Businesses in Northern Ireland are being warned to prepare for the significant impact that Brexit will have on the electricity market in May 2018.

A recent seminar hosted by Vayu Energy titled 'The Implications of Brexit and the changes to the Electricity Market through the introduction of I-SEM', which was held at Ranfurly House, Dungannon discussed what it will mean for Northern Ireland.

The event focused on the changes to the Single Electricity Market (SEM), the wholesale electricity market for the island of Ireland.

Legislation is being implemented that will see the coming together of electricity markets across Europe which has been designed to harmonise cross border trading arrangements. The new wholesale market will be known as the Integrated Single Electricity Market (I-SEM) for the island of Ireland.

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Stephen Behan, representing Vayu Energy, said: "This seminar was about letting people know the opportunities that will be coming with I-SEM and the changes large energy users need to start considering in order to take advantage of these.

"Minimising energy costs and achieving greater efficiencies are becoming more and more important for Northern Irish businesses. This is having a direct impact on the way companies source their energy, with an increasing trend among larger users to procure energy directly from the wholesale market, rather than often expensive fixed price tariffs. At Vayu Energy, we work with our customers to develop an energy strategy that will provide best value for them."

Stephen Kelly of Manufacturing NI said: "Brexit has presented many challenges for our members and our priority now is to ensure that negotiations don't add additional costs through customs or market access red tape. A border on or between these islands and the risk of tariffs will be detrimental to Northern Irish businesses hoping to export and import products."

(CD/LM)