The UK would be vulnerable to gas supply shortages and price hikes after Brexit, according to a BBC report.
The UK imports almost half the gas it consumes via pipelines from Europe. Brexit could mean that EU nations would be able to impose tariffs on their gas and electricity exports to the UK.
According to the BBC, the warning echoes the findings of a 2017 House of Lords report, which said that the UK could be “more vulnerable to supply shortages in the event of extreme weather or unplanned generation outages”.
The risk would arise upon the UK’s exit from the EU’s Internal Energy Market, which would potentially take place at the end of the transition period on 31 December 2020 under the terms of the Withdrawal Agreement negotiated with the EU.
If there was a no-deal Brexit, the UK would be at risk immediately upon leaving the EU.
Read the full article here.