Newry's First Derivatives seals 'next generation' deal with the operator of Finnish power grid
Newry-based global financial services software firm First Derivatives has announced a deal with Finnish electricity transmission operator, Fingrid.
The firm, which employs 2,300 people worldwide, will deliver the "next generation electricity information exchange for Fingrid".
Earlier this month, First Derivatives confirmed it had acquired the entirety of tech firm Kx Systems in a $53.8m (£47.5m) deal.
The Kx technology will provide key functionality for the new Fingrid system, known as Datahub.
It will be integrated with partner firm CGI's Central Markets System to deliver a centralised information exchange for retail markets that stores data from all of Finland's 3.5 million places of electricity consumption.
First Derivatives said Datahub will enhance the efficiency of the data exchange required by the retail electricity market. The company added that the project aims to help "create a better experience for consumers" while "enabling greater efficiency and the ability to cope with the explosion of data".
Brian Conlon, chief executive of First Derivatives, said: "We believe other operators in the energy ecosystem will see the advantage that the use of high-performance data solutions powered by Kx can bring to transform their operations and look forward to working with them to secure these benefits."
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He said that Kx and CGI together will provide Fingrid with an advanced system that will transform the capabilities of market participants within the Finnish electricity market.
First Derivatives said similar next-generation capabilities will be required by other European transmission and market operators in a bid to deliver 15-minute imbalance settlement between electricity suppliers and consumers, which is an EU requirement by December 2020.
Leena-Mari Lahteenmaa, of CGI Finland, said: "Fingrid is a forward-thinking transmission systems operator and its Datahub will introduce multiple benefits for the Finnish electricity market. Together, they create a powerful solution in a rapidly evolving market."