SEM Market Overview
July 2013
SEM Drivers
Competition
SEM
Security of
Supply
Sustainability
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SEM Objectives
– 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.
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Single Electricity Market
Demand
Sell Volume (MWh)
Generation
Buy Volume (MWh)
Charges (€, £)
Payments (€, £)
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The SEM – Key Features
• Gross Mandatory Pool
• All Generators with MEC > 10MW must sell all their output
through the SEM
• Wholesale market – Suppliers buy electricity from SEM and sell
onto end user (retail)
• Unconstrained i.e. does not consider reserve, transmission
constraints, etc.
• Ex-Post pricing i.e. Pricing occurs after the fact.
• Deviations between market and system captured by dispatch
balancing costs
• Capacity Payment to reward available capacity and provide
stability
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Market Statistics
• Established November 2007
• € 3 Billion Annual Wholesale Market
• 33 TWh Annual Consumption
• 11 GW Registered Capacity
• 76 Participants (Invoiced Entities)
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Registered SEM Capacity by Fuel
Type
BIO 13MW
PUMP
292MW
WIND
1698MW
COAL
1331MW
DISTL
672MW
PEAT
346 MW
OIL
793 MW
HYDRO
222MW
GAS
5556MW
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Markets vs. System Operations
Bilateral/OTC Contracts
Bilateral Contract Settlements
Market Operations
Public
Interruption adv ice
Bills and Pay ments
f or Electricity and Serv ices
Market
Inf ormation
Generators
Generator Of f ers
Market Operator
(SEMO)
Market Settlements
Distribution
Netw ork
Operators
Operational
Market Settlements
Market Schedules
Generators (incl.
Moyle I/C and
Pumped Storage)
Suppliers
Demand Side Bids
Plans
Market Schedules
DUoS
Settlements
Information
Providers
TUoS and Ancillary
Serv ice settlements
(EIRGRID and NIE)
• ESB Netw orks
(for
• NIE
Operations Dispatch
Schedules Instructions
Transmission
System
Operators
• EIRGRID
• SONI
Transmission
System Ow ners
• ESB Netw orks
• NIE
Distribution
Customers)
Metering Data
Market
Schedule
Metering Providers
•
•
•
•
Transmission
Network
EIRGRID
SONI
MRSO
Northgate
(for Transmission
Customers)
TUoS and Ancillary
Serv ice settlements
(EIRGRID and NIE)
Maintenance Plans (NIE only )
Transmission Network
Transmission
Network
Distribution
Network
Metering
Data
Demand &
wind
generation
Weather f orecasts,
industry projections & f orecasts
economic f orecasts
Customers
System Operations
Transmission
Network
Energy flow s
Information/data flow s
Financial flow s
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SEM Market Process
Market
Participants
Bid
Technical
Pricing
MSQ
SMP
Settlements
Statements
Invoices
Credit Risk Mgmt
Funds Transfer
Meter Data
Generator
Data
TSO Data
Generator
Data
Meter Data
Supplier Data
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SEM: Trading Interactions
Volumes
Meter Data
Providers
(MDPs)
Interconnector
Administrator
Capacity
Holdings
Interconnector
Units
Price Effecting Generation
Non Price Effecting Generation
Price Effecting Demand
Non Price Effecting Demand
Single Market Operator
(SMO)
Demand Side
Units
Bids and Offers (COD/TOD)
Generator Units
Supplier
Units
Prices
MSQs
Public
Exchange Rates
Banks
MSQs & SMPs
Capacity
Bids
Including ….
Dispatch Instructions
Real-Time Availability
Forecast Demand
Transmission System
Operator (TSOs)
Dispatch Schedule
Operations Schedule
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Market Functions
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SEMO Organisation
Market Operations
SEMO IT
Pricing and Scheduling
Functional Team Design
and build CMS systems
based on Modifications.
Settlement
Funds Transfer
Customer Care and support
Registration
Manage credit cover
Infrastructure Team
support Extensive
Hardware, Software and
Telecommunications
infrastructure
Market Development
Strategic Development
SEMO Finance
Trading and Settlement
Code
Funds Transfer
Regulatory Affairs
Market Modelling
Analyse the Market
Manage Budgets
Audits
Financial Reporting
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Services provided by SEMO
SEMO Services to Customers
Service
Market Processes
Registration
Prices and Schedules
Settlement
Payment Processing
Credit Cover
Guarantees of Origin
Description
Dedicated team to assist customer in the process of becoming part of the SEM, through out the registration
process.
