The UK’s reliance on electricity imports has climbed to a record high amid fears that homes and businesses could face higher energy bills if the UK crashes out of Europe.

The latest government figures, released just weeks before Britain’s exit from the EU, show that the UK’s net electricity imports reached their highest ever level in the first quarter of this year.

The four high-voltage power cables linking the UK to Europe’s energy markets imported a sixth more electricity than the year before, after a new interconnector opened in January.

In total, European electricity imports made up almost 7% of the UK’s total demand, and the government hopes to increase imports to about 20% by 2025.

Although this is a small share of the UK’s electricity, experts have warned that higher import prices could lead to higher energy bills.

The government’s leaked no-deal planning report, Operation Yellowhammer, predicted a marked increase in energy prices for homes and businesses if the UK crashes out without a deal.

The market price for electricity could climb because of a fall in the value of the pound against the euro, but also because of potentially costly complications of severing ties with EU energy markets.

Gas and electricity bills rose by £2bn in the year after the 2016 referendum result because of the plummeting value of the pound, according to a report from University College London.

This translated into an average household’s bill increasing by £35 for electricity and £40 for gas, and researchers predicted bills would climb by a further £61 every year in the years following the referendum.

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It’s time to prepare
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It’s time to prepare
The UK’s reliance on electricity imports has climbed to a record high amid fears that homes and businesses could face higher energy bills if the UK crashes out of Europe. The latest government figures, released just weeks before Britain’s exit from the EU, show that the UK’s net electricity imports reached their highest ever level in the first quarter of this year. The four high-voltage power cables linking the UK to Europe’s energy markets imported a sixth more electricity than the year before, after a new interconnector opened in January. In total, European electricity imports made up almost 7% of the UK’s total demand, and the government hopes to increase imports to about 20% by 2025. Although this is a small share of the UK’s electricity, experts have warned that higher import prices could lead to higher energy bills. The government’s leaked no-deal planning report, Operation Yellowhammer, predicted a marked increase in energy prices for homes and businesses if the UK crashes out without a deal. The market price for electricity could climb because of a fall in the value of the pound against the euro, but also because of potentially costly complications of severing ties with EU energy markets. Gas and electricity bills rose by £2bn in the year after the 2016 referendum result because of the plummeting value of the pound, according to a report from University College London. This translated into an average household’s bill increasing by £35 for electricity and £40 for gas, and researchers predicted bills would climb by a further £61 every year in the years following the referendum. Can we help? Like to know more or how to make your home more energy efficient? Please do use this site to check if you are entitled to any financial assistance, or alternatively make contact and one of our advisers will be pleased to help.
2019-09-30 12:13:59
2019-09-30 12:13:59
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