Ørsted selects Previse Coral and ChorusLink for Day-Ahead and Intraday Power Trading
Zug, 9 December 2021: Previse Systems announced today that Ørsted has selected Previse Coral and ChorusLink for their day-ahead and intraday power trading operations in Denmark.
The solution will deliver fully process automation: direct trade import from Nordpool, calculation of fees, settlement, fee and settlement matching against Nordpool, as well as an interface to SAP. Additionally, the solution will generate the REMIT reporting file and submit it via Equias to ACER.
Previse Systems’ partner Lead Consult will supply several elements of the overall solutions as Apps – namely the interface to Nordpool, settlement and fee matching, and the export of the REMIT file to Equias.
Asbjørn Hansen, Managing Director at Previse Systems, said:
“We are extremely excited about signing up one of the world most significant players in renewable energy and adding them to our customer portfolio. Bringing on yet another large energy trading company onto our platform just re-emphasizes the strength of our product, our team and our partners.
Working with Ørsted during the Proof-of-Concept over the past months to show the direct value of our solution has been a privilege. We are looking forward to supporting Ørsted on their journey from old on-premise legacy solutions to a fully cloud-based and automated ETRM platform designed for the future.”
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights’ 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,672 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group’s revenue was DKK 52.6 billion (EUR 7.1 billion).
About ChorusLink
ChorusLink AG is a Swiss software company introducing a new paradigm for trade data storage and management in European energy markets.
ChorusLink sees its purpose in spearheading a change of paradigm for energy trading software. Thinking ongoing trends in energy markets and technology platforms one step further ChorusLink follows the vision of a common platform for energy trading data. This conceptual quantum leap facilitates process efficiencies, optimises investment returns on IT spending and fosters future infrastructure adaptability on an unprecedented level.
About Lead Consult
LEAD Consult is a dynamic, customer-oriented company, specialised in providing software solutions as well as business and IT consulting services in the energy and financial sectors. Our deep industry knowledge together with excellent skills in management consulting, technology and innovation allows us to challenge the conventional thinking and deliver exceptional results that have a lasting impact on businesses and companies worldwide.
About Previse Systems
At Previse Systems, we fundamentally reshape the way Energy Trading and Risk Management (ETRM) software is designed, implemented and operated. We offer a highly performant SaaS solution for European electricity, natural gas and certificates trading – combining modern software architecture with the latest available tools and technology.
As a conceptual innovation, we build on the notion of “community”, with an infrastructure for energy companies to leverage synergies through collaboration in the IT domain. The goal of this is simple: better software, faster and at lower cost. We create software without any legacy burden. Our data structure follows accepted market standards, which drives easy and fast data migrations, and is also a core factor of strong system performance.
With Previse Systems, energy companies are well equipped to master the challenges of a fast-evolving environment.
Norlys Energy Trading Goes Live on First Release of Core ETRM Platform
Zug, 12. May 2021: Previse Systems announced today that Norlys Energy Trading has successfully taken the first release of it new Core ETRM platform – based on ChorusLink, Previse Coral and the Coral Ecosystem – into production.
The primary goal of Release 1 is to support the trading of power and natural gas on EEX as well as Nasdaq OMX, with master data provided by ChorusLink and valuations run in Previse Coral. Release 2 will expand coverage to further instruments across additional European markets for gas and power.
Release 1 was delivered entirely remotely. A strong team spirit with a shared focus on the common goal ensured a smooth and timely completion.
About Norlys Energy Trading
Norlys Energy Trading A/S was founded in May 2020 and owned by Norlys Holding A/S and Eurowind Energy A/S The company is based in the Northern part of Denmark in the city of Aalborg.
We are in the process of building a solid and automatized organisation with an efficient platform for energy trading and aim to streamline the handling of renewable energy in both Denmark and the rest of Europe.
We strive to become one of the top European players in electricity and gas trading and to be one of the frontrunners of the green energy transition.
As the energy sector is getting “greener”, more complex than ever, and new solutions emerge everywhere, we have chosen to be an active part of and significant contributor to a sustainable future.
