SAKONNET TECHNOLOGY'S XENON SELECTED BY NUON FOR EUROPEAN POWER TRADING
London, February 14, 2006 - Sakonnet Technology announced today that its
subscription-based energy trading application Xenon® will be used by Nuon,
the leading Dutch energy company, for trading in European power markets
including the Nord Pool.
Nuon started with Xenon in 2001 for fuels trading, and since then broadened
its use to emissions credits trading and commodity-wide risk management
reporting. The decision to extend its use further to power trading comes
following an internal company review. The review’s purpose was to
rationalize systems and if possible identify a single IT platform for all trading
and risk management. The new arrangements entail an implementation
project, with a release due mid 2006, a large increase in the number of Xenon
users and extending the term of Nuon’s license agreement with Sakonnet.
During a detailed evaluation in 2005, Sakonnet showed their understanding of
the European power markets. Xenon has the ability to cover specifics of extra
markets, and to connect to Nuon’s scheduling tools and other applications.
Additional factors in selecting Sakonnet were the capacity to deliver frequent
upgrades and provision of responsive customer and technical support. As a
result, Xenon will fulfill the purposes of system rationalization to improve
trader and management information and operating efficiency.
Sakonnet, which has recently grown to more than 70 staff in London, New
York and Rio de Janeiro, has more than five years’ experience of providing an
energy trading and risk management software service remotely. Sakonnet
maintains a single source code base to maximize efficiency of new
development work, upgrade testing and delivery to clients. Under this model,
clients can receive up to five substantive upgrades per year.
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.
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+1 212 343 3170 +44 (0) 207 960 6043
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