Uniper, the power generation and energy trading unit spun off by Germany’s E.ON, has inked a deal with US-headquartered trading and risk management software company Openlink to move its energy trading and risk management (ETRM) systems into the Cloud.
The 700-user deal will include two applications of Openlink’s system, covering front-to-back office trading and risk management support across Uniper’s assets including power generation, oil and gas, and LNG.
The deal marks the first fully public Cloud ETRM implementation for a company of Uniper’s size, Openlink said.
The two firms have had a five-year partnership in place since 2016 and undertook a three-month proof-of-concept project between October 2016 and January this year.
According to Openlink, the project showed that Cloud-based delivery could not only match current performance, but significantly improve it, for example by accelerating end of day batch processing along with allowing intraday calculations that would not have been possible on premise.
The solution was also shown to lower the total cost of ownership by enabling Uniper to only pay for what it needed, scaling to suit requirements in combination with a sophisticated security stack and integration into the Uniper downstream systems, Openlink said.
Marco Scherer, Uniper’s senior vice-president for sales and trading, said that because his firm was “at the centre of the global energy markets, our traders need the very best technology underpinning their actions to ensure we are always managing our risk responsibly. To be able to do so while reducing IT spend and increasing performance is a hugely attractive proposition.”