First Derivatives PLC European Energy Market Contract Win (6992U)
16 July 2018 - 4:00PM
UK Regulatory
TIDMFDP
RNS Number : 6992U
First Derivatives PLC
16 July 2018
16 July 2018
First Derivatives plc
("FD" or the "Group")
European Energy Market Contract Win
FD (AIM:FDP.L, ESM:FDP.I) announces that it has been selected,
alongside its partner CGI, to deliver a next-generation electricity
information exchange for Fingrid, the transmission system operator
for Finland. This significant contract win further demonstrates Kx
technology's applicability within utilities, in particular opening
up the potential for further wins as transmission system and energy
market operators upgrade their systems to cope with more demanding
regulation and deliver additional services.
Under the deal Kx technology will provide key functionality for
the new system, known as Datahub, and will be integrated with CGI's
Central Markets System (CMS) to deliver a centralised information
exchange for retail markets that stores data from all of Finland's
3.5 million places of electricity consumption. Datahub will
simplify, speed up and enhance the efficiency of the data exchange
required by the retail electricity market.
Within Datahub, Kx for Sensors will provide the meter data
management and settlement functions, handling data validation and
frequent recalculations of market settlement amounts involving
large amounts of time-series data, both historic and real-time. Kx
for Sensors will be integrated with the CMS system of CGI, one of
the world's largest providers of systems to the utilities markets,
including as partner to eight of the ten largest utilities in both
Europe and North America.
Together, Kx and CGI will provide Fingrid with an advanced
system that will transform the capabilities of market participants
within the Finnish electricity market. Similar next-generation
capabilities will be required by other European transmission and
market operators, for example to deliver 15 minute imbalance
settlement between electricity suppliers and consumers, an EU
requirement by December 2020.
Asta Sihvonen-Punkka, CEO of Datahub Oy, a subsidiary of
Fingrid, commented: "The energy sector will undergo a major
transformation in the coming years. We are heading towards a clean
and reliable market-based electricity system. The Datahub will play
a very important role in this electricity market transition."
Leena-Mari Lähteenmaa, Senior Vice President of CGI Finland,
commented: "Fingrid is a forward-thinking transmission systems
operator and its Datahub will introduce multiple benefits for the
Finnish electricity market. A key component of the delivery of
these benefits is the high performance and lower total cost of
ownership of Kx, particularly its proven capability to handle data
at scale. Together, CGI and Kx's products create a powerful
solution in a rapidly evolving market."
Brian Conlon, Chief Executive Officer of Kx, commented: "The
combination of CGI, with its market-leading CMS system, and Kx for
Sensors creates a compelling solution that helped secure this
contract with Fingrid in a competitive and rigorous process. We
believe other operators in the energy ecosystem will see the
advantage that the use of high performance data solutions powered
by Kx can bring to transform their operations and look forward to
working with them to secure these benefits."
Enquiries
For further information please contact:
First Derivatives plc +44(0)28 3025 2242
Brian Conlon, Chief Executive www.firstderivatives.com
Officer
Graham Ferguson, Chief Financial
Officer
Ian Mitchell, Head of Investor
Relations
Investec Bank plc (Nominated
Adviser and Broker)
Andrew Pinder
Carlton Nelson
Sebastian Lawrence +44 (0)20 7597 5970
Goodbody (ESM Adviser and
Broker)
Linda Hickey
Finbarr Griffin +353 1 667 0420
FTI Consulting
Matt Dixon
Dwight Burden
Darius Alexander
Niamh Fogarty +44 (0)20 3727 1000
About FD
FD is a global technology provider with 20 years of experience
working with some of the world's largest finance, technology,
retail, pharma, manufacturing and energy institutions. The Group's
Kx technology, incorporating the kdb+ time-series database, is a
leader in high-performance, in-memory computing, streaming
analytics and operational intelligence. Kx delivers the best
possible performance and flexibility for high-volume,
data-intensive analytics and applications across multiple
industries. FD operates from 14 offices across Europe, North
America and Asia Pacific, including its headquarters in Newry, and
employs more than 2,300 people worldwide.
For further information, please visit www.firstderivatives.com
and www.kx.com
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END
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