Brexit: keep calm and carry on

The outcome of the UK referendum on 23 June – in which 52% of voters opted to leave the EU – has brought much uncertainty with regards to political and economic stability, not only in the UK but also in Europe as a whole. The energy sector is, of course, not sheltered from this uncertainty: the long-term implications of Brexit could have a major impact on European energy and climate-related policies, which would also encompass trade policy and financial regulation.

One pressing question is to what extent the UK will remain a member of the single energy market. Historically, the UK has been a front-runner in terms of market liberalisation, whereas many other EU countries have been playing catch-up on fundamental EU principles, such as third-party access to infrastructure and data transparency. To this end, the UK’s obligations under existing EU laws – such as the Third Energy Package – will undoubtedly continue regardless of what happens next.