A new energy milestone was reached when the new all-island wholesale electricity market, the Integrated Single Electricity Market (ISEM) went live on 1 October.
Commenting on the ISEM go-live Bill Emery, Chairman of the SEM Committee (the new market’s decision-making body) said:
“We welcome confirmation that the ISEM has now successfully gone live. The market go-live is the start of new, more competitive trading arrangements and has been achieved by intensive efforts from regulators, transmission system operators and market participants without whom we would not have reached this milestone.”
Jenny Pyper, Chief Executive of the Utility Regulator, said:
“The ISEM is a big step forward for the energy market on the island of Ireland. It will make best use of all the power on the system and ensure that interconnectors operate in the most efficient way. The ISEM will also provide market arrangements that send out the right signals to investors planning to enter or leave the market and reward generation that best addresses our needs.”
Paul McGowan, Chairperson of the Commission for the Regulation of Utilities said:
“For consumers too, the ISEM provides potential benefits for security of supply and having access to a bigger market means we can increase competition and choice. It ensures that consumers get the full benefit of the continued growth in renewable generation and should place a downward pressure on prices”.
ENDS
Notes:
- The Integrated Single Electricity Market (ISEM) is the wholesale electricity market for the island of Ireland. The ISEM went live on 1 October and replaced the Single Electricity Market.
- The Single Electricity Committee (SEM Committee) is the decision making body for the ISEM. It comprises representatives from regulators in Northern Ireland (the Utility Regulator) and the Republic of Ireland (the Commission for the Regulation of Utilities) and two independent members
- A quick guide to the ISEM can be accessed here.