Irish SEM successfully launched
The new wholesale electricity market that unites the power grids of Northern Ireland and the Republic of Ireland has been successfully launched.
The Single Electricity Market (SEM), the first of its kind in Europe, went live on 1 November. All electricity produced on the island will now be sold into one large “pool”, while supply companies will then buy their power out of this pool – a more efficient and cost effective arrangement than two separate markets, as it is designed to set the cheapest possible price for electricity at all times. No one company will have an undue influence over electricity prices.
The development of the SEM
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