Auditing services

Description

The services relate to the all-island Single Electricity Market (SEM) specifically the Capacity Remuneration Mechanism (CRM). The detailed rules and procedures associated with the Capacity Remuneration Mechanism are set out in the Capacity Market Code (SEM-17-033) published on 2.6.2017. The first capacity auction within the CRM is due to be held in 12.2017. The services comprise providing the SEM with a Capacity Auction Monitor and Capacity Market Auditor to respectively monitor the capacity auctions process and conduct an audit of the Capacity Market Code for a multi-year period. The Capacity Auction Monitor shall monitor the processes and procedures followed by the System Operators in carrying out the qualification process, conducting capacity auctions and related activities under the Capacity Market Code and in accordance with the terms of reference determined by the Contracting Authorities. The Capacity Market Auditor shall conduct an audit of the operation and implementation of the arrangements, procedures and processes under the Capacity Market Code at least once a year, in accordance with the terms of reference determined by the Contracting Authorities.