Brady plc (BRY.L), the leading supplier of trading and risk management solutions for energy, commodities and recycling, announced today that Brookfield Renewable Ireland has selected Brady to supply its Irish business with an overall market settlement process system solution.
Brookfield Renewable Ireland manages one of the largest renewable energy portfolios on the island of Ireland. Its business is comprised of 450 MW of operating wind capacity across 19 wind projects in eight counties across Ireland and Northern Ireland, as well as a development pipeline of 200 MW.
Brady Energy Settlement Manager will provide a solution to support the overall market settlement processes in the wholesale physical power market of Ireland. The highly automated solution ensures that there is little room for human error in importing participation information reports, invoices and other required data published by SEMO. The solution supports the actual market rules and market settlement system provided to SEMO by Brady.
Brady Energy’s settlement offerings have been delivered to several markets and are able to handle multiple jurisdictions and currencies with complete transparency. The Settlement Solution is packed with functionality that automates the otherwise time consuming settlement work processes. Batch processing alone reduces the time spent on separate processes with close to 90%. Operational costs are reduced, and more resources are thus available for focusing on market development and customer satisfaction. The system logs all jobs and ensures end-to-end audit tracking capability of all data. As a general rule, no data is ever deleted from the system.
Brady settlement customers benefit from the automation of the settlement work processes that would otherwise be highly time-consuming, including the ability to settle the following product categories, amongst others:
- Spot contracts
- Balancing market trade
- Ancillary services
- Market imbalance
- Market administration fees
- Grid administration fees
Gavin Lavelle, CEO of Brady plc, commented:” Brady has substantial in depth expertise in implementing Settlement Market Rules, offering full traceability of calculations and auditability of all operations and I am confident that our modern and robust web framework will meet Brookfield’s requirements for its current settlement objectives, as well as offer the scalability to meet its future expansion plans. I am delighted to welcome Brookfield as a customer and look forward to delivering a settlement solution pursuant to our fixed price and delivery date contract”.