Today, Monday 1 October, marks the ‘go-live’ of Ireland’s new power market, known as the Integrated Single Electricity Market, or ‘I-SEM’. The new market takes over from the existing Single Electricity Market (SEM), which has been in place since 2007.
I-SEM brings fundamental changes to Ireland’s all-island wholesale electricity market, reframing how generators sell their energy. The change is designed to further integrate the market with other European markets. As a result, it’s anticipated that the new market will increase access to cheaper sources of electricity, allow for more cost-effective delivery of energy to consumers, and create a basis for the development of intraday, forward, futures and derivative markets that enable investors and operators to better manage risk.
Under the new design, SSE’s interactions with the market will be managed through a dedicated I-SEM trading desk based in Perth, alongside our Energy Markets team in Dublin.
Stephen Gallagher, SSE Airtricity Director of Business Energy and Energy Markets, said:
“After years of planning and preparation, the launch of I-SEM is a significant milestone for Ireland’s energy industry – as well as for SSE. It marks the culmination of readiness programs involving teams right across our business in Ireland and the UK. The new market has great potential to benefit our customers and create opportunities for future value.”
If you’re looking for further information on I-SEM please get in touch with our Energy Markets team at EnergyMarketsTrading@sse.com