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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