SEM Committee meeting 30 June 2016

The SEM Committee held its scheduled monthly meeting in Dublin on Thursday June 30th.

In the light of the outcome of the recent UK referendum, the SEM Committee discussed the potential implications for the all-island electricity market and in particular the ongoing market redesign projects; I-SEM and DS3. 

The SEM Committee noted that the negotiated process by which the UK would leave the EU is likely to take some time to conclude. In the meantime, the UK remains a full member of the European Union and the current legal and policy framework remains unchanged.

In addition, the SEM Committee agreed that, while the development of I-SEM and DS3 are designed to fulfil the goals of greater European energy market integration and sustainability, there are good economic reasons for the all-island market which exist independently of European Union law or policy.  In particular, the SEM Committee remains committed to delivering a range of benefits for energy consumers on the island of Ireland arising from I-SEM and DS3. These much needed improvements to the working of the wholesale market include enhanced energy trading arrangements, the better utilisation of interconnectors and providing for much greater levels of renewable generation.

While the SEM Committee agreed to monitor developments in respect of the UK’s negotiation process with the European Union, it considered that this was very unlikely, at this stage, to have any significant impact on the programme to deliver the I-SEM and DS3 projects by the end of 2017.