Timmy Dooley (Clare, Fianna Fail)
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549. To ask the Minister for Communications, Energy and Natural Resources the likely energy cost implications and the effect on the single electricity market, SEM, the integrated single electricity market, I-SEM, and the electricity market, as well as on the existing energy interconnection between the UK and Ireland, following the decision by UK voters to leave the EU in its recent referendum; and if he will make a statement on the matter. [32119/16]

Denis Naughten (Roscommon-Galway, Independent)
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The all-island Single Electricity Market has delivered an efficient, competitive, and secure market for customers since its establishment in 2007. The governance framework that applies to the all-island electricity market remains in place and is based on national legislation adopted by the Oireachtas and the British Parliament. The Regulator-led Integrated Single Electricity Market or I-SEM project is amending the technical trading rules of the market and is scheduled to be in place by the end of 2017. This project does not affect the existing legislative and governance structures of the SEM. I brought forward the necessary legislation in the Energy Act 2016 to facilitate the Regulators in amending the detailed operating rules of the wholesale electricity markets, to deliver efficiencies that will benefit consumers and also provide more flexible market arrangements, for generators, suppliers, demand and renewable electricity producers.

Existing energy trading and interconnection arrangements between Ireland and the UK, ensuring the continuity of mutually dependent energy arrangements and maintaining the long standing history of beneficial cooperation in this sphere, are key priorities for both Ireland and the UK.

Prime Minister May's recent letter to the First Minister and Deputy First Minister of Northern Ireland recognises that resolving energy issues arising for Northern Ireland from the UK's exit from the EU, including any issues for the Single Electricity Market, is a priority for the UK Government.

The relevant Departments, Regulators, and stakeholders in Ireland and Northern Ireland continue to work in the all-island context of the Single Electricity Market and are preparing for the consequences of the UK referendum as they arise, to ensure timely assessment and that the best possible outcomes will be achieved.