The EU-UK Trade and Cooperation Agreement ("TCA") establishes objectives for the energy market by providing for the facilitation of trade and investment between the EU and the UK (the “parties”) in the areas of energy and raw materials, and supporting security of supply and environmental sustainability, notably in contributing to the fight against climate change in those areas.
Following the end of the transition period, the UK is now treated as a third country in relation to the EU generally, and this includes in relation to the Internal Energy Market (“IEM”). While the TCA avoids the imposition of tariffs (electricity and gas are classified as goods, as is equipment necessary to generate electricity, and as such no customs or tariffs will be imposed), it brings about a number of changes that will invariably have an impact on the UK and EU energy markets.
Generally, the energy provisions of the TCA, set out in Title VIII, are broad in nature and provide for a range of cooperation obligations and the prospect of detailed arrangements being made between the parties at specified times in the future.
This briefing provides a short overview of the main energy provisions in the TCA and discusses their likely impact on the UK energy sector.
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