Determination of Market Prices and Schedules, including interconnector flows
Issuing P&S 5 times per day
Calculation and publication of settlement amounts for the market.
For Energy, Capacity and Market Operator Charges
Receipt and monitoring of payments to the market.
Processing of payments to Participants based on self billing invoices
Management of collateral to cover market exposures.
Calculation of credit cover requirements and monitoring of compliance
Determination of Guarantee of Origin Certificates for the SEM and management of transactions
Fuel Mix
Determination of the Fuel Mix for Ireland
Understanding the SEM and working
within the SEM
General Queries on the Market
Answering questions and queries about the market. Through market helpdesk, website content (including FAQ
and training presentations)
Education and Training on the
Includes market analysis e.g.. price events, how the pricing solver works, special topics etc; and
Market
Training sessions e.g.. W2TM, Market Overview etc.
Market Data
Market Systems and Access
Static and Dynamic reporting and Webservices functions on the website provide historical and real time data
Market Participant Interface (MPI) for private information
Technical assistance with market systems, digital certs etc.
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SEMO Services to Customers
Service
Description
Market Change
Facilitating Testing with the Market of Through SEMO IT e.g.. market test/trial: scope of change workshops, planning workshops for market trial
system releases
scenarios, test environment, daily calls during testing period
Assistance with the development of Through Market Development
modifications to the Code
Administration of the modifications Modifications Secretariat, Analysts to assist with understanding implications of changes
process
Customer Services
Market helpdesk
Online Self Service, email, phone, fax
Market Messages
To update customers on real time activities and status of the market processes. Keep them informed of upcoming
events etc..
Market Operations Conference Calls Bi-monthly calls to update on recent events and issues, inform of upcoming events and provide reminders. As
(MOCC)
well as a forum for asking questions.
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Pricing & Scheduling
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Pricing
Key Outputs:
– Day Ahead and Within Day Interconnector
Flows
– Ex-Post Market Prices
– Ex-Post Market Schedules
Types of Generation Units
Thermal Generator (e.g.. gas, coal fired and biomass)
Hydro Generator (water powered)
Interconnector Units (e.g.. imported/exported energy)
Demand Side Unit (e.g.. curtailable load)
Wind Unit (e.g.. wind unit, wind farm)
Settlement Classes
PPMG
Priority
Dispatch
YES
NO
Controllable
NO
YES
PPTG
VPTG
PPMG
VPMG
APTG
PPMG: Predictable Price Maker Generator
PPTG : Predictable Price Taker Generator
VPTG: Variable Price Taker Generator
APTG: Autonomous Price Taker Generator
Offer Data – Price Maker Generation
Data Element
Price Quantity Pairs
I/C
Unit
Yes
Pumped
Storage
Unit
Yes
Demand
Side Unit
Unit
Under
Test
Yes
Energy
Limited
Unit
Other
Predictable
PPMG
Other
Variable
PPMG
Yes
Yes
Yes
No Load Costs
Yes
Yes
Yes
Yes
Start Up Costs
Yes
Yes
Yes
Yes
Nomination Profile
Yes
Decremental Price
Yes
Max. I/C Unit
Export Capacity
Yes
Max. I/C Unit
Import Capacity
Yes
Priority Flag
Yes
Target Res. Level
Shut Down Cost
Yes
Yes
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Offer Data – Price Taker Generation
Data Element
Autonomous
Generator
Unit
I/C Residual
Capacity Unit
Unit Under
Test
Other
Predictable
PPTG Unit
Price Quantity Pairs
Yes
No Load Costs
Yes
Start Up Costs
Yes
Other
Variable
PPTG Unit
Nomination Profile
Yes
Yes
Yes
Decremental Price
Yes
Yes
Yes
Max. I/C Unit Export
Capacity
Max. I/C Unit Import
Capacity
Priority Flag
Target Res. Level
Shut Down Cost
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Offer Data – Demand Side Units
Data Element
DSU
Price Quantity Pairs
Yes
No Load Costs
Start Up Costs
Nomination Profile
Decremental Price
Yes
Max Up Time/Max Down Time
Yes
Ramp Up/Ramp Down
Note:
Demand Side Units are modelled as
Generating Units (only the demand reduction
is considered by the MSP software).
Priority Flag
Target Res. Level
Shut Down Cost
Yes
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Supply Units
Supply units are non physical units created for the purpose of carrying out
appropriate Settlement calculations
Types of Supply Units in the Market are:
•
Trading Site Supply Units (TSSUs); means a Supplier Unit that contains only
the Demand within a Trading Site, and is settled on a net basis against the
Generator Units on that Trading Site under the rules specified in the Code.