Allan Kaufmann, Head of IT Development at Norlys Energy Trading, said:
“We welcome the first deployment of our entire platform into production and can officially state that Norlys Energy Trading is now an operating trading company. This first go-live will probably be the largest and most important deployment we ever face since all our different systems and components (that together represent our world class trading platform) now are combined and running.
It´s quite amazing to see how much we have achieved working from home! We have established very close collaboration with our various counterparts and especially with Previse Systems, who have proven to be a very flexible and high performing partner.
Asbjørn Hansen, Managing Director at Previse Systems, said:
“At Previse Systems, we are very proud of this first result of our partnership with Norlys Energy Trading. Thanks to an efficient and close collaboration of the project teams – of course entirely remotely as mandated by the circumstances – we were able to not only fulfil a very demanding project schedule, but even to increase the project scope and deliver more functionality than originally planned.
We were able to demonstrate the strength of our concepts for example in the core success criteria of time to market and performance – the combination of our innovative data management approach with the utilisation of advanced Azure cloud services and the serverless technology provided by Microsoft allows new markets to be onboarded quickly and valuation runtime to be all but independent of the number of trades to be valued.
We are excited to support Norlys Energy Trading on their journey and look forward to a continuous stream of further successful releases over the coming months.”
About Previse Systems
At Previse Systems, we fundamentally reshape the way Energy Trading and Risk Management (ETRM) software is designed, implemented and operated. We offer a highly performant SaaS solution for European electricity, natural gas and certificates trading – combining modern software architecture with the latest available tools and technology.
As a conceptual innovation, we build on the notion of “community”, with an infrastructure for energy companies to leverage synergies through collaboration in the IT domain. The goal of this is simple: better software, faster and at lower cost. We create software without any legacy burden. Our data structure follows accepted market standards, which drives easy and fast data migrations, and is also a core factor of strong system performance.
With Previse Systems, energy companies are well equipped to master the challenges of a fast-evolving environment.
About ChorusLink
ChorusLink AG is a Swiss software company introducing a new paradigm for trade data storage and management in European energy markets.
ChorusLink sees its purpose in spearheading a change of paradigm for energy trading software. Thinking ongoing trends in energy markets and technology platforms one step further ChorusLink follows the vision of a common platform for energy trading data. This conceptual quantum leap facilitates process efficiencies, optimises investment returns on IT spending and fosters future infrastructure adaptability on an unprecedented level.
EnBW moves GoO Trading Operations onto ChorusLink
Zug, 02. March 2021: ChorusLink announced today that EnBW Energie Baden-Württemberg AG has gone live with the ChorusLink Common Trade Repository for its trading operations in Guarantees of Origin (GoO).
With ChorusLink, EnBW has deployed a modern, innovative and highly flexible solution in order to benefit from the opportunities of a rapidly evolving market by:
- Capturing and managing all varieties of GoO trades, including all applicable constraints and optionality
- Easily tracking all certificates by transfer date
- Processing both relatively standardized trades as well as Full Offtake / Pay-as-produced trades with constraints and optionality
As EnBW’s trading counterparties also join the ChorusLink trade repository, the platform will additionally provide features such as:
- automatic trade matching
- automatic settlement
ChorusLink is the first component of EnBW’s new solution for GoO trading and trade processing. Next steps will add enhanced capabilities for valuation and reporting and introduce additional features around optimisation and process automation.
Sami Madani, Head of Risk, Finance and Gas at EnBW Trading IT, said:
“We recognize the potential of the innovative approach of ChorusLink and Previse Systems, and we are happy to set this first milestone with a next generation ETRM. Following this path, we ensure a modern and effective way to support our business.
Previse Systems has quickly earned a solid reputation within EnBW as a responsive and reliable partner. The speed of delivery and reliability will enable a successful partnership.”
Björn Maier, Responsible GoO Trader at EnBW, said:
“With the implementation of ChorusLink as an integral part of our IT landscape we are setting an important milestone towards making our renewable certificates business much more efficient and scalable.
We see significant benefits not only in improved internal process interfaces between front and back office, but also for the interaction with our external contact points, where ChorusLink allows full automation, in perspective, of the whole confirmation and settlement process between the counterparties. With a growing ChorusLink community, we look forward to a parallel growth in efficiency and automation of certificate deals processing.”
