1 February 2011: Gentrack is pleased to announce the release of its new Gentrack Velocity Market Settlements and Submissions solution designed to enable utilities to meet their data provisioning obligations as electricity market participants.
Recent headlines have highlighted the penalties that can result from failure to submit accurate data to the market, and as energy utilities drive new smart grid technologies, the need to effectively manage increasing volumes of market related data and consumption profiles for market settlement and submissions is greater than ever.
The new Gentrack Velocity Market Settlements and Submissions solution has been developed collaboratively with several of the largest energy retailers in New Zealand – an extremely effective R&D approach according to Terry Maude, Gentrack Chief Technology Officer.
“Our R&D approach with this solution was based on direct communication between our development team and the subject matter experts within several large energy retail customers. Multiple customers were involved in validating the product during the design and build phases, giving us a collaborative view of exactly what is required to streamline these often complex market activities.”
Gentrack Velocity’s latest market solution boasts a set of specialist tools to assist utilities in managing settlements and submissions processes. Automating many manual data handling and provisioning activities, it is designed to improve accuracy of data for both the Market Reconciliation Manager and network companies.
“This was a very successful process” continues Maude. “The result is a robust data processing and estimation platform that fully supports the submissions, settlement and reconciliation activities of energy retailers in New Zealand. These capabilities are now available tightly integrated with a utility’s billing system for ease of access to the meter and standing data required for effective forecasting and submissions.”
Gentrack’s Market Settlements and Submissions solution is an extension of Gentrack Velocity – a suite of specialist utility billing and CRM software used by energy utility companies across New Zealand, Australia, the Pacific Islands and the United Kingdom.