SEM – One Year On Liam Ryan, Market Operations Manager
Agenda Overview of Market Registration SEM Prices Summary
Participants in the SEM 46 Participants have registered in SEM (8 since November 07) 32 Participants have registered Generator Units ( 7 since November 07) 10 Participants have registered Interconnector Units Registered Capacity in the Market: 9856 MW
Bids into the Pool Generation Suppliers & Demand (MW) D Market Schedule and Price Market Schedule Quantity (MSQ)
Price €/MWh Quantity (MW) Scheduled Not scheduled D S 6 Economic Dispatch & SMP System Marginal Price (SMP)
6 SEM Market Timelines Time Registration TD-20 10:00 TD-1 Gate Closure TD-29 Submission of Offers 12:00 TD-1 Ex-Ante Indicative MSP (Indicative MSQs & SMP) TD=0 Trading Day Dispatch & Operations Scheduling (TSOs) (DQs) 16:00 TD+1 Ex-Post Indicative MSP (MSQs & SMP) Settlements (TD+1WD) 17:00 TD+4 Ex-Post Initial MSP (MSQs & SMP) MIUN Established
SEM Market Systems Market Interface Physical Market Market Settlement Participants System Operators Banks Interconnector Administrators Meter Data Providers
Settlement - Interconnector Nature of IC means special rules in T&SC for settlement of Interconnector Units Dispatch Quantities Interconnector Unit: DQ = MIUN IRCU: DQ = SO Trade Import + Export Quantities IC Error Unit: DQ = 0 Metered Generation For each Interconnector Unit based on DQ (=MIUN) Interconnector Error Unit: IC Metered Generation – Sum IC Unit Metered Generations Settlement Interconnector Units & IC Error Unit charges/payments for Energy and Capacity Interconnector Error Unit: Imbalance charges/payments IRCU Constraint charges/payments
The registration processes consist of two major steps: Step 1: Party registration for accession to the market register as a Party to the Trading and Settlement Code Step 2: Unit registration to participate in the market a Party becomes a Participant by registering Unit(s) Up to 60 working days receipt of accepted complete application Concurrent Party and Unit application is possible Registration Overview Party Unit
Interconnector Owner (IO) Registers Interconnector Specify IA, IRCU and IEU (IO could be IA as well) Interconnector Administrator (IA) System Operator (SO) Register Interconnector Residual Capacity Unit (IRCU) (as a Unit) Interconnector Users (IU) Interconnector Registration Important !! 2.78 Before import or export must have registered: Interconnector Interconnector Administrator Interconnector Error Unit Party Unit
Registration of Interconnector units involves : Participation Notice Unit Details 2.33 Evidence of: connection agreements, UOS agreements, Licence to generate/supply, nominated IA etc 2.71 Communication Channel Qualification Testing Providing Credit Cover Commencement Notice issued when effective date agree with all parties. From that date onwards the unit registered can trade in the market. Unit Registration
Financial Review – 11 months -Total Billed €3.3bn 82% energy, 14% capacity, 2% imperfections -Market fully Collaterised
Average SMP Price
Volume Weighted SMP
Capacity Payment
Summary Registration process - up to 60 working days 10 Participants have registered Interconnector Units Nature of IC means special rules in T&SC for settlement of IC Units Total Billed €3.3bn (82% energy, 14% capacity, 2% imperfections) Daily Average SMP Varies between € €147.5 Monthly Average SMP Varies between € 61.2 to € 96.3