Sapient Global Markets collaborates with Statkraft

Sapient Global Markets, a division of Sapient and a leading global provider of business technology and consulting services for the capital and commodity markets, announced the successful on time completion of a major Energy Trading and Risk Management (ETRM) project for Norwegian power company, Statkraft.

Statkraft is Europe's largest generator of renewable energy, owning, producing and developing hydropower, wind power, gas power and district heating. The firm had used Murex software for over a decade as its ETRM platform and decided in mid-2013 to implement the latest Murex MX.3 platform.

The requirement for a new ETRM platform was identified due to a significant increase in the deals being captured and processed by the system's 170 users. Statkraft had also acknowledged the need for the ETRM platform to form part of a wider operational transformational project that would offer the scalability and systems performance to provide a foundation for future business growth. As such, the platform would manage more complex products and pricing routines, as well as new risk and collateral functions. The final implementation enables improved P&L representation and intraday-VaR calculations for Statkraft.

Sapient Global Markets collaborated with Statkraft and Murex across operations in Amsterdam, Dusseldorf, Istanbul, London, Oslo, Stockholm and Trondheim to plan, configure, deliver and manage a smooth transition to the new ETRM platform. The project involved migrating and testing interfaces to more than 20 systems, reconciling more than a million deals and setting up a large number of simulation views and reports.

"The Statkraft project was a milestone for Sapient Global Markets, being the first Murex MX.3 migration in the global commodities world. It was highly complex and required a collaborative effort across multiple locations and time zones to ensure success," said Bernd Harnisch, Vice President Business Consulting at Sapient Global Markets. "Utilizing our extensive project management methodologies and structured testing approach we delivered the new ETRM platform in just nine months. As a result, Statkraft has gained a highly scalable, functionally rich platform that will help to improve overall process and business efficiency, and meet future business challenges."