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Companies see higher risks post-Brexit in UK's transition to clean energy

Author: Damian Carrington, Guardian (UK), Published on: 28 June 2016

"Leave vote makes UK's transition to clean energy harder, say experts," 28 Jun 2016

The UK’s challenge to build a clean, secure and affordable energy system has become significantly harder…following the nation’s vote to leave the European Union…Prof Paul Younger, at the University of Glasgow, said the vote to leave “blasts a hole” in the…EU energy union, which would provide a huge market for the UK’s large offshore wind…as well as smooth out the intermittency of rising renewable energy…The flight risk is particularly high for the energy sector, in which many major players are foreign companies…Jonathan Grant, director at consultants PwC, said: “Many supporters of Brexit [are] also opposed to climate policies such as carbon taxes and efficiency standards.” EDF claims Brexit does not affect their plans, but other big clean energy players have expressed worries. “We still want to grow in the UK, particularly in wind power, but…an exit from the EU introduces more risk to the sector…” said a spokesman for Vattenfall…[Also refers to British Gas and Centrica.]

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Related companies: British Gas (part of Centrica) Centrica EDF PricewaterhouseCoopers Vattenfall