U.K. Exit From EU Likely to Hit Energy Investments
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The U.K.'s decision to leave the European Union (EU) is not expected to harm the country's energy sector in the short term, but there will be some negative impact in the coming years.
The U.K. and the E.U. will negotiate the terms of the country's exit over the next two years, after which a clearer picture will emerge for the energy sector when new trading, investment and legal practices come into force. Until that time, there is a question mark hanging over the level of investment in future projects, particularly renewable energy projects. The U.K. has been leading Europe in renewable energy investment in recent years, especially with regard to offshore wind. However, until the current economic uncertainty brought on by Brexit--the acronym for Britain's exit from the EU--settles and a clear picture emerges of future trading and financial arrangements with the EU, investment may decline in the next couple of years.
Renewable energy firms including Germany's Siemens AG (Munich), Denmark's DONG Energy (Fredericia) and Sweden's Vattenfall AB (Stockholm, Sweden), have been quick to reaffirm their commitment to the U.K. sector, but not without reservations.
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