•
Associated Supply Unit (ASU); means a Supplier Unit which is both recorded
to a Trading Site and which has its Demand settled on a gross basis with the
Generator Unit(s) on that Trading Site under the rules specified in the Code.
•
Supplier Unit (SU); means the Unit comprising of one or more Generators or
Demand Sites which are not Generator Units (for which metered
consumption may be positive or negative where such aggregated metered
consumption is available). For the avoidance of doubt all Associated Supplier
Units, Trading Site Supplier Units and Error Supplier Units shall be Supplier
Units as well as other Supplier Units that do not fall into those classes.
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Determining Market Schedule & Price
Price Takers
ON
(Zero Price, mainly wind)
Price = € 50/MWh
ON
ON
OFF
Demand
ON
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What is System Marginal Price
(SMP) made of….
Shadow
Price
Uplift
SMP
Single price for SEM per Trading Period (1/2 hour interval)
• Price paid/received by both Suppliers/Generator
• Determined using Market Scheduling and Pricing (MSP) Software
• Unconstrained Schedule
• Scheduled based on optimising lowest Production Cost
• Uplift applied to cover Start Up Costs and No Load Costs
• SMP bounded by Market Price Cap (€1000/MWh and - €100/MWh)
•
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System Marginal Price (SMP)
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Influences on Market Price
•
•
•
•
•
Demand
Fuel Price
Wind Penetration
Interconnection Flows
Availability of Generation
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SMP Trends
5000
120
4500
Recession - decreasing demand
4000
80
3000
2500
60
2000
1500
Increasing gas prices
1000
500
0
Gas Crisis
Big Snow
- Demand
Driven
High Gas
Prices
Unseasonal cold
spell
Day Ahead gas
price increases
Availability of
plant
40
MSQ
SMP
Gas Price
20
0
44-2007
53-2007
9-2008
18-2008
27-2008
36-2008
45-2008
1-2009
10-2009
19-2009
28-2009
37-2009
46-2009
2-2010
11-2010
20-2010
29-2010
38-2010
47-2010
3-2011
12-2011
21-2011
30-2011
39-2011
48-2011
4-2012
13-2012
22-2012
31-2012
40-2012
49-2012
5-2013
14-2013
23-2013
MSQ (MW)
3500
Gas Price (Pence/Therm)
SMP (€/MWh)
100
Week No. & Year
Link to Original Data
Impact of Demand
9th Dec 2012 Ex Ante Market Schedule
300
7000
Price (€/MWh)
5000
200
4000
150
3000
100
2000
50
Demand (MWh)
6000
250
1000
0
0
05:00
04:00
03:00
02:00
01:00
00:00
23:00
22:00
21:00
20:00
19:00
18:00
17:00
16:00
15:00
14:00
13:00
12:00
11:00
10:00
09:00
08:00
07:00
06:00
SMP
SYSTEM LOAD
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Impact of Fuel Prices
BIO 13MW
SEM Registered
Capacity
PUMP
292MW
WIND
1698MW
COAL
1331MW
DISTL
672MW
PEAT
346 MW
OIL
793 MW
HYDRO
222MW
GAS
5556MW
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31
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
€90
£1.00
€80
£0.90
€70
£0.80
€60
£0.70
€50
£0.60
€40
£0.50
€30
£0.40
€20
£0.30
£0.20
€10
£0.10
€0
£0.00
Gas Price (£/Therm)
SMP
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
System Marginal Price (€/MWh)
Impact of Fuel Prices
Volume Weighted Monthly Average SMP
& Average Gas Price
Gas Price
Copyri ght © Ei rGrid/SONI 2013
Impact of Low Wind
•
•
•
Lower wind means less demand met by price takers
Generation required by price making generation is
greater
Therefore units scheduled are more expensive
Higher Price = € 75/MWh
Demand
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System Demand & Wind Penetration
•
•
Wind Penetration Impacts on SMP
High Wind Day versus Low Wind Day
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Cycle per Trading Day
TD -1
TD -1
TD
TD +1
TD +4
Ex.
Ante1
Ex.
