The integrated single electricity market (“I-SEM”) – the revised wholesale electricity market for the island of Ireland – has “gone live”. The “Cutover Time” was 23:00h on Sunday, 30 September, marking the commencement of new trading and settlement arrangements.
I-SEM go-live sees the introduction of new day-ahead and intraday markets, along with significant changes to balancing arrangements. The first day-ahead auction has cleared, imbalance prices have been produced and the new market is underway.
I-SEM go-live represents a major milestone in the energy sector, achieved as result of considerable efforts by the Irish Commission for Regulation of Utilities, Northern Ireland Authority for Utility Regulation, SEMO (the market operator), EirGrid and SONI (the transmission system operators) and market participants in Ireland and Northern Ireland.
The Energy Practice at Matheson has played a key role in the implementation of I-SEM, advising EirGrid and SONI on all aspects of the I-SEM project. The practice has also advised a number of clients in relation to the implementation of I-SEM. For all your Irish legal requirements in the energy sector, contact Garret Farrelly or your usual contact at Matheson.