Report: The UK risks higher energy prices, supply shortages from Brexit - RTRS

A report published by the cross-party House of Lords, an upper-house parliamentary committee, revealed that the UK economy could risk facing higher energy prices and energy supply shortages if the Brexit is not managed properly, Reuters reports.

Key Details (via Reuters):

Britain imports around 5-6 percent of its electricity via power links with France, Holland, and Ireland, while around 40 percent of the country’s gas supply comes via Norwegian and European pipelines.

The report read: “This creates the potential for higher energy bills, and leaving the EU could risk supply shortages in the event of extreme weather or unplanned generation outages.”

The report also called on the government to review the possibility of creating a special transition period arrangement for the country’s participation the European Atomic Energy Community (Euratom), separate from the wider Brexit process.