Asbjørn Hansen, Managing Director of Previse Systems, said:
“It has been a great privilege and pleasure to work together with the experienced and knowledgeable people at EnBW. EnBW’s go live is a big leap for Previse Systems and we are very proud of the trust EnBW put in us and our software.”
About EnBW Energie Baden-Württemberg AG
EnBW Energie Baden-Württemberg AG is one of the largest energy supply companies in Germany and supplies electricity, gas, water and energy solutions and energy industry services to around 5.5 million customers with a workforce of more than 23,000 employees.
We aim to strengthen our position as a sustainable and innovative infrastructure partner for customers, citizens and local authorities to an even greater extent. The repositioning of the company with a focus on renewable energies and smart infrastructure solutions is a key component of our strategy. Half of the EnBW generation portfolio will be comprised of renewable energies by 2025.
About ChorusLink
ChorusLink AG is a Swiss software company introducing a new paradigm for trade data storage and management in European energy markets.
ChorusLink sees its purpose in spearheading a change of paradigm for energy trading software. Thinking ongoing trends in energy markets and technology platforms one step further ChorusLink follows the vision of a common platform for energy trading data. This conceptual quantum leap facilitates process efficiencies, optimises investment returns on IT spending and fosters future infrastructure adaptability on an unprecedented level.
About Previse Systems
At Previse Systems, we fundamentally reshape the way Energy Trading and Risk Management (ETRM) software is designed, implemented and operated. We offer a highly performant SaaS solution for European electricity, natural gas and certificates trading – combining modern software architecture with the latest available tools and technology.
As a conceptual innovation, we build on the notion of “community”, with an infrastructure for energy companies to leverage synergies through collaboration in the IT domain. The goal of this is simple: better software, faster and at lower cost. We create software without any legacy burden. Our data structure follows accepted market standards, which drives easy and fast data migrations, and is also a core factor of strong system performance.
With Previse Systems, energy companies are well equipped to master the challenges of a fast-evolving environment.
Norlys Energy Trading Selects Previse Systems as Partner for the Delivery of its Core ETRM Platform
Zug, 27. January 2021: Previse Systems announced today that Norlys Energy Trading has chosen Previse Systems as their partner for the delivery of its Core ETRM platform, which will be based on ChorusLink, Previse Coral and the Coral Ecosystem.
Norlys Energy Trading has been set up by its owners Norlys and Eurowind Energy to achieve significant market synergies between the production and consumption stages of the green value chain. The target is to become a European powerhouse in the field of renewable energy and commercial energy trade.
Norlys Energy Trading decided for Previse Systems to deliver an IT infrastructure that uses the latest available technology, while also proposing an optimal correlation of “buy” and “build”. This allows Norlys Energy Trading to focus its internal development capacities on building the competitive advantage.
Allan Kaufmann, Head of IT Development at Norlys Energy Trading, said:
“Key to successful operations in most companies is the right IT infrastructure. For us the right infrastructure are cloud-based platforms that offer extremely flexible capabilities to deliver the high degree of automation to support the substantial trading volumes that our business requires. As the heart of the system landscape, the ETRM platform must show strong performance, allow easy deployment and be based on an open architecture that enables us to leverage standards as well as engineer and deploy business-differentiated functionality using agile development methods.
After a detailed analysis of available options, we have concluded that the software platform proposed by Previse Systems (ChorusLink, Previse Coral and the Coral Ecosystem) was best suited to fulfil our requirements. An in-depth proof of concept delivered by Previse Systems fully confirmed this conclusion. Previse Systems has specifically shown the competence around the Green Value Chain that we require to support Norlys Energy Trading in being a leader in the green energy transition.
We are certain that our partnership with Previse Systems will be instrumental in securing a competitive advantage for Norlys Energy Trading.”
Asbjørn Hansen, Managing Director at Previse Systems, said:
“At Previse Systems, we are very excited to partner with an ambitious, determined and knowledgeable organization such as Norlys Energy Trading. We share similar views and experiences on growth and adaptability in a very fast-paced environment, and the necessity of modern IT architecture to support this. During the course of our proof of concept, we had the opportunity to work closely with the highly experienced team of Norlys Energy Trading, and we are convinced our collaboration will be prime example of a total that becomes much more than the sum of its parts. I look forward to working with Norlys Energy Trading, and to benefitting from their drive to ensure that our solutions are the best in the market.”