Ante2
Within
Day
Ex. Post
Indicative
Ex. Post
Initial
09:30
11:30
08:00
14:00
14:00
Modified
Interconnector
Unit Nominations
(MIUNs) for
Capacity Holders
Modified
Interconnector
Unit Nominations
(MIUNs) for non
Capacity Holders
Modified
Interconnector
Unit Nominations
(MIUNs)
6pm to 6am
Provides Market
with Indicative
Settlement
values regarding
Price & Schedule
Provides Market
with Final Price &
Settlement
values
Provides input to
RCUC (real time)
COD/TOD
locked in
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Operational Day – 20th June
WD1
TD
20th June
•
•
•
•
Run Completed
09:30
GWC
08:00
EA1
TD -1
21st June
Operational perspective, not Trading Day
5 runs
8am to 5pm
365 days year
Run Completed
11:00
GWC
09:30
EA2
Bid submissions
must be made by
Gate Window Close
TD -1
21st June
Run Completed
13:00
GWC
11:30
EP1
EP2
07:00 08:00
09:00 10:00
11:00
12:00 13:00
14:00
TD +1
19th June
Run Completed
16:00
Run Completed
TD + 4
th
16 June
17:00
15:00 16:00 17:00
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Markets vs. System Operations
Market Operations
(SMO)
Bids /
Offers
Indicative / Initial Metering
Determine
Ex Ante
MS/Prices
Determine
Ex Post
MS/Prices
Instruction and
Availability
Profiling
Interconnector
Flows
Forecasts
Determine
Operations
Schedule
System Operations
(TSOs)
Review / revise
Operations
Schedule
Including …
Real Time Availability
Group Constraints
Reserve constraints
Determine
Dispatch
Instructions
Issue
Instructions
& Log
Monitor
Including …
Real Time Availability
Dispatch compliance
SO-SO Trades
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RCUC Scheduling Tool
•
•
•
RCUC: Reserve Constrained Unit Commitment
ABB Software tool, used only by the TSOs, which utilises Linear
Programming to optimise Unit Commitment and Economic Dispatch
RCUC considers constraints – UUC does not
Main Inputs:
•Load Forecast
•Wind Forecast
•Expected Generator Availability
•Generator Testing
•Reserve Requirement
•Transmission Constraint Groups(TCGs)
•Hydro Targets
•Market submitted prices and generator
technical parameters
•Interconnector Flows
RCUC
Outputs:
•Generation Schedule
•Tie Line Flow Schedule
•Reserve Schedule
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Settlement
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Settlements Cycle
Meter Data
(MDPs)
Market Data
(TSOs)
Data
Submitted
Settlement
Calculations
Compile and Issue
Settlement Statements
Payment
In and Out
Compile and Issue Invoices
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Wholesale Market €2.9 Billion
Capacity
€ 530 Million
Energy
€2120 Million
Market
Operation
€24 Million
Imperfections
€176 Million
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Capacity Payment Mechanism
Annual Capacity
Payment Sum
€529,876,722 (2013)*
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
CP1
CP2
CP3
CP4
CP5
CP6
CP7 CP8
CP9
CP10 CP11 CP12
Capacity Charges = Recovery of Capacity Payment.
It is intended that in each month: Charges = Payments
* http://www.allislandproject.org/GetAttachment.aspx?id=4c23d8a5-c2a6-496b-8788-252d13b8ead2
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Settlement Charges & Payments
Supplier Charges
Generator Payments (& Charges)
Energy Charges (weekly)
All Supplier units based on Metered Demand and
System Marginal Price
Energy Payments (weekly)
To all Generator units based on Market Scheduled
Quantity (MSQ) and System Marginal Price (SMP)
Imperfections Charge (weekly)
To recover constraint costs, MWP and Uninstructed
imbalance payment
Constraint Payments (weekly)
Apply if Dispatch Quantity (DQ) does not equal MSQ
Uninstructed Imbalance Payments
If Actual Output (meter data) differs from DQ
Make Whole Payments (weekly)
Ensures that all Generator Unit Operating Costs are met
Testing Charges (weekly)
charge in respect of a Generator Unit Under Test in
accordance with the Testing Tariff.
Capacity Charge (monthly)
Charge for recovery of payment
Capacity Payments (monthly)
A payment in relation to MW availability
Market Operator Operating Cost Charge (weekly &
monthly)
Fixed (FMOC) and Variable (VMOC) Charges per Unit
Market Operator Operating Cost Charge (weekly &
monthly)
Fixed Charge per Units
Currency Costs (weekly & monthly)
The cost of transacting across more than one jurisdiction
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Resettlement Timings
Timetabled Resettlement
Ad hoc Resettlement
When?
Settlement date plus 4 months (M+4)
When?
