By Ed Crooks: June 24, 2016
In the market maelstrom that followed the UK’s referendum vote to leave the EU, the oil price took some collateral damage, with Brent crude dropping below $48 for the first time in a week. As the country sat up to watch the results come in, National Grid had to cope with the largest ever spike in night-time electricity demand.
The longer-term implications of Brexit for energy in the UK and Europe, like most other consequences of the decision, are highly uncertain. Politico and others sketched out some of the main issues, with news outlets taking a range of differing perspectives. Norton Rose Fulbright published an excellent primer, focusing on some of the key legal questions. BusinessGreen rounded up reaction from environmental campaigners and renewable energy businesses. Christiana Figueres, executive secretary of the UN Framework Convention on Climate Change, suggested before the result was known that a vote for Brexit would mean the Paris agreement on tackling global warming would “require recalibration”.