other external factors that determine their pricing levels.
Nevertheless, in terms of energy-related activities and regulation, there are several variables that could ,slightly or heavily , be affected by the consequences of accomplishing Brexit’s final stage and officially implementing the Article 50 .
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