The Trading and Settlement Code (TSC) was developed during the establishment of the SEM. It provides the rules by which the market and its participants may operate, setting out the detailed rules and procedures concerning the sale and purchase of wholesale electricity in the market.
The Single Electricity Market Operator (SEMO) is responsible for the administration and operation of the TSC. Eirgrid plc. (the market operator in Ireland) and SONI Ltd. (the market operator in Northern Ireland) jointly carry out the SEMO function for the SEM.
The aim of the Code is to facilitate the achievement of the following objectives:
- to facilitate the efficient discharge by the Market Operator of the obligations imposed upon it by its Market Operator Licences;
- to facilitate the efficient, economic and coordinated operation, administration and development of the Single Electricity Market in a financially secure manner;
- to facilitate the participation of electricity undertakings engaged in the generation, supply or sale of electricity in the trading arrangements under the Single Electricity Market;
- to promote competition in the single electricity wholesale market on the island of Ireland;
- to provide transparency in the operation of the Single Electricity Market;
- to ensure no undue discrimination between persons who are parties to the Code; and
- to promote the short-term and long-term interests of consumers of electricity on the island of Ireland with respect to price, quality, reliability, and security of supply of electricity.
The Code is published twice a year. A TSC Modifications Committee sits to progress modifications to the Code to best achieve the Code’s objectives of efficiency, development, financial security, participation, competition, transparency and equity within the market. The TSC Modifications Committee is made up of representatives from the Regulatory Authorities, Market Operator and market participants. Sitting at least every two months the Committee assesses proposals submitted to them with the SEM Committee making final decisions on the approval, amendment or rejection of modifications to the TSC as proposed by the Committee.
A copy of the TSC can be found here.
For further information on the Trading and Settlement Code please contact Jean Pierre Miura or Barry Hussey.