SEM Banking Services

Tender description

EirGrid has a requirement for a bank to provide normal banking services for the SEM Market. The banking services have been in place since the Go-Live of SEM in 2007. The services would include normal services - e.g. opening bank accounts, receipt of monies, electronic transfers of monies, online access to all accounts by SEMO staff, dedicated customer support during normal working hours (aligned with Dublin and / or Belfast), relationship management (dedicated account manager), processing of claims re letters of credit (e.g. SWIFT etc.). There has been a significant change in the SEM Market in recent years. The ISEM (Integrated Single Electricity Market) project went live on 1st October 2018 and introduced a new SEM Market including a new joint venture named SEMOpx. The Integrated Single Electricity Market is a new wholesale market for Ireland and Northern Ireland. By integrating the all-island and European electricity markets, it enables the free flow of energy across borders. SEMOpx provides day-ahead and intraday electricity market trading for Ireland and Northern Ireland as part of the SEM. The contract is for 5 years with the option to extend for up 5 additional years.