On 10 April 2019, the European Council agreed to the United Kingdom Government’s request for an extension to the Article 50 EU exit period. Consequently, the UK is scheduled to leave the European Union on 31 October 2019 and will do so unless agreed otherwise by the Government, Parliament and the European Union.
Leaving the EU with an agreement remains the Government’s stated intention. However, until a deal is agreed, a responsible government and responsible regulator must plan for every eventuality, including a no deal scenario. Consequently, we consider it is timely to provide market participants (MPs) with an update on how the no-deal REMIT contingency arrangements will work.
The purpose of this letter is to summarise the no-deal EU exit REMIT contingency arrangements set out in the March letter and, most importantly, to confirm to GB wholesale energy MPs that those contingency arrangements remain valid as we approach 31 October 2019.