LONDON, May 10 (Xinhua) -- Energy policy negotiations post-Brexit offer Britain and the European Union (EU) an important opportunity to develop new models of partnership and common ground imperative to Britain's future, according to a new British thinktank report published on Wednesday.
The new research, jointly authored report by Chatham House, the University of Exeter and UK Energy Research Center, notes that strong intra-EU energy cooperation over the past decades has helped develop close ties between Britain and other European nations.
Close cooperation will be crucial for Britain to develop rules and regulations on nuclear safety and safeguards, as it looks to leave the European Atomic Energy Community (Euratom) as part of Brexit, the report indicated.
The research emphasized that strong ties will also ensure Britain's electricity system remains fully synchronized to Europe's changing market, which will bring significant benefits as European economies look to decarbonize.
British-EU27 cooperation will also help the continuation of the single energy market operating across the Republic of Ireland, maintaining the gains it has made in security of supply and competition.
Co-author Antony Froggatt, senior research fellow in the Energy, Environment and Resources Department at Chatham House, said: "Close collaboration between the EU post-Brexit will be vital if we are to maintain energy security and achieve our legally binding emissions reduction targets. Britain should remain committed to trebling its electricity interconnection by 2025, and enabling these to operate efficiently would be in consumers' long-term interests."
Matthew Lockwood, senior research fellow in the Energy Policy Group (EPG) at the University of Exeter, another co-author of this report, said: "The complexity and politically sensitive nature of the Brexit negotiations are already causing friction between the UK and EU27. On energy policy, however, connected networks and mutual benefits from integrated markets mean that there is an opportunity for a positive outcome."
The paper also noted when Britain leaves the EU, it will need to explore domestic resources for future energy infrastructure funding. Currently, EU grants and European Investment Bank loans account for around 2.5 billion pounds (3.23 billion U.S. dollars) of Britain's energy-related infrastructure, climate change mitigation, and research and development funding per year.
Domestically, replacing these sources of finance will be necessary to ensure that Britain's energy sector remains competitive and innovative, the report said.
