Irish Power Spot Market Launched
EPEX SPOT and ECC support SEMOpx in start of I-SEM spot market
The European Power Exchange EPEX SPOT and the clearing house European Commodity Clearing (ECC) completed their mission to support the Irish power exchange SEMOpx in setting up a Day-Ahead and Intraday market in Ireland and Northern Ireland, including clearing and settlement. The markets were launched on 30 September 2018, with first trading day for delivery on 1 October. Market results can be consulted on the SEMOpx website.
In the context of a broad power market reform in Ireland, the Irish Transmission System Operator (TSO) EirGrid and the Northern Irish TSO SONI launched a tender for the operation of Day-Ahead and Intraday markets as well as clearing and settlement. EPEX SPOT and ECC jointly won this tender in 2017. Since then EPEX SPOT and ECC have been supporting the local power exchange SEMOpx, which is a joint venture of SONI and EirGrid, in setting up a Day-Ahead and Intraday market.
The new I-SEM Day-Ahead market is coupled within the Multi-Regional Coupling and offers hourly contracts as well as complex orders. Furthermore, three Intraday auctions have been set up. Two of these will be coupled with Great Britain, one remains local within I-SEM. The offer is further complemented by local continuous trading. All auctions are accessible via the EPEX Trading System ETS, a robust solution used on all EPEX SPOT markets across Europe. Continuous Intraday trading runs on the M7 system, which is already used on all continental continuous markets of EPEX SPOT. All transactions are cleared and settled by ECC.
EPEX SPOT and ECC have a long standing expertise in cooperating with power exchanges across Europe and in the provision of market operation and clearing services.
The European Power Exchange EPEX SPOT SE and its affiliates operate physical short-term electricity markets in Central Western Europe and the United Kingdom. As part of EEX Group, a group of companies serving international commodity markets, EPEX SPOT is committed to the creation of a pan-European power market. In 2017, its 285 members traded 535 TWh – a third of the domestic consumption in the eight countries covered. 49% of its equity is held by HGRT, a holding of transmission system operators. For more information, please visit www.epexspot.com
European Commodity Clearing (ECC) is the leading clearing house for energy and commodity products in Europe. ECC assumes the counterparty risk and guarantees the physical and financial settlement of transactions, providing security and cross-margining benefits for its customers. As part of EEX Group, ECC provides clearing services for CLTX, EEX, EPEX SPOT, Powernext and Power Exchange Central Europe (PXE) as well as the partner exchanges HUPX, HUDEX, NOREXECO and SEEPEX. For more information, please visit: www.ecc.de