According to the study “Ireland Power Market Outlook To 2030 Update 2018” The
Single Electricity Market is the wholesale electricity market for the island of
Ireland whose goal is to provide for the least cost source of electricity
generation to meet customer demand at any one time across the island, while
also maximizing long-term sustainability and reliability. One main commercial
change is that suppliers (which are basically companies that provide
electricity to their residential and industrial customers) and wind generators
can trade in the market. The second major change relates to the introduction of
a day ahead market in which electricity generators, financial traders and
suppliers can position their portfolios at the day ahead stage. The Irish power
industry is changing constantly and 2018 has seen the beginning of a radical
change for Ireland’s electricity system. Several recent developments have taken
place and focus is on establishing new units of power production. The
introduction of the Integrated Single Electricity Market (I-SEM) and the
accompanying reforms will shift value, accelerate asset closures and create new
opportunities.
The electricity market
price, which generators and suppliers get matched, and cross-border electricity
flows will be decided by a European-wide algorithm called EUPHEMIA. The aim of
the algorithm is to maximize social welfare. One way in which it achieves this
is by ensuring that electricity flows from low priced regions to higher priced
regions until either the interconnection capacity is congested or until the
prices in the regions match. Even natural gas is being procured and the
recently established Corrib gas field is said to greatly enhance the country’s
security of supply. It is expected to cater to a significant portion of
Ireland’s gas needs at the peak of its production capacity, powering Irish
homes and business. Renewable energy is also being promoted because despite
Ireland having operations in diverse fields of the power sector, it is mainly a
net importer in this respect with heavy dependence on Britain. Wind, bio-energy
and solar energy all have immense potential and this had been realized by the
country long ago as the Renewable Energy Directive of 2009 commits Ireland to
meet a considerable amount of its energy demand from renewable energy sources
by 2020.
The global Irish giant DCC
has subsidiaries like DCC LPG and DCC Retail & Oil are key players with the
former being prominent in Europe with a developing business in natural gas and
the latter specializing in retailing of fuels and oil products along with their
transportation. ESB is Ireland’s leading sustainable energy company comprising
power generation, networks and supply. Tullow Oil is an independent oil and gas
exploration and production company that has gone beyond Europe to monetizing
oil in Africa and the Atlantic margins. Tedcastle Holdings is one of the
largest fuel importers and distributors with a diverse range of businesses
right across Ireland.
The Irish electricity and
power market is fully liberalized in line with the European Union (EU) energy
framework. The Department of Communications, Climate Action and Environment
(DCCAE) has overall responsibility for development and implementation of energy
policy in Ireland. The fundamental objectives of Irish energy policies are to
ensure the security, sustainability and competitiveness of energy supply for
the economy and society. These objectives have been set firmly in the context
of the EU energy framework and the global energy and climate change landscape.
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