On 28th March 2019, EirGrid and SONI held the first four-year ahead Irish Capacity Market auction for delivery year 2022/23.

In this bulletin, we provide our reflections on the final auction results published on 7th May 2019.

Headlines are:

• The auction cleared at a price of €46,150/MW-year (or £43,030/MW-year) at the Existing Capacity Price Cap.

• The vast majority (90%) of the cleared capacity came from existing units consistent with prequalified existing capacity significantly exceeding the capacity requirement for the auction

• 710 MW of new capacity cleared in the auction, nearly all of it (98%) in the Republic of Ireland, and three-quarters (526 MW) of which is expected to be located in the Greater Dublin Area.