STATKRAFT Live on Murex's MX.3 ETRM Solution
Murex equips Europe’s largest renewable energy producer
Statkraft, a significant player in the European and global energy markets, moves onto Murex’s MX.3 for Energy Trading and Risk Management (ETRM) solution to empower its growth and expansion strategy.
Paris, FRANCE, February 5, 2014 - Murex, the leading provider of integrated trading, risk management and processing solutions, has announced today that Statkraft, a world leader in hydropower and Europe’s largest generator of renewable energy, has gone live on Murex’s MX.3 ETRM solution.
In June 2013, Statkfraft decided to reconsider its whole IT ecosystem in order to overcome the limitations of an interwoven infrastructure and maintain their leading-edge in physical and financial energy trading and origination. Investigation of alternative vendors showed that the modern technological foundations of MX.3 would address the company's concerns about long-term viability and support.
Within 9 months, MX.3 was installed in Statkraft's two main trading centres in Oslo and Düsseldorf, as well in Trondheim, Stockholm, Amsterdam, London and Istanbul. In total, the system has 170 users, and manages 600,000 trades a year.
“We have been active in the energy sector for over 20 years. We were both confident we could provide Statkraft with the efficient, flexible and reliable technology needed and thrilled by the challenge to implement in such a short time frame a project of this scale.” says Amine Chbani from Murex.
The front office now has a more efficient and sophisticated user interface. Key functions that were previously performed outside the ETRM system, such as VaR and PaR calculations, have been integrated. Risk reporting has been considerably streamlined, and back office workflows improved. In the course of the implementation, Statkraft was also able to meet the EMIR deadline and comply with the new derivatives reporting requirements.
“In our industry, lines of business often don't remain profitable for very long, and if you enter late you get less of the cake. Being agile and responding quickly to opportunities is an essential part of our business model and we are good at it. So we believe strongly in flexibility and we now have the systems landscape that supports this,” says van Eldik from Statkraft.
Looking ahead, Statkraft may expand further MX.3’s footprint with the extension to collateral management as well as the addition of trading centres outside Europe.