In October this year, the energy market in both the Republic of Ireland and Northern Ireland will be completely shaken up as the I-SEM (Integrated Single Electricity Market) will be introduced.
This is a major change which will affect numerous aspects of how energy is traded in Ireland, however unnervingly many Irish business owners are unaware of what exactly I-SEM means and the ramifications that it could have on their business.
Therefore, in our latest post the energy experts here at The Energy Desk take a more detailed look at how I-SEM may impact how your business operates in the future.
Why is I-SEM happening in Northern Ireland and the Republic of Ireland?
The main aim of I-SEM is for Irish energy consumers to reap the rewards of European transmission assets, to eventually make the delivery of energy in Northern Ireland and the Republic of Ireland simpler, more reliable and faster.
Thanks to I-SEM, the hope is that the overall price that is paid for electrical energy in Ireland will decrease and there will be more clarity provided when this process occurs.
The SEM committee, who are responsible for heading up this project, have a mission statement that says I-SEM will protect the interests of every single person or business that consumes electricity in Northern Ireland and the Republic of Ireland.
How will my organisation be impacted by I-SEM?
The most notable outcome that has been predicted for I-SEM is that businesses and other electricity users within the Republic of Ireland and Northern Ireland could collectively save over £175 million on annual electricity.
Following the introduction of I-SEM, many Irish businesses could open new prospects with the money saved from their electricity bills. On the other hand, however, those within the energy industry may find I-SEM problematic, particularly when purchasing wholesale from suppliers due to how I-SEM will split the market.
Nobody is 100% certain of how I-SEM is going to effect businesses in Ireland, however one thing that is certain is that I-SEM is quickly approaching so it is important for you to think about renegotiating your current energy contract.
At The Energy Desk we can work with you to supply your organisation with an energy service provider that suits your needs perfectly. On top of this we can also help your Irish business discover exactly where you may be over spending on your energy bills. Arrange your new energy connections with TED.
To find out where you could make substantial savings, complete your free TED health check today!
Contact the energy experts at TED today!
If you would like to learn more about how The Energy Desk can help you find cost-effective electricity solutions for your business, just speak to a dedicated member of our team today.
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