A Previse Systems Success Story – Norlys Energy Trading 🇩🇰

Michelle Rønne, Head of Back Office at Norlys Energy Trading, talks about how Previse Systems make her life easier


Previse Systems rethink the way ETRM software is designed – they have built a software that actually supports today’s trading patterns” says Michelle Rønne, Head of Back Office at Norlys Energy Trading A/S.

“We have worked with other solutions in the past and those solutions are not geared to handle the number of trades we are doing today. Today’s solutions need to be designed for many small trades rather than a few big ones.

The Previse Coral solution is very data and event driven, so rather than spending human resources clicking around the system, the solution automates processes and allows us to only focus on exceptions.”

Michelle Rønne with Asbjørn Hansen

Michelle, thank you very much for taking the time to share some of your impressions and experiences with the Previse Coral software with us, and with other prospective customers of Previse Systems!

Michelle: I have already mentioned performance and automation. A further important point to note is definitely the flexibility of the solution, especially around defining workflows: we are able to configure the system around our processes instead of being limited to follow processes defined by the system. Previse Coral is incredibly generic here, it allows to fine-tune the workflows exactly as we need them, e.g. with features like the transition process and the partial locking of trades.

Can you elaborate a bit on that?

Historically my experience is that we end up spending a lot of time changing the tradebook or strategy on the trade. With the Previse partial locking we can decide exactly what back office needs to have locked for controlling and what is open for front office to change.

Does that also extend to settlement processes?

Well, Previse Coral is designed with a settle date and a clearing date which allows us to model all the special rules from the clearing houses along with the exchanges. We know when the trade can be controlled based on when it will be cleared. This allows us to automate those processes.

We all know how difficult it can be to ensure that all trades that need to be controlled and settled on a given day are handled, because of all of the special rules given by the clearing houses and exchanges. So instead of setting up a very complex filter or query (which is impossible to maintain) we can simply select by yesterday’s clearing and settle date and this gives us the definitive list of items to be processed.

Has event driven settlement automation supported you in optimizing your processes?

Yes, absolutely. Since settlement is the final process of the trade, the numbers are always affected by the data upstream and it happens that some of that data might be captured incorrectly. For example, the clearing broker could have a mistake on their side for the settlement date or a manually captured trade could be wrong. In such cases, we just correct the data on the trade and the settlement event engine triggers a re-settlement of the trade automatically – we can then just flip over to the Settlement screen after editing the trade, and the data is already updated and ready for settlement.

It’s amazing not to have to run a batch process or similar! You can just process the data much quicker than in other solutions I have worked with.


Previse Systems attends the REC Market Meeting 2022 in Amsterdam

A Modern Software Tool for Renewable Energy Trading

GoOs, PPAs and more: Previse Systems have worked intensively with leading renewable energy producers and traders to develop a solution that “ticks all the boxes” – from comprehensive data management to inventory control, valuation and risk analysis and full back end processes.

Book a Meeting / System Demo with us!


Meet with Florence Hayden and Asbjørn Hansen from Previse Systems at the REC Market Meeting 2022 in Amsterdam! Use the link below to book a meeting online.

Previse Systems Online Meeting Booking
ELC Trade Constraints
Trade Capture: Certificates Section
Simple Power BI Certificate Report
Certificate Matching
Inventory Management

Lorenzo Costantini joins Previse Systems as Software Developer

Previse Systems is pleased to announce our new colleague Lorenzo Costantini, who has joined us as Software Developer.

Lorenzo combines two truly unique skillsets: software development in Previse Systems’ technology stack and several years of experience in energy markets and ETRM solutions. Lorenzo will increase our overall development bandwidth with a special focus on software quality assurance.

Lorenzo – welcome to the team, great to have you on board!

What is your impression of the team and work culture at Previse Systems?

The team has always been friendly and available to me since the first day. I was offered an apartment for 6 weeks in the greater Zurich area very close to my developer colleagues to avoid having a full remote onboarding, in a time when the office was not available yet. It was very useful to me to work with them in the same room at the beginning.

Apart from this initial period, Previse Systems gives you the possibility to work remotely and for many people this could be a great help in some situations. The important thing is to deliver your work, no matter where you live or where you work. So we have also some great colleagues from all over the world and I think the most diverse set of nationalities ever seen in a company, which I thought it was very cool and it was one of the reasons which helped me to decide to join this company.

Since the first days it was clear to me that I was working with a group of people who know each other very well from previous work experiences, which have fun together and with a lot of experience in the ETRM sector and in their technical domain.

All the colleagues are passionate and driven in their work and I feel a positive and optimistic mindset to succeed in our everyday challenges and in the biggest mission to help Previse Systems grow.

 

What can you tell us about Previse Systems’ technology stack from a developer’s perspective?

I work mainly with Microsoft technology: Microsoft Azure and its ecosystem of services (Azure DevOps, Azure Functions, Azure Batch…), C# as language for the back-end, SQL Server as database technology. But our complete stack is vast and we are open to adopt new technologies if there is a need to. Among other technologies we use I can name Vue.js, Docker, Terraform, Power BI, Cosmos DB … I remember during my first days in the company continuouslyvto listening my colleagues mentioning new technologies every day!

I am lucky to work on a modern technology stack and we are continuously working to keep everything on the latest version. For example, at the moment we are on the way to update the whole codebase to .NET 6.

Not only the stack is modern, but we also aim to follow state of the art processes on the DevOps side. We have moved last year to CI/CD as release process and I am getting more and more used to code with the help of feature flags which is a new concept to me.

The codebase is organised via microservices which can be deployed independently, and this helps code modularity, extensibility and readability of the code. During my first time at Previse Systems I had to update some shared internal libraries and to let them be used by all the other single components of the system – it was manageable for me to read and learn one component of the codebase at a time and to gradually update all of them. With a different architecture it would have been more difficult, risky and time consuming.

 

What are, in your view, the core challenges of ETRM development?

Markets and general requirements are constantly evolving and in order to be able to profit from a new trading opportunity the development and the entire operations team needs to keep up with those changes. That has been the main challenge also considering my previous work experience.

I have experienced that in some cases even having a periodic 2-weeks release cycle, already short compared to other realities, is not enough for traders or other stakeholders. Platform changes may be needed in a shorter time, and that’s why Previse Systems have moved on a CI/CD process. This need for a very short time to market is the reason behind most of the DevOps and processes upgrades we have been doing during the last year.

But microservices and DevOps processes alone cannot be the only answer to this problem, because also the decisions on data models and the assumptions made on the requirements can make or break a project. Having people in the team with a lot of expertise in the commodity trading sector is a great asset to build an extensible product with a sound underlying data model, reducing the risk of having impossible or difficult redesign in the future when requirements will change.

Some clever ideas have been implemented also on a lower level: the trade templates concept, the usage of a consistent CRUD approach in many APIs coupled to high level reusable patterns, or the implementation of a consistent web page styling which makes UI flexible and configurable from database helps a lot to implement in a fast way similar new features.


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.