SAKONNET TECHNOLOGY RECEIVES EPRM'S ENERGY SOFTWARE HOUSE OF THE YEAR AWARD

London, May 16 2002 – Energy Power and Risk Management magazine has awarded its 2002 Energy Software House of the Year Award to New York-based Sakonnet Technology, the provider of Xenon™ energy trading and risk management software. The award will be psented to Thurstan Bannister, Sakonnet’s Chief Executive Officer, at EPRM’s annual Europe Congress dinner on May 28 in Amsterdam.

“The strength of some of Sakonnet’s clients, especially (Munich-based) E.ON Sales and Trading, is a testament to the quality of the product,“ said Robin Lancaster, EPRM’s Editor. “One of the things that singled out New York-based Sakonnet Technology was the firm’s enthusiasm and belief in their product. Whereas many other companies may point out their evident success in terms of numbers of clients, amount of developers or yearly revenues, very few put such emphasis on their products.”

Xenon software covers trading and risk management in electricity, natural gas, crude oil, oil products and coal for both physical and financial transactions. It is an intranet/internet Java-enabled system, which allows upgrades and new functions to be added over short periods of time. There is a monthly fee for usage, with no payment required until the software is installed.

“We only charge our customers if we deliver our services,” said Eric Min, Sakonnet’s Chief Operating Officer. “We make our customers aware of all the hidden costs, particularly if they are new to vendor systems,” he says. “We focus on the concept of total cost of ownership.”

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About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
www.sknt.com

Media Contacts:
Alastair Turner
SPARX Communications
+44 (0)1753 893000
alastair@sparxgroup.co.uk

Sakonnet Technology
New York Office        London Office                 
+1 212 343 3170      +44 (0) 207 960 6043     
www.sknt.com

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