SunGard signs British Energy to new ZaiNet emissions trading software
SunGard Energy Systems, an operating group of SunGard (NYSE:SDS), announced today that British Energy has selected the new ZaiNet EU-ETS module to support compliance with the European Union's Emissions Trading Scheme (EU-ETS), scheduled to go into effect on January 1, 2005.
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British Energy Power and Energy Trading Ltd uses ZaiNet for straight-through processing of its energy-based traded commodities and partnered with SunGard for the development of the emissions trading module. British Energy Power and Energy Trading Ltd trades in the UK-based electricity market on behalf of the British Energy Plc group.
With the approaching implementation of the EU-ETS British Energy needed an efficient set of tools to support its compliance and management of risks associated with the new regulations. British Energy elected to partner with SunGard to develop the functionality in ZaiNet in order to maximize integration of emissions transactions with its existing database of energy trades and trading systems, which covers end-to-end transaction processing of trades, portfolio management and asset optimization.
Jeremy Lock, systems manager of British Energy Power and Energy Trading Ltd, said, "Our decision to partner with SunGard on the development of the ZaiNet Emissions Trading solution was driven by our need to support the regulations for emissions trading which go into effect on January 1, 2005. As ZaiNet users, we also needed to integrate our emissions trading solution with our existing positions, P&L, and risk capabilities. Our strategy is to consolidate our use of ZaiNet in the management and control of our risk position across all energy commodities where this can be achieved."
Matt Mandalinci, president of SunGard Energy Systems, said, "British Energy originally selected SunGard's ZaiNet in 1999 for its proven energy risk management, analytics and reporting tools. It has remained a significant user of the application set since then. The purchase of the EU-ETS functionality is complemented by a decision to also acquire the existing Renewables Obligation Module and embed this into the British Energy operation. SunGard's depth of expertise across all aspects of risk management was also important elements in British Energy's selection decision."