In a recent Westminster Hall debate, MPs, led by Liberal Democrat Wera Hobhouse, criticized the impact of Brexit on UK energy prices. They argue that leaving the EU has resulted in higher costs, increased inefficiencies, and reduced energy security. Hobhouse highlighted that the UK's exit from the shared European energy market has led to volatility in electricity prices and higher costs for households. Comparatively, EU countries are innovating their energy policies efficiently, leaving the UK behind. There were calls for re-evaluating the UK's energy strategy, possibly rejoining some EU energy market arrangements to alleviate costs and improve resilience.
Since leaving the EU, we have lost the benefits of being part of a shared European energy market. When we were inside the system, electricity flowed freely across borders, reducing costs and improving security. Now, without proper cooperation, we are facing inefficiencies, higher prices, and weaker energy resilience.
In the first half of 2024, gas prices in the UK were 22% below the EU average, while electricity prices were 27% above it. We now have the highest ratio of electricity to gas prices in Europe, and it's putting us at a disadvantage.
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