Previse Systems Kicks Off ETRM Educational Mini-Series
Today the first episode of the new educational series by the Insider’s Guide to Energy was released!
Listen in to Previse Systems’ Asbjørn Bjarke Hansen talk about current trends in the energy markets and the competitive edge of the right technology in today’s energy trading environment.
- What are the main benefits of SaaS and built-for-cloud in this context?
- How can an ecosystem create value, and how is the Coral Ecosystem structured and operated?
- Why is high system performance a crucial driver in using an ETRM in today’s markets, and how does Previse Systems achieve its ambitious goals in this area?
This, and much more, in today’s first edition of the ETRM mini series! Alternatively, watch the video on Youtube (yes – that is a bottle of Grappa behind Asbjørn … 🙈).
Many thanks to our partners Fidectus and FORRS for making this happen!
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 full 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 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 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.
For more information, visit https://www.leadconsult.eu/.
Florence Hayden joins Previse Systems as Product and Markets Specialist
Previse Systems is excited to announce that Florence Hayden has joined our growing team as Product and Markets Specialist.
With several years of international experience in the delivery and integration of ETRM software, Florence now fills a much wider role at Previse Systems: beyond the classical tasks of a business analyst, Florence also owns various system components from a product management perspective, and supports sales with great product demonstrations.
Florence – welcome to the team, great to have you on board!
What does a typical workday look like for Florence?
There really is no typical day working at Previse, that’s part of the fun! My role is both customer- and product-centric, so I spend a lot of time supporting our customers who are in the process of implementing Previse Coral. This means working with front office, middle office and back office, collecting feedback on what they like, what could be improved and what enhancements we can do to ensure the platform supports their business activities in the best way possible.
In parallel, I also work with the product team designing new functionality, so a fair amount of time is spent writing specifications, collaborating with our development teams and testing new features. In addition to this, I often support the sales process in delivering product demonstrations and proof-of-concepts to potential customers. So no two days are ever the same!
Who are the customers of Previse Systems? What can you tell us about them?
The customer I currently work the closest with is Norlys Energy Trading, a European Gas and Power trading house based in Denmark who this year have grown their business at an accelerated pace whilst implementing Previse Coral to support their trading activities. We have worked hard with them ensuring platform readiness for trading various products and markets across Europe with several successful go-lives already completed this year. They are a fantastic group of people to work with and it is exciting supporting them in their ambitious journey whilst simultaneously growing and developing the Coral platform’s core ETRM capabilities.
What is special about working for Previse Systems?
So many things! Number one is the people – the team at Previse are incredibly talented, innovative and driven which is demonstrated in how much the company has achieved in such a short space of time. I also love how much responsibility and ownership each individual has, your work literally has a visible impact from day one. And finally, the opportunity to work with new technologies and be part of the journey to developing a new-era ETRM solution in the fast-changing energy markets of today is pretty exciting!
Fidectus and Previse Systems Enter Strategic Partnership
Zürich, Zug, September 20th, 2021 – Fidectus and Previse Systems today announced a strategic partnership to add Fidectus’ post trade processing capabilities to Previse Systems’ Coral Ecosystem.
This strategic partnership enables EFET´s electronic Settlement Matching (eSM) and electronic Confirmation Matching (eCM) out of the box, while keeping clients’ total cost of ownership at a bare minimum.
With native connectivity between the two platforms, the client community can now take advantage of a next generation ETRM solution combined with comprehensive post trade capabilities in energy trading, enabling straight-through processing of trade confirmations, settlements, nettings, financing, and payments. Jointly the Fidectus and Previse Systems services become a seamless experience maximising clients’ ROI.
Join us to see a live demonstration on the integration of these two industry leading innovators at the ETOT 2021 conference in London, October 5-6, 2021.
“The partnership with Fidectus is a great example of how our ecosystem concept fosters collaboration among vendors of complementary products, enabling customers to compose “best-of-breed” solutions. We believe that our customers are looking for the value and flexibility provided by open architectures and a modern technology stack. For many companies, replacing aging and inefficient systems with an ecosystem-approach becomes an interesting alternative as it ensures innovation without the costs, risks and lock-in effects associated with legacy architectures and connectors,” says Asbjørn Hansen of Previse Systems.
