Skip to content
Tuesday 18 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE · FR
MorningWire

European business, markets and politics

FTSE 100
10,720.30
-0.28%
DAX
26,338.61
-0.38%
CAC 40
8,579.60
0.00%
STOXX 50
6,530.45
-0.14%
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
More
GermanyFranceEU InstitutionsCompetitionPublic AffairsBankingTechnologyEnergy
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
  • DE
Tuesday 15 October 2024 3:07 pm  |  Updated:  Tuesday 15 October 2024 3:08 pm

UK and EU energy giants call for post-Brexit North Sea ‘green power hub’

By: Jessica Frank-Keyes

Political Reporter

Add as a preferred source on Google
The windfall tax on profits made by energy firms in the North Sea will end in 2030, the government has announced.
The North

UK and EU energy firms are urging their governments to overhaul the post-Brexit trading set up in a bid to construct a North Sea “green power hub” and unlock investment.

Some 20 top power firms and lobby groups have written an open letter to European and British energy ministers to urge them to prioritise a more efficient EU-UK electricity trade.

“We are concerned that the EU and the UK will not achieve their objectives of fully developing the potential of the North Seas as long as electricity is traded using sub-optimal market mechanisms,” they wrote.

It comes as the UK’s Prime Minister Sir Keir Starmer and EU Commission president Ursula von der Leyen are set to hit refresh on their relationship following the July general election.

Signatories to the letter included the UK’s National Grid, Renewable UK and Energy UK, as well as the EU’s Wind Europe and Energy Traders Europe.

They warned of “crucial outstanding issues” which – if fixed – “would create massive benefits to both consumers and industry” and help the UK and EU meet respective climate goals.

Establishing “more efficient electricity arrangements between the European Internal Energy Market… and the GB market” is “of particular urgency to unlock investment,” they wrote.

“Reestablishing a system of price coupling between the IEM and GB markets is the only market mechanism able to realise the untapped potential of the North Seas,” they added.

James Matthys-Donnadieu, from elia group, which signed the letter, commented: “Market coupling and price convergence are prerequisites for successful UK-EU partnerships, as they will enhance efficiencies and generate greater social benefits. 

“As we progress towards decarbonisation, such cooperation will make our European energy system more independent, sustainable, and resilient.”

Read more

Europe has made a ‘major mistake’ on slow electrification, IEA chief warns 

UK industrial electricity prices are the highest in the G7 and 46 per cent above the average of the International Energy Agency.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Energy

People & Organisations

  • Brexit
  • Energy
  • energy infrastructure
  • european union
  • National Grid
  • North Sea
  • Offshore Energy UK
  • Prime Minister Sir Keir Starmer
  • renewable energy
  • Renewable UK
  • UK Government
  • Ursula von der Leyen
  • Wind Europe and Energy Traders Europe

Trending Articles

  • As it happened: FTSE 100 drops as oil prices rise after Trump makes Hormuz threat

  • US bond market jitters spark UK economy recession warning

  • Is the Zeekr 9X Super Hybrid the new luxury SUV to beat?

  • Grandparents fund university degrees to avoid inheritance tax net

  • Aldi boss wades into supermarket ‘price-gouging’ row

More from Morning Wire

  • Europe has made a ‘major mistake’ on slow electrification, IEA chief warns 

    Energy
    UK industrial electricity prices are the highest in the G7 and 46 per cent above the average of the International Energy Agency.
  • Industry bodies call on Burnham to bring down energy bills to fire up growth

    Energy
    North Sea oil terminal with tankers, storage tanks, and cranes under a cloudy sky, highlighting energy industry infrastruc...
  • Britain faces energy squeeze from solar eclipse

    Energy
    Rows of blue solar panels in a field, generating clean energy, with green trees in the background.
  • Ofgem targets speculative AI data centres to free up Britain’s energy grid

    Tech
    2024 was a transformational year for GlobalData.
  • Making Miliband chancellor would be a ‘mistake’, Trump officials warn

    Politics
    Donald Trump speaking at April event, wearing a suit and tie, with an expressive gesture and a serious facial expression
  • Energy operator ‘flying blind’ as net zero push threatens hiked bills and blackouts

    Energy
    Energy prices are high due to a range of factors including volatile gas prices and high net zero levies.
  • Grid delays force Starmer-backed AI data centre to seek alternative power

    Tech
    Sir Keir Starmer's government has prioritised investment data centres as a major pillar of its plans to boost economic growth.
  • What Burnham could learn from BP’s pragmatism

    Energy
    BP logo and green lettering on a light background.
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • EU Institutions
  • Europe

Business

  • Markets
  • Business
  • Economy
  • Regulation
  • Competition
  • Public Affairs

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook