Brexit has been delayed, but only by a few months. Originally set to take place early in 2019, the United Kingdom’s planned departure from the European Union was later bumped up to October 31. Since then, the EU has agreed to yet another deferment, with the door now to be closed on January 31 of 2020.
Experts mostly seem to agree that this will be the last time the divorce will be postponed. That has pundits and analysts everywhere scrambling to figure out just what is going to happen when the UK finally withdraws from the EU. While there are many areas of obvious concern, much of the most recent attention has focused on the British energy market. Businesses can expect some momentous energy-related developments to happen as the UK pulls out of the EU for good.
As Far as UK Energy Usage Goes, 2020 Could be Every Bit as Significant as 1973
The UK became a member of the European Communities (EC) at the beginning of 1973. That precursor of the newer, stronger European Union put down significant economic foundations that began to have an impact right away.
With 1973 being so long ago now, it can be difficult to appreciate just how much has changed since in the realms of energy generation and consumption. When the UK entered the EC, the tumultuous petroleum-market developments of the 1970s were still months from beginning and things very different, as a result.
When OPEC members committed to a drastic oil embargo later in 1973, a cascade of reactive developments was set into motion. Countries across the EC started taking a fresh look at their dependency on foreign sources of fuel, especially those that were not regarded as natural political allies.
Coupled with an increasing awareness of the environmental toll that fossil fuel usage was taking, the ensuing conclusions put many associated plans in motion. Over time, countries like the UK started to shift to new patterns of energy generation and usage that soon became the norm.
The UK’s Energy Market Will Never be the Same
When the UK finally withdraws from the EU, it will need to once again rethink its established ways of generating power. That will leave many British businesses needing to make brand-new arrangements of their own.