Modity Selects the Allegro 8 Platform for Energy Trading
Nordic Standard Functionality Essential for Managing one of Sweden’s Largest Energy Portfolios
LONDON, August 13, 2014 – Allegro Development Corporation today announced that Swedish energy trading firm Modity Energy Trading has selected the Allegro 8 platform to manage its power and gas trading operations across the Nordic region.
Modity Energy Trading AB is one of Sweden’s largest energy trading companies, with the country’s 5th largest energy portfolio. Modity also distributes gas and electricity (biogas and natural gas) to customers throughout the Nordics. The company’s mission is to assist energy companies and large, energy-intensive businesses with secure and efficient management of their energy portfolios, whilst enlarging its footprint in the Nordic region.
Modity’s business objective is to become the number one energy trading house in Sweden, and solidify its role as a major player in the Nordic market. As the company began to expand its A-list team of trading and origination experts, it identified the need to provide them with an up-to-date trading and risk management platform that would support ambitious volume and revenue targets.
Competing against a number of established regional and international vendors, Allegro proved it had the ability to offer Nordic-standard functionality, such as interface with the Nordpool and Nasdaq OMX energy exchanges, which meant traders could operate with confidence across the region.
Selecting Allegro 8 means Modity will be able to take advantage of the following benefits:
- A single database and interface for trade capture
- Complete power scheduling
- Detailed risk profiles per customer with hedge corridor visualization
- Automated retrieval of financial trades from Nasdaq OMX
- Handling of all bankable certificates
- Invoice settlement
“Allegro provides us with enhanced capabilities for the front, middle and back office under a single platform, which simplifies monitoring of our entire portfolio across commodities, countries and trading books,” said Fredrik Bodecker, CEO at Modity. “That strong functional support for trading operations, as well as depth in risk management, gives us a strong technical foundation for our growth objectives in the Nordics. In this business, I have experienced multiple vendors who cannot deliver speed to market and keep pace with Nordic energy standards without costly consulting fees. Allegro was the obvious choice because of its flexible architecture, intuitive configuration and ability to deliver real-time business insight in a very dynamic trading environment for better decision making.”
Allegro develops and markets integrated commodity management software providing position visibility, risk management, comprehensive controls and regulatory compliance. Allegro customers manage commodities from production to consumption, including oil and gas production, petroleum refining, agriculture and forestry, mining, chemicals, metals, food, transportation, commercial and utility sectors. Allegro software is tailored to the specific needs of each commodity, with a comprehensive set of features and functions to support profitable decisions. Allegro is headquartered in Dallas, with offices in Calgary, Dubai, Houston, Jakarta, London, Kuala Lumpur, Singapore, Sydney and Zurich.
For more information, please visit www.allegrodev.com or contact Samantha Johnston at firstname.lastname@example.org or +220.127.116.1149.
Modity, one of Sweden’s largest energy trading companies, was established in 2010 by Kraftringen Energi (before Lunds Energikoncernen) and Öresundskraft, which maintain a 50/50 ownership of Modity. Modity’s core business is to apply high levels of expertise within risk management, energy trading and analysis. As an open, reliable and proactive partner offering the highest standard of service, we strive to be one step ahead. The company’s main office is located in Lund.For more information please visit www.modity.se.