SINGAPORE and SENDAI, Japan, Aug. 14, 2018 /PRNewswire/ -- ION, the largest global provider of trading, analytics and risk management solutions for capital markets, commodities and treasury management, today announced that Tohoku Electric Power Company (Tohoku), a top-tier power generating utility in Japan, has implemented Openlink's platform for energy trading and risk management (ETRM) on the cloud.
With total power generation assets amounting to 18,210 megawatts(as of March 2017), Tohoku is a major presence and pioneer in the country's recently liberalized and highly competitive energy market. Legal unbundling of transmission and distribution is expected in April 2020.
Tohoku crafted an ambitious plan to set up a new subsidiary trading company that could take advantage of emerging, cross-commodity trading opportunities in power, fuel, and other complex derivatives. To support their strategy, Tohoku required a robust, enterprise cloud-based ETRM solution, backed by best-in-class services and support.
Kaoru Hijikata, Executive Officer at Tohoku, said, "Tohoku is prepared to lead the Japanese energy market during a time of great change as we rapidly expand our portfolio to better serve customers. With Openlink's cloud-based ETRM platform, we achieve greater business agility as we grow, with the ability to quickly add new price models, users, and trading desks. In addition, we significantly enhance our risk management and operational controls by viewing all risks, positions and scenarios in real-time."
ABeam Consulting provided project management services and business process expertise.
"We are very pleased to engage in the project to implement Openlink Cloud for Tohoku," said Makoto Iida, ABeam's project lead. "Our teams worked closely together to meet Tohoku's requirements and lead the project to a successful implementation with great efficiency."
Rich Grossi, CEO of Openlink and member of the ION Commodities executive board, said, "Tohoku serves as a model for the modern utility company in Japan—bringing new offerings to customers with efficiency and scale, and driving excellence in trading and risk management to sharpen its competitive edge. We are proud to support Tohoku during a time of transition and growth, drawing on the strength of our Openlink Cloud ETRM platform and the depth of our Asia Pacific-based account management and professional services organizations."
About Openlink Openlink (www.openlink.com), a division of ION, provides award-winning solutions for trading, treasury and risk management to serve energy companies, commodity-intensive corporations, and financial services institutions—on-premises and via the Openlink Cloud.