BREXIT IS COMPLETED BY UK GOVERNMENT AND EUROPEAN UNION
On 31st December 2020 the UK ceased to be a member of the European Union. The relationship between the UK and the EU is now governed by the Trade and Cooperation Agreement which was signed on 24th December 2020. This agreement provides a framework for future electricity trading across interconnectors between the UK and the EU and commits the signatories to implementing these new arrangements by 1st April 2022. In the meantime, electricity continues to be traded under the previously agreed Harmonised Access Rules and these rules will remain until the new arrangements are put into place. Whilst the new arrangements will mean a change to the administrative procedures for trading electricity, GridLink’s view is that the UK’s departure from the EU does not change the underlying power market fundamentals nor does it impact the project’s potential to deliver significant environmental and socio-economic benefits.