Energy traders can monitor the market via a live dashboard which even recommends the best trades, following the launch of a new support tool by software specialist Quorum.
Launched this week, SOLV Trader has been developed to enable energy traders to deliver enhanced trading performance for their customers. The trading support system provides traders with a unified view of their assets, availability and opportunities to facilitate efficient participation in day-ahead auctions and continuous intraday trading activities.
Acting as a decision-making hub between EPEX M7, ETRM, dispatch and billing systems, SOLV Trader maintains a dynamic view of each asset in the portfolio and delivers a consolidated picture of the volumes available to trade.
The system determines pricing, formulates auction submissions and presents suggestions for profitable in-day trades. Feedback on trading activity via an EPEX M7 interface ensures the automatic formulation of accurate dispatch profiles at asset level, with manual override available.
Quorum worked closely with SmartestEnergy on the first iteration of SOLV Trader, including its specification, configuration and deployment. The resulting product is being hailed as a ground-breaking tool that will become a blueprint for trading support in rapidly changing energy markets. Underlining the importance of SOLV Trader for both companies, Paul Usher, Commercial Director at County Durham-based Quorum, said:
“Quorum is regarded as the market leader in the delivery of its Balancing Mechanism market access software, and the launch of SOLV Trader is an important milestone in our development.
“Working with the team at SmartestEnergy we have demonstrated our ability to deploy our energy sector engineering skills and experience to deliver innovative answers to a wide range of operational and commercial challenges.”
The delivery of SOLV Trader builds on the success of Quorum’s previous work with SmartestEnergy to enable participation in the Balancing Mechanism via its market leading Sentinel product.
Rob Pringle, CTO at SmartestEnergy, said:
“We’ve been really happy to work with Quorum to build out the capability to support our short-term portfolio optimisation ambitions. Managing real-time power positions and asset flexibility across several different revenue pools is complex, but it is an essential part of our proposition to maximise revenues for our customers.
“As a next generation energy company, we believe it’s important to technology-enable our business, and our work with Quorum is another step forward in efficiently scaling our customer portfolio and delivering the great trading performance, value delivery and innovation that our customers expect.”
As an energy market software specialist, Quorum was central in the development of the first systems used to manage the UK’s New Electricity Trading Arrangements. Quorum’s products currently support more than 24GW of electricity generation and flexibility in the thermal, renewable, industrial and commercial, and storage sectors of the market.
With almost 20 years’ experience in the market, Quorum’s technical and commercial teams are uniquely placed to guide clients through the specification, design and delivery of the systems needed to fulfil asset control, trading and market compliance objectives.