The Energy Regulators announced that they had commenced the transition to the Single Electricity Market for wholesale electricity trading from 3 July. Market testing over the summer will lead to active trading of over £1.3 billion in the new single market from 1 November.
Nigel Dodds said: “We are now in the final stage of complex and ground breaking work to deliver the Single Electricity Market. This project is at the leading edge of the European Union’s integration of national energy markets. I fully recognise and appreciate the huge efforts which have been made by all the key stakeholders in getting to this important milestone in the creation of the Single Electricity Market. The new market will promote greater competition, bringing economies and efficiencies of scale that will deliver long term benefits to consumers in both countries.
“I have also put in place legislation to open fully Northern Ireland’s retail electricity market. This will provide a choice of supplier for all domestic and business customers from 1 November, which is good news for consumers. This meets a commitment to implement the European Union’s Directive 2003/54/EC on creating a liberalised and competitive internal electricity market.”
Eamon Ryan said: “All of the necessary elements for the successful launch of the SEM are now falling into place. The legislation has been enacted, the licences have been signed and the market trialling can now begin in earnest.
“I am impressed by the dedicated commitment to this vitally important project by the two Regulators, Departments, the Transmission System Operators and all industry players. This is an excellent example of cross-border cooperation which will enhance the competitive energy environment North and South and will work to the benefit of enterprise and customers. I will be pressing ahead to deliver on the Government’s plans to bring about structural change in the Irish electricity sector which will further underpin the Single Electricity market and the EU Internal Energy Market.”