The European Power Exchange EPEX SPOT and European Commodity Clearing (ECC) have been chosen by the Irish transmission system operators EirGrid and SONI as service providers for the Integrated Single Electricity Market in Ireland (I-SEM).
Together, they will support EirGrid and SONI to set up the new local power exchange SEMOpx which will operate the Day-Ahead and Intraday markets in Ireland.
The product offering will comprise a Day-Ahead auction coupled with the rest of Europe and continuous and auction intraday markets.
The project partners envisage to launch all markets by mid-2018. In its capacity as a central counterparty, ECC will assume clearing and settlement for all transactions concluded on SEMOpx.
The Republic of Ireland and Northern Ireland have been reforming their power markets in order to create a market fully compliant with EU regulations, especially within the Guideline on Capacity Allocation and Congestion Management (CACM). In this context EirGrid and its affiliate SONI, which both operate the single Irish transmission grid, launched a tender for the operation of Irish Day-Ahead and Intraday markets, including market coupling, as well as the clearing and settlement activities. EPEX SPOT and ECC jointly won this tender and will provide their expertise in short-term power market operation, coupling and clearing.
EPEX SPOT and ECC have a long-standing expertise in operating and clearing power spot markets and have developed an offer to cooperate with further power exchanges. These services allow market participants all over Europe to benefit from reliable and proven trading and clearing systems with a harmonised set of procedures.
The European Power Exchange EPEX SPOT SE and its affiliates operate physical short-term electricity markets in Central Western Europe and the UK. The creation of a pan-European power market is what defines EPEX SPOT’s mission. In 2015, its 280 members traded 566 TWh – a third of the domestic consumption in these eight countries. Forty nine per cent of its equity is held by HGRT, a holding of transmission system operators. EPEX SPOT is part of EEX Group.
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe.
