EUROPEAN ENERGY COMPANY GOES LIVE WITH SAKONNET'S XENON FOR POWER TRADING
DUTCH UTILITY COMPLETES PROJECT TO RATIONALIZE ALL TRADING AND RISK MANAGEMENT ON SINGLE PLATFORM
London, April 23, 2007 - Sakonnet Technology, the leading provider of energy trading and risk systems under the Software as a Service (SaaS) model, announced today that Nuon Trading and Wholesale ("Nuon") has gone live with Xenon across its entire trading floor including its power desks. This marks the completion of a Nuon project to replace legacy applications and use a single IT platform for all trading and risk management.
Nuon, based in Amsterdam, serves retail and wholesale customers in the Netherlands, Belgium and Germany with electricity, natural gas, heating and related services, and its turnover was € 5.6 billion in 2006.
Nuon now has eighty business users of Xenon for trade capture, processing and risk management including VaR for fuels, carbon emissions credits, natural gas and electric power. Xenon is also used to generate data on physical deliveries to the European gas pipeline systems and power grids. Xenon had previously been used only for fuels trading and risk management.
Sakonnet hosts the application at a secure data center linked by EVPN (Enhanced Virtual Private Network) lines to Nuon's offices in Amsterdam, and provides Nuon remotely with complete 24/7 customer and technical support, upgrade and disaster recovery (DR) services.
This announcement marks the fulfillment of Nuon's main project objectives. All users involved in trading are now more efficient from sharing a single, highly intuitive application and this is expected to continue as Nuon expands to more markets and activities.
"This is the largest hosted implementation of an energy trading application in the industry today" commented Thurstan Bannister, Sakonnet's CEO. "As such it proves the viability and efficiency of Sakonnet's Software as a Service (SaaS) model, even for companies with very high volumes of physical trades in multiple energy markets."
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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