Energy

It is estimated Ireland imported in excess of €6 billion worth of energy products through the UK in 2014. In the wake of the leave vote, what is the upshot for the Irish energy market?

General Legal Principles

Article 50 of the European Union (EU) Treaty provides that States leaving the EU have two years to negotiate a “withdrawal agreement”. It is effectively a form of separation agreement.

We do not know what relationship the UK will have with the EU. Will it be an EFTA country, such as Norway, which still benefits from the EU single market? But other European countries may not be eager for the UK to avail of the benefits of the single market when it is such a large player and has chosen not to contribute to the European project in a meaningful way. There might even be resistance from the EU to grant the UK such status as a means of dissuading other Member States from considering departure from the EU.

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