UK power company SmartestEnergy signed risk management solutions provider Allegro Development Corporation to enhance and secure its business operations.In a press statement, the energy provider said it will integrate Allegro’s solution into its system to better manage its power, gas, emissions and renewable energy portfolio.
The deal lines up with the growth of the company and targets to automate the firm’s business transactions in the power trading and control sector as well as risk management, regulatory compliance, finance and IT sectors.
Commenting on the development, James Clarke, vice president of SmartestEnergy, said they needed a “robust, flexible and proven platform” as a foundation to manage all of their business activities.
The Allegro solution “will provide a single platform for us to monitor and manage our exposure across our entire portfolio” in a cost effective manner, added Clarke.
[quote] At the same time, the solutions provider claims its technology will provide the utility with improved position visibility and stronger risk management through the provision of business exposure monitoring and advanced credit analytics.
The technology is said will help SmartestEnergy to accurately capture power, gas and emissions trades and simplify integration into transactions with transmission System Operators.
SmartestEnergy purchases electricity from Independent Power Producers to provide to its industrial and commercial customers. The company provides 13% of the UK’s power generated from renewable energy sources.
Renewable energy adoption
The utility's effort to secure its business transactions as its operations in the renewable energy sector grows follows a number of initiatives by UK utilities to enhance the adoption of smart energy sources. [Renewable energy: Germany unveils weather forecasting tech].
Earlier on in mid-May, UK power utility E.ON kickstarted a pilot project to understand how its commercial and industrial customers can benefit from solar generation and battery storage.
The utility company partnered with energy storage firm RedT Energy for the rollout of the project in Somerset in South West England.
The London headquartered energy storage solutions provider supplied E.ON with its battery storage technology.
The 4.0 kilowatt battery storage system will be used by JB Wheaton to store power generated from its on-site 3.5MW solar panel during the day and from the grid during off-peak demand periods for use during on-peak demand periods.
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