About Norlys Energy Trading
Norlys Energy Trading A/S was founded in May 2020 and owned by Norlys Holding A/S and Eurowind Energy A/S The company is based in the Northern part of Denmark in the city of Aalborg.
We are in the process of building a solid and automatized organisation with an efficient platform for energy trading and aim to streamline the handling of renewable energy in both Denmark and the rest of Europe.
We strive to become one of the top European players in electricity and gas trading and to be one of the frontrunners of the green energy transition.
As the energy sector is getting “greener”, more complex than ever, and new solutions emerge everywhere, we have chosen to be an active part of and significant contributor to a sustainable future.
About Previse Systems
At Previse Systems, we fundamentally reshape the way Energy Trading and Risk Management (ETRM) software is designed, implemented and operated. We offer a highly performant SaaS solution for European electricity, natural gas and certificates trading – combining modern software architecture with the latest available tools and technology.
As a conceptual innovation, we build on the notion of “community”, with an infrastructure for energy companies to leverage synergies through collaboration in the IT domain. The goal of this is simple: better software, faster and at lower cost. We create software without any legacy burden. Our data structure follows accepted market standards, which drives easy and fast data migrations, and is also a core factor of strong system performance.
With Previse Systems, energy companies are well equipped to master the challenges of a fast-evolving environment.
About ChorusLink
ChorusLink AG is a Swiss software company introducing a new paradigm for trade data storage and management in European energy markets.
ChorusLink sees its purpose in spearheading a change of paradigm for energy trading software. Thinking ongoing trends in energy markets and technology platforms one step further ChorusLink follows the vision of a common platform for energy trading data. This conceptual quantum leap facilitates process efficiencies, optimises investment returns on IT spending and fosters future infrastructure adaptability on an unprecedented level.
European Energy joins ChorusLink for Next Generation Trade Data Management
Zug, 16. October 2020: ChorusLink announced today that European Energy A/S has successfully migrated to the ChorusLink common trade repository.
Using ChorusLink will allow European Energy to:
- streamline the management of all transaction data from its trading operations
- lay a robust foundation for highly performant availability of trade data in a standardized format
- benefit from a centrally maintained repository of commonly used master data
- continuously increase back office automation as its counterparties also join ChorusLink
Jonas Nihøj, Director of Energy Trading & PPA at European Energy, said:
“The main reason for choosing ChorusLink and Previse Coral was to get the solution today which will be the market leader tomorrow, to ensure we have the scalability and performance we need.
As our current production portfolio of 3 TWh per year is set to grow tenfold over the next 5 years, we were faced with either scaling manual processes or investing for the future. We know that our needs today will be vastly different from tomorrow.
With the ChorusLink / Previse solution, we will be in a position to implement technological advancements on-the-go via the App Store, and we will have a competitive advantage in the years to come. Other aspects important to us are to retain ownership of our data and the possibility to easily change App providers, if required, with minimum efforts and costs.
Drawing on the experience of implementing several different ETRM systems, I know it is crucial to have the right partner for the journey and the Previse team have consistently delivered on time and budget. Therefore, I am confident that they will be an enabler for us in the years to come, when we embark on our ambitious growth journey.”
About European Energy
Copenhagen-based European Energy constructs wind and solar farms to build solutions to climate change. European Energy has constructed more than 1.5 GW of renewable energy capacity since it was founded in 2004. European Energy is currently developing and constructing parks in Europe, Australia and America.
About ChorusLink
ChorusLink AG is a Swiss software company introducing a new paradigm for trade data storage and management in European energy markets.
At ChorusLink, our purpose is to spearhead a change of paradigm for energy trading software. We think ongoing trends in energy markets and technology platforms one step further and follow the vision of a common platform for energy trading data. This conceptual quantum leap facilitates process efficiencies, optimises investment returns on IT spending and fosters future infrastructure adaptability on an unprecedented level.