I-SEM Project Update
The SEM Committee recently commissioned an independent stocktake on the I-SEM project as an opportunity to assess progress and hear the views of market participants. The stocktake was carried out by ESP Consulting and included detailed engagement with industry stakeholders over several months, taking into account the views of market participants on industry readiness to fully implement the new market.
ESP Consulting has now completed this exercise and submitted a report to the SEMC meeting in October 2016 (which is published below).
The SEM Committee is pleased to note that the stocktake acknowledged the significant progress being made by the many parties across the multiple workstreams and confirmed that the market design was fit for purpose.
The SEM Committee agrees with the ESP report recommendations that the project programme should be re-profiled. This re-profiling will ensure that all of the key ISEM systems will be ready by Q4 2017 and provide an additional period of system trials for market participants. The period of testing and formal trialling of systems will run in parallel with the existing SEM market from January 2018. The proposed go-live date for I-SEM will be 23 May 2018.
The draft revised Level 1 milestones for the I-SEM project are also published (see below). These will follow I-SEM Change Control processes which will be published shortly through the usual channels.