Energy UK, the industry’s trade association has warned that uncertainty in the sector will lead to increased energy prices once the UK leaves the EU in March 2019
The trade association said that pressure surrounding plans for a carbon-pricing mechanism and cross-border trade is likely to increase bills for business and domestic customers.
Earlier this year, a House of Lords committee warned that the UK faces energy shortages and increased gas and electricity bills after Brexit, if the transition is not managed well.
At the moment, the UK heavily relies on energy imported from Europe.
Following the proposed price increases, Make It Cheaper, the business energy switching service, is urging UK business owners to switch to a better business energy deal and lock prices in for as long as possible, before energy prices are due to rise post-Brexit.
Jon Elliott, CEO at Make It Cheaper, said: “Brexit is of course a hot topic for any business in the UK, and means uncertainty around all business costs. Business energy is no different.
“Energy UK’s report highlights some of the causes of these likely rises and only goes to strengthen the case for switching soon for longer fixed term tariffs, securing rates for your business before they become too volatile.”
You can find out more on the Make It Cheaper blog: How will Brexit affect your business energy bills?