SEM – One Year OnLiam 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
1
23456
Generation
Suppliers & Demand
(MW)
DD
Market Schedule and Price
Market Schedule Quantity
(MSQ)
6
SEM Market Timelines
Time
Registration
TD-20 10:00TD-1
Gate Closure
TD-29
Submission of Offers
12:00TD-1
Ex-Ante Indicative
MSP(Indicative
MSQs & SMP)
TD=0Trading Day
Dispatch & OperationsScheduling
(TSOs)(DQs)
16:00TD+1
Ex-Post Indicative
MSP(MSQs & SMP)
Settlements (TD+1WD)
17:00TD+4
Ex-Post InitialMSP(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 QuantitiesInterconnector Unit: DQ = MIUN
IRCU: DQ = SO Trade Import + Export Quantities
IC Error Unit: DQ = 0
Metered GenerationFor 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
System Marginal Price
0
20
40
60
80
100
120
140
160
Nov-07Dec-07
Jan-08Feb-08
Mar-08Apr-08
May-08Jun-08
Jul-08 Aug-08Sep-08
MW
h
Daily Average Monthly Average NDP - Day Ahead Gas price
Capacity Payment
Capacity Payment
€0
€10
€20
€30
€40
€50
€60
€70
Jan
Feb
Mar
Apr
May Ju
n
Jul
Aug
Sep Oct
Nov
Dec
Mil
lio
ns
Eu
ro 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 €47.3 - €147.5
Monthly Average SMP Varies between € 61.2 to € 96.3