As and when a High Materiality Formal Query
has been upheld or post Month 13 upheld
Formal Query
Settlement date plus 13 months (M+13)
Why?
Trading & Settlement Code requirement
Updated Meter Data for Non Price Effecting
Generation and Demand (NPEG/NPED)
Low Materiality upheld Formal Settlement
Queries
Why?
High Materiality = above Settlement
Threshold
Changes to DQs, Meter Data, Availability etc
Who is impacted?
Potentially all Participants
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Supporting Information for Invoices
CD+1WD1
CD +5WD2
CD +Month 4
CD + Month13
Ex. Post
Indicative
Ex. Post
Initial
Resettlement
Resettlement
Statements only
Settlement
Statements &
Invoices
Statements & Invoices
Statements &
Invoices
Allows Market to
review & query
Settlement data
Based on Settlement
changes from Initial
*1
Based on Settlement
changes from M+4
Or 3 WD after end of the Capacity Period for Capacity
*2
Or 7 WD after end of Capacity Period for Capacity
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Invoice Payment Terms
Payment IN by 3 Working Days 12:00
Energy &
Capacity
Payment OUT by 4 Working Days 17:00
Payment IN by 5 Working Days 17:00
VMOC/
FMOC
•
•
•
•
•
Onus on Participant to meet all payments
Obligation to pay and then dispute, not withhold payment
Can receive up to 28 invoices per month
Default Notice will be issued
Credit Call made straightaway
Note: Resettlement Invoicing (ENG, CAP, VMOC) follows same timelines,
however, Generators can receive Invoices which require payment IN to
SEM Bank.
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Credit Risk Management
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Credit Cover
•
•
•
Why have Credit Cover?
•
Reduces financial risk to SEM should Participants default on payment
•
In the event of a payment default, this credit cover can be used to
satisfy outstanding financial obligations to the market
Required Credit Cover
•
Calculated and revised each working day
•
Credit Cover Increase Notices responded to within two working days
•
Suppliers – Approx 4 weeks Charges
•
Generators – Fixed Credit Cover (to cover resettlement)
•
Approx 90% Energy, 10% Capacity
How to Provide Credit Cover
•
Letter of Credit (Bank Guarantee) and/or Cash Collateral Reserve
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Credit Cover Increase Notice
1st Working Day
2nd Working Day
Credit Cover
Report published
containing CCIN value
14:30
17:00
17:00
17:00
How to remedy a CCIN
At any stage within the 2 Working Days a Participant can:
• Submit increased collateral (cash or increased Letter of Credit value)
• Pay Invoice(s) (before due date if necessary)
• Enter into Settlement Reallocation(s)
If CCIN is not
remedied by 17:00
2WD, Participant in
Default & subject to
Suspension from
Market
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Market Rules
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Market Obligations in the SEM
•
Trading and Settlement Code (T&SC)
• Legal document
• Participants agree to abide by the T&SC
• The Code documents the rules and obligations
of all participants in the SEM
Trading & Settlement Code on website
•
Agreed Procedures (APs)
•
•
•
•
•
Appended to the Code
Explain in more detail certain procedures
Easier reading
The Code takes priority over APs
Agreed Procedures on the website
Changes to the Trading & Settlement Code and Agreed Procedures
• Changes to either document can only made through the Modifications process
• Any Party in the Market can raise a Modification for consideration
• Details of the Modifications process and Form are available here
Modifications Forms and current/approved Modifications on the website
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Registering in the SEM
• Can take up to 60 days once full paperwork received;
• All fees and Credit Cover requirements must be fulfilled prior
to trading in the SEM.
• All relevant information to assist you in joining the SEM is
available here:
http://www.sem-o.com/joiningthemarket/Pages/home.aspx
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www.sem-o.com
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Website
•
•
•
•
•
•
Market Status
Market Data
Reporting on Market Performance
Market Change
Joining the Market
Training
www.sem-o.com
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Market Data
Dynamic Reporting
Provides publically
available Market
data
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Further Information
•
•
•
•
•
•
Helicopter Guide
Trading & Settlement Code
www.sem-o.com
www.allislandproject.org/en/SEM_overview.aspx
www.cer.ie
www.uregni.gov.uk
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DOCUMENT DISCLAIMER
Every care and precaution is taken to ensure the accuracy of the information provided herein
but such information is provided without warranties express, implied or otherwise howsoever
arising and EirGrid plc and SONI Limited to the fullest extent permitted by law shall not be liable
for any inaccuracies, errors, omissions or misleading information contained herein.
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