On 27 April 2021 the European Parliament ratified the post-Brexit EU-UK Trade and Cooperation Agreement (“TCA”). The TCA supports EU-UK trading and investment with regard to energy products and secures energy supply and sustainability.
As the new TCA incorporated many EU energy regulations including the main EU energy principles (non-discrimination, market abuse etc.) and the main EU energy directives had already been implemented in UK legislation, not much change in the energy market so far is noticed. However, the EU and UK have not yet negotiated all parts of their future energy relationship and the current energy aspects of the TCA will terminate in 2026 (the latest in 2028).
Amongst others the new provisions for electricity trading (ideally by 2022) and the technical cooperation between EU and UK transmission system operators (by 2026) still need to be agreed on. The TCA established a specific supervising body, the Specialised Committee on Energy (SCE), to supervise and to bring these processes to a good end.
Do you have further questions? Do not hesitate to contact Iman Brinkman.