Pioneering North-East software specialist Quorum has launched a new product which it believes will spark huge interest in the UK energy trading market.
SOLV Trader has been developed to help energy traders who buy and sell electricity for customers via the wholesale energy market.
The trading support system enables traders to monitor the market via a live dashboard which even recommends the most profitable trades in short-term markets.
Having a unified view of their assets, availability and live opportunities will give traders a competitive advantage in the hotly contested energy trading market.
Quorum worked closely with next generation energy company 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 Sedgefield-based Quorum, said: “Quorum is regarded as the market leader in the delivery of its electricity 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 a combined 100 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.
Launched in 2002, the fast growing firm has more than doubled its turnover and trebled its client portfolio in the past five years. Quorum’s co-founder Paul Fothergill is delighted to be launching a new recruitment drive that will see the creation of new specialist posts to further support the company’s development.