The recently announced Brexit agreement has been welcomed by energy industry leaders as they await further details on key issues such as new cross-border electricity trading arrangements.
According to the European Commission, the agreement announced on Christmas Eve establishes an “ambitious framework” for cooperation on renewable energy and tackling climate change.
The Commission said new long-term, trading arrangements will be put in place by next year to ensure continued flows across interconnectors.
The agreement will also see the UK and EU cooperate on the development of renewable capacity in the North Sea.
However, both parties must also maintain their commitments to meeting the Paris Agreement on climate change or the agreement could be suspended.
Emma Pinchbeck, Energy UK's Chief Executive said “It is great news that a deal has been reached between the UK and the EU – and the best outcome for the energy sector, our customers and for our Net Zero target.
“We now await further details on important issues on climate and energy, including new cross-border trading arrangements and the cooperation on carbon pricing."
“We must continue to prioritise energy issues and continue to show global leadership on decarbonisation, particularly ahead of the UK hosting the COP26 Summit in 2021."
RenewableUK said the organisation welcomed the announcement of a Brexit deal as “we hope it will provide certainty for investors and stability for hundreds of companies developing and operating vital renewable energy projects throughout the UK”.
“We'll need to study the text of the agreement in detail and there are several key points we'll be looking out for, but the agreement of a free trade deal on goods will help the British manufacturers exporting renewable technology to EU countries.”