Each month we take a look at the biggest issues and opportunities facing Windfarm owners in the Irish market and one of our experts gives you some ways that you can maximise the assets revenue. This month, Managing Director, Ronan O’Meara, is speaking about I-SEM and its impact on the market place.
What are asset managers top concerns around iSEM?
We work with 15 windfarm owners around Ireland and the feedback that we are getting on the ground is that people are worried about missing out on potential revenue due to inaccurate data or receiving penalties due to delayed/late data. The penalty fees can vary from Day Ahead Market rate to Balancing Rate to fixed additional penalty fees, depending on the trading contracts.
What are you doing to help windfarm owners optimise themselves for iSEM?
We have launched a specific product, GenWatch, targeted at helping asset managers optimise their windfarm revenue potential. We have a live data feed that increases the ability for owners to receive
- Immediate notifications of faults
- Real time updates on return to service times
- Alerts on market underpayments by using live export meter feed
- Automated compliance that are pre-programmed for specific timeframes (weekly, monthly, daily)
All of the received, help the windfarm owners reduce the risk of penalties and inaccurate data. The feedback that we have gotten from our customers has been that in addition to the data, the Monitoring Centre has also been a key reason why they are using this product. The GenWatch Monitoring Centre is open 7 day per week 6am-midnight and it is taking the pressure off them as the system is being looked after out of hours.
Are there simple things an asset manager can do to ?
Yes, there are a number of simple things that asset manager can do to improve their position in an iSEM environment. Keeping detailed records in a searchable database can help when any issues arise with traders. Setting up automated alerts for data failure can help you react in time to issues and prevent increased penalties for not providing live data. It is really about creating systems within your business to deal effectively with issues, record them and have them fixed within the shortest possible time period.
What will happen in regards to Brexit?
The switch to iSEM is also coming at a time when the country is wondering what is going to happen with Brexit. As this is an all island electricity market the future Irish-British relations will certainly impacted by the negotiations. We are not 100% sure what is going to happen next. There is an interesting opportunity for Windfarm owners who want to scope out the effect of Brexit on their business through Intertrade Ireland which is offering €2,250 worth of expert support to cater towards preparing for Brexit. https://intertradeireland.com/brexit/brexit-start-to-plan-vouchers/
What is your top tip for Asset Managers?
From our experience our advice is always “Plan, Record, Respond”. It is all about implementing systems to reduce the impact of any faults and having quick and easy access to the reports that you need.