Energy Minister Eamon Ryan today in Belfast, along with his Northern counterpart Nigel Dodds and EU Energy Commissioner, Andris Piebalgs, formally launched the all-island Single Electricity Market.
Under this new market, 2.5 million electricity customers (1.8 million in Ireland, 0.7 million in Northern Ireland) have become part of a single competitive, sustainable and reliable market in wholesale electricity, run on an all-island basis.
The Single Electricity Market is a considerably larger market than the two single markets operating independently, hence economies of scale will encourage the entry of new market participants, both generators and suppliers. This in turn will lead to lower cost of generation, increased security of supply and ultimately lower electricity prices for consumers than if the markets had not been combined.
Speaking at the Waterfront Hall in Belfast, Minister Ryan thanked those who strove to make the market a reality, “Today’s announcement marks the culmination of several years of very intensive work undertaken north and south, which began in 2003.
The creation of the Single Electricity Market is a tangible example of the long-standing active co-operation taking place on an all-island basis, on common energy issues.
Indeed, I believe that our long-term energy future lies not as two distinct energy markets isolated from the rest of Europe but rather as part of a regional energy market in conjunction with Britain and with other European neighbours.”
While in Belfast, Minister Ryan also held a bilateral meeting with Commissioner Piebalgs to discuss current issues on the EU Energy Agenda including renewable energy and the internal market liberalisation package.
“The IEA’s report last week should be a call to action for all governments that ‘business as usual’ energy policies cannot continue. We need urgent action if the alarming scenario outlined by the IEA is to be avoided. They tell us of runaway energy demand and vastly increasing carbon emissions if we do not immediately alter our energy policies.
Energy efficiency and the development of renewable energy will be the priorities of my ministry. I am pleased that the EU is not merely rising to the challenge but is leading the way internationally. I gave a firm commitment to Commissioner Piebalgs that Ireland would at the forefront of a new energy revolution.
We know from the 1970s what an energy crisis looks like. Rather than buckle under the challenges facing us, we have an opportunity through collective action to meet our climate change and energy security targets.
I look forward to working with Minister Dodds, with Commissioner Piebalgs and my European energy colleagues to fulfil our ambitious energy agenda.
The Single Electricity Market shows what can be done with goodwill and shared purpose. This type of cooperation should be replicated across Europe and the world.
The actions we take now will determine our energy future. I believe that we can rise to the task and am determined that we do.
ENDS
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