Ireland has launched it’s Power Spot Market

Irish power exchange SEMOpx is setting up a premature and Intraday market in both Northern Ireland and Ireland. This procedure was supported by the clearinghouse of ECC (European Commodity Clearing) and of course EPEX (The European Power Exchange) SPOT. This collaboration marks the beginning of something fresh and beneficial for the whole island of Ireland. The first trading day on the platform was on October 1st,  however, the markets launched on September 30th. The market results have already been disclosed to the public and can be checked out on SEMOpx’s website

Northern Irish TSO SONI and the TSO (Irish Transmission System Operator) EirGrid have launched a joint tender for finding somebody to help with the operations of the Day-Ahead and Intraday markets and clearing and settlement as well. All of this was done because of the huge reforms that the power market in Ireland has been receiving. The tender was won in 2017 by the joint participation of EPEX SPOT and ECC. Ever since that victory, SEMOpx has been receiving numerous cases of support from the two companies. It is notable to mention that SONI and EirGrid were the ones whos collaboration gave birth to SEMOpx.

Complex orders and hourly contracts are the services that you can receive on the new I-SEM Day-Ahead market. We would also like to mention that I-SEM is currently coupled within the Multi-Regional Coupling, therefore having the opportunity to deliver those services. Great Britain has also received the privilege of coupling with two new Intraday auctions, whereas the third one will remain within the local I-SEM. EPEX SPOT and ECC have shown that they are capable of working together and delivering the best experience for market operation and clearing services across whole Europe. Thus making them the primary providers.

The United Kingdom and Central Western Europe have the privilege of receiving services in short-term electricity markets from the European Power Exchange. However, as a part of EEX Group, EPEX SPOT has sworn commitment to a pan-European power market.

A pan-European market is beneficial for every single country stationed in Europe. The only risk factors it has is that local markets in individual countries can be disrupted. For example, when there is a Europe wide power market service provider, it will sometimes be hard to prefer a local one, when the former has better service and price. Therefore some critics from individual countries will definitely come out to oppose the proposal.

Recommended For You

Konstantin Rabin

About the Author: Konstantin Rabin

Konstantin has been working in the financial services industry since 2011. He is over-viewing various updates in the technology, regulation, and market movements. He's passionate about games and has a cute cat named Dog.

Leave a Reply

Your email address will not be published. Required fields are marked *