Two years ago, Scila delivered an award winning pilot project to the Austrian regulatory authority for the electricity and gas markets, E-Control. Since then, the two entities have been discussing energy market surveillance in general. Those discussions have now resulted in E-Control choosing Scila Surveillance as its surveillance system for monitoring the Austrian energy market under the Regulation on Energy Market Integrity and Transparency (REMIT).
In 2011 the Council of European Energy Regulators (CEER) won the Energy Transparency Award (ETA) with “Energy Trade Data Reporting Scheme”. The project was initiated by CEER, but managed and supported by E-Control. The software that was used in the project was a custom built version of Scila Surveillance, adapted to the specifics of the European energy market.
“We have been interested in energy markets for some time, and it is really rewarding to reach this agreement with E-Control for its adaption under REMIT”, Lars-Ivar Sellberg, Executive Chairman of Scila, comments. “Being part of the CEER project that won the ETA in 2011 showed that we were on the right track, and now, again together with E-control, we have an opportunity to play a big part when it comes to the integrity and transparency of the European energy market. A market that is very important for all corporations and, not least, all citizens of the European Union.
In its role as the Austrian national energy regulator, E-Control will monitor the wholesale energy markets according to Austrian and European regulation and legislation. Since Scila Surveillance is a multi-asset surveillance tool, the customisations needed are limited to market specifics ensuring a short time from decision to delivery. “Energy prices are vital to both corporations and individuals, and a fair and orderly market is therefore very important”, says Geoff Boon, Programme Manager, Energy markets governance & REMIT, at E-Control. “We selected Scila Surveillance after a thorough procurement process where Scila Surveillance proved to be the most suitable alternative. We will have a system that not only meets our requirements from day one, but also a system that can be easily adapted to new developments in the markets”.
Scila delivers multi-asset market surveillance systems for trading venues, regulators and market participants; Scila Surveillance; Scila Regulator and Scila Compliance. Thanks to its flexibility, multi-asset capability, user-friendliness, short time to market and a low total cost of ownership, the systems have achieved world wide success.
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About Energie-Control Austria Energie-Control Austria was set up by the legislator on the basis of the new Energy Liberalisation Act and took up work on 1 March 2001. Energie-Control Austria is headed by Mr Walter Boltz and Mr Martin Graf as managing directors and is entrusted with monitoring, supporting and, where necessary, regulating the implementation of the liberalization of the Austrian electricity and natural gas markets. For additional information about Energie-Control, please visit www.e-control.at
About Scila AB Scila is a FinTech company based in Stockholm, Sweden, but we act globally. Scila provides trading surveillance products built on many years of experience from both market surveillance and systems design. Scila systems use modern technology to give the customer a seamless route from detection of market abuse to presentable evidence. Scila delivers the future in modern market surveillance technology by offering trading venues, regulators and market participants the most competitive solution available.
For additional information about Scila AB, please visit www.scila.se