Previse Systems announced today that Ørsted has selected Previse Systems as the supplier of its new Energy Trading Management (ETM) system.
Ørsted was looking for a cloud-based Software-as-a-Service (SaaS) solution – a highly standardized system to replace the core deal capture and deal lifecycle capabilities of the legacy on-premise ETRM solution. Ørsted was seeking an ETM solution with speedy time-to-market for standard products. It was key for Ørsted that the selected solution would be both lightweight and highly interoperable with Ørsted’s business and IT landscape.
As Ørsted’s new ETM solution, Previse Coral will be utilized for deal capture, deal-lifecycle workflow and back-office processes for gas and power trading supporting a high degree of automation. While power and gas are the primary traded commodities, Ørsted also intends to use the system for the hedging of various metals and fuels within Ørsted’s business.
The scope of the implementation of Previse Coral will cover Ørsted’s main trading activities in the United Kingdom, the Netherlands, Germany and Denmark, as well as in some adjacent markets. Besides standard instruments, the solution may be expanded to also cover PPA structures, swing contracts, storages and options.
In the delivery of Ørsted’s Future ETM, Previse Systems will collaborate closely with partners such as Lead Consult, who will supply several elements of the overall solution as Apps and also add expertise to the implementation team.
Asbjørn Hansen, Managing Director at Previse Systems, said:
“We are extremely excited to sign up one of the world’s most significant players in renewable energy! Bringing on yet another large energy trading company onto our platform underlines the strength of our product, our technology and our concepts, driven by the competence and dedication of our team and our partners.
We see Ørsted as a global leader in renewable energy. We believe that our expanding partnership will further strengthen our platform and our capabilities in the support of renewable power traders, as well as companies with complex cross-commodity portfolios.
We look forward to supporting Ørsted on their journey from their old on-premise legacy solution 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, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,000 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group’s revenue was DKK 132.3 billion (EUR 17.8 billion).
About Lead Consult
LEAD Consult is a dynamic, customer-oriented company, specialized 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.
For more information, visit https://www.leadconsult.eu/.
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.
