DCCAE Announce Emerging Thinking on REFIT Reference Market

  Today on the 23rd of May 2017, exactly one year until I-SEM officially goes live in Ireland, the Department of Communications, Climate Action & Environment (DCCAE) has announced its emerging thinking on the transition of existing support schemes into the new market. As anticipated by the market and in line with policy in other European jurisdictions, DCCAE has stated that it is minded to set the reference price for existing REFIT and AER generators at the Day Ahead Market stage. From a market perspective this approach would have the effect of “incentivising trade in the DAM which would support I-SEM trading across different trading timeframes”, while for generators this introduces balancing risk which will need to be managed. More detail on the Renewable Electricity Support Scheme: Transitioning to I-SEM (Options Paper) can be found here.