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 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/.


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/


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.


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.”


Plug & Play Connectivity from the enmacc Trading Platform to ChorusLink & Previse Coral

Zug, Munich and Frankfurt, 21. January 2021: Previse Systems, enmacc and Lead Consult have announced today the automatic integration of transactions executed on the enmacc Trading Platform to the ChorusLink Common Trade Repository and Previse Coral ETRM Solution via Lead Consult’s Universal Loader.

The trade import interface is a true “Plug & Play” solution, requiring minimum effort to deploy, operate and extend – new products, new commodities and new market areas can easily be added via an intuitive configuration screen.

Beyond the import of actual trades (either triggered automatically upon trade execution or in bulk at specified times), the interface offers interesting prospects of future functional extensions, e.g.:

  • import incoming RFQs (Requests-For-Quote) into Previse Coral as simulated trades before quoting any prices, value imported tenders in Previse Coral, add a margin and send the price quote back to enmacc in an automated process
  • automated update of credit limits from Coral to enmacc

Alexander Nikolov, Founder and CEO at Lead Consult, says: “This Plug & Play integration between enmacc, ChorusLink and Previse Coral is an important step forward to the full digitalisation of the energy trading and downstream processes.

Volker Puck, Managing Director at enmacc, says: “Lead Consult has already supported plenty of our customers for an easy integration of enmacc into their software setup. With the ChorusLink and Previse Coral integration a new and innovative ETRM solution is now also connected with enmacc, providing a lot of automation opportunities and benefits to our mutual customers.”

Asbjørn Hansen, Managing Director at Previse Systems, says: “It is refreshing to collaborate with partners who also focus on high-performance modern technology stacks with clean interfaces and integration capabilities. Connecting enmacc to our solution landscape is another step for us to widen the offering for our customers and automate the trade life cycle.

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.

For more information, visit https://choruslink.ch/

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/

About enmacc

enmacc is the next-generation energy trading platform, boosting liquidity in markets for power, gas and renewable certificates across Europe. We deliver efficiency, security and critical data to grow your business margin and execute optimal trading. enmacc is Europe’s fastest-growing digital OTC energy trading platform and digitises energy trading from end-to-end. Our mission is to create powerful energy markets for the world. Market participants gain speed, efficiency and security. All members of the enmacc network benefit from gaining more market opportunities and liquidity as well as new business potential. enmacc customers can use three trading screens: entender – the world-leading Request-For-Quote (RFQ) technology for energy markets; enmarket – the OTC price screen and open marketplace for one-click trading; and engreen – a state-of-the-art trading screen for Guarantees of Origin (GoOs). Complete documentation and complete, audit-proof archiving of all trading activities on the platform take place automatically. The real-time credit check guarantees trading and process security on all sides.

enmacc was founded in 2016, is based in Munich and has a team of more than 60 people working on the future of energy trading together with the enmacc network of more than 330 companies and over 1,600 active traders.

For more information, visit www.enmacc.com

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/


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.


A New Approach to Energy Trade Data Management

Zug, 14 October 2020. ChorusLink AG is excited to announce the formal launch of its business operations!

ChorusLink 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.

ChorusLink represents a new approach to recording, storing and managing energy trade data and related information – in a common trade repository. As the use of a shared repository allows each trade to be stored as a single data object, the relevant information is therefore mutually confirmed by definition. This simplifies settlement, auditing, regulatory reporting as well as the other steps in the lifecycle of a transaction necessitating mutual data verification.

Visit us on www.choruslink.ch to learn more!