Jens Bartenschlager of Fidectus says: “We are happy to join forces with Previse Systems into a new era of energy trading. This partnership further accelerate adoption of our next generation post-trade and cross-company services and creates additional benefits to our joint client community.”
About Fidectus
Fidectus is a Swiss-based company revolutionizing post-trade processing for the over-the-counter energy and commodity markets. Our Global Energy Network (GEN) connects market participants and enables them to significantly reduce cost, risk, and illiquid capital through intelligent tools for reporting, confirmation, settlement, netting, financing, and payment. Clients can now better manage their working capital and improve their operating profitability putting them at a competitive advantage.
For more information, visit https://fidectus.com/.
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.
For more information, visit https://previsesystems.com/
Péter Baghy joins Previse Systems as Product Expert
Previse Systems is excited to announce that Péter Baghy joins our growing team as Product Expert.
Peter comes equipped with more than 10 years of application management experience in the ETRM software world, which make Péter a great asset for Previse for the complex role he fills. Péter – welcome to the team, great to have you on board!
Q – what was most appealing to you about joining Previse?
It is hard to identify a single factor here, as there are actually several (not in the order of priority/importance): it is using modern cloud technology and a modular approach in ETRM which I strongly believe is the way forward, it is the opportunity to be strongly involved in the product design and development and be “creative”, and of course the opportunity to be part of an awesome team, to work with people who have the best knowledge in the business and are just great to work with!
Q – how does modern technology make your job easier at Previse?
Using the latest technology for product development allows us to dramatically shorten the “design to delivery” process quicker. This is of course a huge plus for our customers, as it gives us the ability to quickly adapt to changing market circumstances and new requirements. On the support side, the technology and modern design makes our software very intuitive for our customers to understand. This reduces training requirements and allows for an efficient interaction with the support team to find the best and quickest solution for customer queries.
Anna Zalucka joins Previse Systems as Master Data Product Owner
Previse Systems welcomes Anna Zalucka, who strengthens our team as Master Data Product Owner.
Anna’s wide skill set around operations management, business process analysis and project coordination provides Previse Systems with an important growth lever – great to have you on board, Anna!
What makes Previse Systems an attractive employer? What is different to other places you worked at before?
I am particularly taken by the importance which Previse Systems puts on building a fantastic company culture. A culture which supports professionalism, healthy relationships in the team as well as creating opportunities to grow and learn more every day. In Previse, no matter what field you work in, passion and drive for excellence is unbeatable!
Previse Systems with its flat structure is free of micro-management, politics and redundant processes. It emphasizes employee independence, focuses on an open and transparent communication and celebrates employee and company successes! The company is proud of its diversity and encourages its employees to challenge status quo!
In Previse, no matter how much the company grows, you still feel like family. … and it is the only company I know which serves Gammel Dansk for breakfast!! 😊
What are the main challenges in your day-to-day work?
The role of Master Data Product Owner seems extremely interesting to me as I have a history of working in very demanding and dynamic software companies in the past. These have resulted in me being comfortable performing in dynamically changing circumstances. The main day-to-day challenges will be to quickly learn highly advanced, innovative system which uses latest technology and bring value to the team from day one! I believe that very collaborative, highly specialised working environment makes it extremely interesting and challenging the same time.
What are you mid-term perspectives at Previse Systems? Where would you like to see you role develop to?
Personally, I think the higher targets you have for yourself, the lower limits you impose on yourself. Because why not go high!? The only thing that may inhibit us from this, it is your own, usually irrational beliefs. Personal development is one of the elements of my life, which I pay special attention to. That’s probably why I can say that I do not limit myself in what I can actually achieve. Ultimately, I’d like to assume more data product management responsibilities and later get involved in operational project management.
I do not like to sit still hence it is important for me to know how I can progress and develop professionally. It’s important to me to continue learning and exercise my past experience to bring the best results for Previse Systems and our customers.
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.
We have started out strong and now we are increasing the pace. What a fantastic journey!”
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.
Christine Clemons joins Previse Systems as Product and Markets Specialist
Previse Systems is very pleased to announce that Christine Clemons has joined our team as Product and Markets Specialist.
Christine brings a wealth of experience in consulting and implementing energy software to Previse Systems. With her extensive knowledge of gas and power markets combined with her solid understanding of the underlying challenges energy companies face day-to-day, her market expertise is a valuable addition to our customer delivery team.
