What is I-SEM?
If you buy or sell power on the Irish wholesale market, you will be focused on the imminent market developments and their impact on the market communication and settlements functions. The move to I-SEM is designed to harmonize the Irish electricity market with the wider European Market.
In the long term this will allow for Irish electricity to be traded with a much wider European market, opening up opportunities for the Irish market participants. I-SEM will introduce a balancing market, intraday market, day-ahead market, forward market and capacity mechanism. This new market structure will introduce continuous trading, and will require new data and systems to interact with the various market entities such as the Nominated Electricity Market Operators (NEMOs), and therefore it will have an impact on your existing system infrastructure and IT.
ABB’s I-SEM solution, based on the tried and tested nMarket product, will allow your organisation to take full advantage of the new I-SEM market, while assuring your market participation is done in full compliance with the market’s Trading and Settlement Code.
nMarket is a complete cloud-based market communications and settlement solution that enables Wholesale Market participation. nMarket is a proven solution that has been in use by over 45 companies (over 100 systems installed) for the past 15 years.
nMarket offers Bid Submission and Awards tracking, Market Communication including Market Report/Data downloads, as well as Shadow Settlement using the market’s settlement charge algebra. It is already in active use in markets that have Capacity mechanisms, Energy Markets (including Day-Ahead, Continuous Intraday and Balancing Markets) as well as Interconnector shadow settlements.
nMarket is available as a Software-as-a-Service (SaaS) offering on the Microsoft Azure platform, bringing further business benefits including significantly reduced CapEx and OpEx. As part of the SaaS offering, ABB provides the solution on high-availability cloud environments that include backup, geo-redundancy, disaster recovery and proactive application monitoring. nMarket can be easily integrated with other (on-premise/cloud) business systems using the product’s extensive set of web services APIs. And with market updates included in the fee it is the most cost-effected and financially risk-free solution available in the market.
ABB’s Energy Portfolio Management solutions
nMarket is a part of ABB’s Energy Portfolio Management solutions offering which also includes other solutions relevant to operating in the Irish wholesale electricity markets:
- Bid Manager which creates the bids you should be submitting to the market.
- Portfolio Reporting which provides a flexible real-time dashboarding and reporting tool that allows you to graphically interact with your data and take decisions based on it. Configurable by the users themselves, Portfolio Reporting also has the ability to combine data from multiple systems / sources making it a perfect choice for implementing e.g. position reporting dashboards, or providing data to management or other stakeholders.
- EV (energy velocity) – ABB’s flagship data solution providing market data and virtual analysts to give you insights into how the market is operating and what this means for your assets within the market - watch the demo here.
- Fundamental Market Analysis & Economic Transmission Modelling (e7 PROMOD HD) models entire electricity markets and allows you to simulate the impact of operational and planning decisions.
- Energy Consulting (Advisory Services) & Long-Term Market Outlook (Reference Case) – ABB’s energy experts provide consulting services on market developments and impacts, and publish twice yearly reports that give you a long-term outlook and price forecast for the market.
- Short-Term Forecasting (Nostradamus) – a neural network forecasting tool able to provide you with short-term demand or price forecasts
- Portfolio Optimization (e7 Power Portfolio Optimization) – Unit Commitment and Economic Dispatch solution for your power portfolio – its output can be used to feed into a Bid Management tool to inform bidding into the I-SEM market.
Want to learn more? Keep up to date with the I-SEM market and be notified of our regular ABB I-SEM events by registering your interest.