Fears within the Energy Management sector have been fuelled by the latest Energy Efficiency Trends report published last week, which raises concerns about a possible increase in energy bills if the UK opts for Brexit, as well as a potential decrease in investment in energy innovation.
The survey, which was conducted by Energy Efficiency Verification Specialists (EEVS) and Bloomberg New Energy Finance (BNEF) between April and May this year, questioned 62 commercial consumers and suppliers of energy efficiency goods and services.
More than 79 per cent of suppliers backed Britain remaining inside the EU, with just seven per cent opting for out, and 14 per cent undecided.
Concerns were raised that Brexit could pave the way for a potential roll-back of EU-led policy initiatives by UK government, which could increase uncertainty and undermine the business case for energy efficiency investments.
There is also trepidation that a ‘leave' vote would drive up the capital cost of energy saving technologies leading to higher energy prices for consumers, as well as lead to the loss of valuable energy EU energy initiatives such as energy performance certificates in buildings.
Respondent comments included the following (taken from the EEVS report);
- Leave – “We signed up to a free trade agreement, not political and fiscal union.”
- Remain – “Energy efficiency is an area likely to be ignored by any future government outside of the EU as it is an easy area of regulation to demonstrate ‘cutting red tape for businesses’."
- Remain – “Access to a bigger pool of suppliers especially in energy, and being part of a bigger market makes it more affordable to take action, plus being subject to EU legislation on energy savings drives forward.”
- Remain – “Legislative requirement or incentives would disappear under this government, removing the business case for many companies.”
- Remain – “The EU generates overall a greater focus on energy and climate, and top-down targets and legislation”
To find out more read the EEVS Energy Efficiency Trends report