Energy coalition urges North Seas cooperation to pave the way for efficient electricity exchanges between the EU and the UK

14 October 2024 - RenewableUK press release

A coalition of 19 leading European energy associations and transmission system operators has issued a joint letter to the European and UK Governments, calling for more efficient electricity arrangements between the European Internal Energy Market (IEM) and the GB market to unlock investment in offshore generation and grid infrastructure in the North Seas.

Commenting on its publication, RenewableUK Chief Executive Dan McGrail said:

“We are pleased to support this letter and see such a strong consensus from across the industry for transforming the North Seas area into a European green power hub. More efficient electricity trade between the UK and EU is a key part of this, and the letter sets out how we can secure investor confidence and fully develop offshore wind projects in the region, as recognised in the North Seas Energy Cooperation (NSEC) Action Agenda.

“We are collectively calling for issues around linking the EU and UK Emissions Trading Schemes (ETS) to be tackled as a matter of urgency, as extending European price coupling to the GB market is the only viable market mechanism to realise the potential of the North Seas. Alongside this, it is vital that we see evolution towards an improved market framework for the development of offshore grid. Resolving these issues would bring enormous benefits for both consumers and the wider industry, whilst helping the UK, EU, and wider European Economic Area (EEA) reach our respective climate and energy objectives.”

(ends)

Notes

For further information, contact

Robert Norris, Head of Communications
07969 229 913 Robert.Norris@RenewableUK.com

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