Trading and Settlement Code Terms of Reference for the Market Audit 2025 Consultation Paper
The SEM Committee has today published a Consultation Paper on the proposed terms of reference for the Trading and Settlement Code Market Audit 2025.
The RAs propose the Market Audit 2025 covering the 12-month period from 1 January 2025 to 31 December 2025 to be a core SEMO audit, with limited expansion into the calculation, application and reporting of Market Operator charges (fixed and variable) and imperfection charges within the TSC. Additionally, the RAs propose the Market Audit 2025 to be reported under the ISAE 3000 Assurance Opinion, and the materiality level to remain at 0.5% of the estimated annual market value of electricity traded in SEM, as governed by the TSC.
Responses to this Consultation Paper should be sent to Aline M Martellini (ammartellini@cru.ie) and Caroline Winder (caroline.winder@uregni.gov.uk) by 17:00 on 22 August 2025.