Energy Minister Eamon Ryan today in Belfast, along with his Northern counterpart Nigel Dodds and EU Energy Commissioner, Andris Piebalgs, formally launched the all-island Single Electricity Market. Under this new market, 2.5 million electricity customers (1.8 million in Ireland, 0.7 million in Northern Ireland) have become part of a single competitive, sustainable and reliable market in wholesale electricity, run on an all-island basis. The Single Electricity Market is a considerably larger market than the two single markets operating independently, hence economies of scale will encourage the entry of new market participants, both generators and suppliers. This in turn will lead to lower cost of generation, increased security of supply and ultimately lower electricity prices for consumers than if the markets had not been combined. Speaking at the Waterfront Hall in Belfast, Minister Ryan thanked those who strove to make the market a reality, “Today’s announcement marks the culmination of several years of very intensive work undertaken north and south, which began in 2003. The creation of the Single Electricity Market is a tangible example of the long-standing active co-operation taking place on an all-island basis, on common energy issues. Indeed, I believe that our long-term energy future lies not as two distinct energy markets isolated from the rest of Europe but rather as part of a regional energy market in conjunction with Britain and with other European neighbours.” While in Belfast, Minister Ryan also held a bilateral meeting with Commissioner Piebalgs to discuss current issues on the EU Energy Agenda including renewable energy and the internal market liberalisation package. “The IEA’s report last week should be a call to action for all governments that ‘business as usual’ energy policies cannot continue. We need urgent action if the alarming scenario outlined by the IEA is to be avoided. The y tell us of runaway energy demand and vastly increasing carbon emissions if we do not immediately alter our energy policies