Margadh Aibhle ´ise na hE ´ ireann: A New Electricity Market For Ireland Ireland has selected and is implementing a new electricity market that is not, as many expected it might be, a carbon copy of either the U.K.’s NETA or U.S.’ SMD. Instead, this new market resembles the market in Singapore. The market review and design process in Ireland, and the thinking behind it, may offer insights for the U.S. and other countries. Edward D. Kee Edward D. Kee is the leader of the global Electricity Market Restructuring team at PA Consulting Group. He is a specialist in the electricity industry, with a focus on industry restructuring, market design, and market implementation. Mr. Kee was a consultant at McKinsey & Company; Charles River Associates; Putnam, Hayes & Bartlett; and Hagler Bailly prior to joining PA. Mr. Kee, who is based in Washington, DC, is leading the PA team that advised the Commission for Energy Regulation (CER) in the review of electricity trading arrangements in Ireland culminating in the new market design that is the focus of this article. This PA team continues to provide advice to CER on the implementation of the new market. The author thanks CER and the PA team working on the CER electricity market project, including John George, Steve Thornton, Alasdair Turner, and Stuart Curson, for their insights and assistance in the work upon which this article is based. Mr. Kee can be contacted at ed.kee@paconsulting.com. I. Introduction Ireland 1 has selected a new electricity market design. The Commission for Energy Regula- tion (CER) is now implementing this new electricity market, referred to as Margadh Aibhle ´ise na hE ´ ireann, or MAE. 2 T he MAE is not, as many expected it might be, a carbon copy of either the United Kingdom’s New Electricity Trading Arrangements (NETA) or the United States’ proposed Standard Market Design (SMD). Instead, this new market builds on the proven design of the Singapore electricity market. This outcome was the result of a market review process that was aimed at realizing the benefits that electricity markets can offer. The market review and design process in Ireland, and the thinking behind this process, may offer insights for the U.S. and other countries. I reland implemented an interim market in early 2000, with an explicit provision January/February 2004 1040-6190/$–see front matter # 2004 PA Consulting Group. Published by Elsevier Inc. All rights reserved. doi:/10.1016/j.tej.2003.11.008 51