The energy market in Ireland is changing, are you ready?
I-SEM is set to replace the current electricity market model. This will allow cross-border trading with European neighbours to increase competition in the market.
The coming changes are large and complex. Utilitywise can help you stay up to date and ensure you fully understand what I-SEM means for your business.
We’ve created this handy guide to help break down some of the terms you may hear over the next few months.
SEM – Single Electricity Market. This is the existing model that operates in Ireland
I-SEM – Integrated single electricity market – This will replace the current SEM model and will allow cross-border trading to increase competition in the market.
Cross-Border Trading – Two-way transmission of electricity with Europe
Trading Pool – For the sale and purchase of wholesale electricity, this is what Ireland currently uses to purchase and sell electricity
Wholesale energy – Bulk sale and purchase of energy
EirGrid – The distribution network that delivers electricity around Ireland. Currently, they calculate a daily forecast on how much electricity is needed for the following day. Electricity can’t be stored so supply must meet demand.
Bidding – Currently, auctions are held where bids are submitted by power stations (to supply a set amount of electricity at a particular time)
Suppliers – Billing agents, this is who you receive your energy bill from
SEMC – Current governing body and decision-making authority
I-SEM promises to shake up the energy market.
The roll-out of I-SEM has been turbulent. An initial target launch date of May 2018 has since been pushed back to October, causing further uncertainty for Irish businesses. What’s certain is that you’d benefit from reviewing your energy choices.
However, with our expertise in energy and knowledge of the energy market, we can help you understand the changes as they happen.
Want to know more?
Call us on 01 639 2962 or request a call-back
We’ll be posting plenty more about I-SEM to help you navigate the changes and stay up to date with the new market.