The Capacity Remuneration Mechanism (CRM) is a competitive element of the Single Electricity Market designed to ensure electricity security of supply across the island of Ireland. Competitive auctions secure the necessary capacity to meet demand for delivery in a specified year.
On 4th July 2019 new regulations came into effect that placed requirements on Capacity Markets and were set out in Energy Regulation EU 2019/943, which forms part of the European Clean Energy Package (CEP) arrangements.
In order to ensure that compliance with the CEP is facilitated within the CRM the Regulatory Authorities had proposed a modification be made to the Capacity Market Code that aims to ensure compliance with the regulations.
The proposal was submitted by the Regulatory Authorities on 16 March 2020 and initially treated as a normal modification due to the proximity of the scheduled Workshop. However, this modification is now deemed Urgent as it falls within the criteria set out in B.12.9.3 of the CMC. A Workshop was convened for 31 March 2020 at which the Modification was discussed.
Today, 8 April 2020, the RAs have published the CMC modification timetable for this proposed modification.
As set out in the timetable the RAs also intend to proceed to the consultation process on 8th April 2020.