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 Day-Ahead Market 

 
The Day-Ahead Market in the Republic of Ireland and Northern Ireland will have access to the European market through the Price Coupling of Regions (PCR). PCR is the initiative of seven European Power Exchanges to develop a single price coupling solution to be used to calculate electricity prices across Europe, and allocate cross-border capacity on a day-ahead basis. This is crucial in order to achieve the overall EU target of a harmonised European electricity market. The integrated European electricity market is expected to increase liquidity, efficiency and social welfare. PCR is open to other European power exchanges wishing to join.

The Day-Ahead Market will consist of one auction with a deadline of 11:00 GMT for power which will be delivered the following day. Hourly prices will typically be announced to the market at 11:42 GMT or later. From 23:00 GMT the next day, power contracts are physically delivered hour for house according to the contracts agreed.

EUPHEMIA is the algorithm that will be used by the PCR. The use of EUPHEMIA for the Day-Ahead Market in the Integrated Single Electricity Market (I-SEM) is outlined in the SEM Regulatory Authorities’ (RAs) High Level Design (HLD) for the I-SEM. As such, the ability of I-SEM participants to successfully represent their trading requirements through EUPHEMIA will be explored to ensure adequate understanding of the algorithm and how it can be used in the I-SEM to allow for efficient participation in the market.

SEMO, in its role as the market operator for the SEM, member of EUROPEX and associate member of PCR, has been asked by the SEM RAs to progress this trialling. EUPHEMIA allows for the use of a number of different bid and offer, collectively order, types. Each of these order types has distinct characteristics in their representation of participants’ commercial and technical data. The objective of the I-SEM trialling of EUPHEMIA is to explore the use of these order types to create SEM representative market orders and to analyse the resultant outputs. This will assist in developing participants’ and SEMO’s understanding of the EUPHEMIA algorithm.

Click
here for information on the progress of the EUPHEMIA trialling for the I-SEM. 

Any queries in relation to the I-SEM Project should be directed to
I-SEMproject@sem-o.com.

SEMO is a joint venture between EirGrid PLC and SONI Limited