CMS Cameron McKenna and Wragge & Co have taken the lead on a groundbreaking agreement to create a single electricity market in Northern Ireland and the Republic of Ireland.

Camerons has advised electricity transmission company Northern Ireland Electricity (NIE) and its subsidiary SONI, the systems operator. The team was led by energy partners Robert Lane and Munir Hassan.

Wragges was instructed by Irish regulator Northern Ireland Authority for Utility Regulation, with Birmingham-based commercial partner Derek Goodban leading the team.

The agreement created an all-island single electricity market – ushering in one wholesale electricity market for both Irish jurisdictions. The new market was launched on 1 November.

The deal opens up a competitive market on the island – breaking apart the past monopoly across transmission system operators, supply and procurement activities. The structure – similar to that used in Great Britain throughout the 1990s – will mean all electricity companies operating in Northern Ireland and the Republic of Ireland are required to buy and sell energy through this market.

Camerons has advised NIE since its privatisation in 1992 and has been working on the project for several years.

Hassan said: "This will bring more competition and economies of scale where previously there were two completely separate industry frameworks. We hope that other people will turn to us as other jurisdictions look at similar options."

Under the agreement, the regulators for north and south will work together and create a joint committee.