It’s great to have you on board Christine!
Christine: Thanks, I’m super excited to be joining the [dream] team!
Q – What is special about Previse Systems?
A – Previse Systems has truly set itself apart from the rest. It has taken what are the downfalls and challenges of other vendors in the space and has realized them into tangible, competitive advantages. Instead of being a heavy, clunky piece of software – it is light, agile, fast, and super user-friendly. Its seamless front-end design and real-time position visualisation genuinely makes the system fun to use! Efficiencies never seen before in the space are introduced through the use of a common trade repository, predefined standard market data, and nimble development built on top of cloud-based infrastructure which is optimized for high performance. The bottom line – its cutting-edge technology rethinks the way ETRM software can and should be used.
Aside from the software itself, its team have an unparalleled passion for what it does, and this really shines through in its people and the product – this, to me, is incomparable to anywhere else in the space.
What do you see as the main challenges for energy trading companies in the coming years?
Not only are these challenges of the future, but they are also extremely current. Given the nature of the industry, energy trading companies are finding it harder than ever to stay current and keep up with advancing technologies and the innovations being made in trading industries. There are few obvious reasons for this, one being that apart from the expensive initial investment into an ETRM software, also the implementation and support costs are often even more expensive and usually takes years.
In addition to this, a lot of effort is sunk into defining standard market data and building market data interfaces, as well as to keep compliant with regulatory reporting requirements, etc. This is done by each company individually over and over again, burning valuable resources and time which could be better directed elsewhere. After all this time and money has been spent to realize benefits identified years ago, the market could very well have evolved since then and the benefits could no longer be as relevant.
How can Previse Systems support companies with these challenges?
Previse enables energy companies to become leaders of innovation in the energy space, while realizing benefits in a faster and more efficient way than ever before. By cutting standard implementation time down from years to months, initial implementation costs and general overhead to support the system are significantly reduced. Subsequently, reduced implementation time and costs better positions energy companies to address and keep up with evolving markets.
With the use of the ChorusLink common trade repository, a market-facing trade is captured only once as a single data object, allowing for the automatic confirmation of a deal inherently with both market-facing parties. Additionally, as standard market data is already predefined in ChorusLink, time and effort are saved by each company having to define and build market data interfaces themselves. This uniquely positions ChorusLink as the energy industry’s central backbone for master data.
Swift implementation, together with the benefits of a centralised data repository and the distributed development option of the Coral Ecosystem, ensure the fastest possible time to market for any innovations or response to changing requirements.
European Energy Goes Live on Previse Coral
Zug, 10. March 2021: Previse Systems announced today that the initial implementation of Previse Coral at European Energy A/S has been successfully completed.
Building on the ChorusLink Common Trade Repository, European Energy benefits from Previse Coral’s unique features supporting modern renewable energy markets to manage its portfolio of Power Purchase Agreements (PPA), electricity and certificate trades.
The scope of Previse Coral includes:
- Trade capture for PPAs, guarantees of origin (GoO) and power trades
- Automated market price import using a Connector App supplied by Lead Consult
- Market price management, including an Extrapolation App to extend market curves beyond their published validity
- A Price Formula Builder App to build custom price formulas for trade or market prices
- Position management, valuation and reporting – including calculation of mark to market (MtM), profit and loss, MtM over time etc., with reports visualization in embedded Microsoft Power BI
- A fully automated end-of-day process
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 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.
Jonas Nihøj, Director of Energy Trading & PPA at European Energy, said:
“We are very impressed with the speed of implementation and the innovative solution provided.
Previse Coral has automated the management of our European power portfolio, guarantees of origin sales and PPAs (Power Purchase Agreements), where in many cases there is a very complex logic that needs to be controlled.
The system is a true enabler for us when servicing our clients with clean energy and thereby contributing to the Green Transition.”
Asbjørn Hansen, Managing Director at Previse Systems, said:
“It is great to have our first customer live on Previse Coral and see all of the hard work we have put into our software pay off. By providing European Energy with a fully automated end of day process with a daily recalculation of critical KPIs, we support the digitalization of their business and enable them to make better trading decisions.
Besides all that it is always a pleasure to work with the European Energy team and we are looking forward to continuing to add more functionality and help European Energy expand their activities into more countries and territories as part of their impressive growth journey.”
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.