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Shock of Brexit could see UK energy costs rocket by half billion pounds

Staff writer |
Addressing employees at an energy interconnector site in Kent, the Energy Secretary Amber Rudd spoke about why staying in the European Union is vital for our long-term energy security as well as our economic security.

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She referred to an independent report, commissioned by the National Grid, which finds that leaving the EU, and exiting the internal energy market, could cost consumers £500 million or more each year, saying: "The UK’s membership of the European Union has helped keep our energy bills down.

"If we left Europe’s internal energy market, we’d get a massive electric shock because the UK energy costs are likely to rocket by at least half a billion pounds a year – the equivalent of British bills going up by around one and a half million pounds each and every day."

She outlined the need to stand together with the rest of Europe in the face of threats to our energy supplies, ensuring that our families and businesses have the certainty of secure energy supplies that they can rely on now and in the years ahead.

She said: "We have seen how countries such as Putin’s Russia use their gas supplies as a tool of foreign policy. Threatening to cut off supplies or drastically increase prices.

"We can’t let our energy security be hijacked as a political pawn to bring Europe to its knees. By working together in the European Union each member state can stop this becoming a reality."

Making the case for staying in the EU is important for investment and jobs, she highlighted how in 2014, direct investment in UK utility projects from elsewhere in the EU amounted to some £45 billion.

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