A group of 19 leading European energy associations and transmission system operators have issued a joint letter to the governments of Europe and the UK, urging more efficient electricity agreements between the European Internal Energy Market (IEM) and the Great Britain market to unlock investment in offshore generation and grid infrastructure in the North Seas.
The joint document highlights the need to address key issues in the energy relationship, such as inefficiencies in market coupling and the implementation of the Carbon Border Adjustment Mechanism (CBAM), which, once resolved, will generate significant economic and environmental benefits.
The signing companies, which include Solar Power Europe, Energy UK, Wind Europe, and Eurelectric, consider the current electricity trading mechanism between the EU and the UK to be inefficient, particularly for complex interconnections such as hybrid ones. They stress the urgency of re-establishing price coupling to ensure efficient use of infrastructure and to attract investment.
RenewableUK's CEO, Dan McGrail, said, "It is a pleasure to support this letter and see such strong consensus across the industry to transform the North Seas region into a European green energy hub. More efficient electricity trading between the UK and the EU is a key part of this, and the letter outlines how we can ensure investor confidence and fully develop offshore wind energy projects in the region, as recognized in the North Seas Energy Cooperation (NSEC) Action Agenda."
According to McGrail, the collective document calls for urgent action on linking the EU and UK Emissions Trading Systems (ETS), stating that "the expansion of European price coupling to the Great Britain market is the only viable market mechanism to fully exploit the potential of the North Seas. Alongside this, it is vital that we see progress towards an improved market framework for the development of offshore grid infrastructure. Addressing these issues would bring enormous benefits to both consumers and the industry as a whole, while helping the UK, the EU, and the European Economic Area (EEA) achieve their respective climate and energy goals."
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