15 Jun The Energy App Marketplace | Leading energy supply company signs with Utilidex
Utilidex announced today that it has commenced a new project with a leading energy supplier to deliver a data driven forward curve analysis tool for UK gas & power price discovery. The product, will be delivered as an “App” via Utilidex’s Energy | Trading platform, marking the start of what will be a new suite of cutting edge applications, developed by industry leading technologists, and available to Utilidex Platform Customers.
“Collating data about power and gas prices, monitoring how prices react to news stories and market data is traditionally an expensive, time-consuming exercise,” commented Aily Armour Biggs, Director of Trading at Utilidex, “usually only afforded by the very large firms with teams of analysts. Here we intend to democratise the same qualitative information using technology, instead of people, to take care of the heavy lifting in order to create a genuinely new and affordable offering”.
The project, which is in the early stages of development, is a collaboration between fintech and Microsoft Partner Company Utilidex and Microsoft Ventures firm CityFALCON who specialise in the analysis of large scale data sets of financial news including Twitter feeds. The companies met while working side-by-side at Canary Wharf Group’s Level39, Europe’s largest accelerator space for finance, retail and smart cities technology companies.
“As more and more corporates move to shorter term energy procurement cycles whilst the market remains bearish, it’s even more important that end users understand why this is happening and the risks they may be taking,” commented Utilidex Co-founder Mike McCloskey. “Ultimately, it’s about providing a better understanding of what information is already contained within the forward price curve and what factors are not.”
“This partnership is an example of two innovative Fintech companies working to their strengths and creating a level playing field by democratising access to energy related financial information. Our focus remains aggregation and curation of financial news and tweets, and we’re looking forward to working with Utilidex to bring this app to energy customers.” Ruzbeh Bacha, CityFALCON founder.
This product could go on to make a big difference in the sector, where pricing analysis will continue to grow in importance as many corporates continue to move towards flexible purchasing without fully understanding the potential budgetary and financial risks they are taking on.
For more information about this App or any other Utilidex products, please get in touch with Mike McCloskey firstname.lastname@example.org
Utilidex works with exceptional customers to deliver products that have the ability to create a long-lasting positive impact on the energy industry. We develop and deliver technology products in several key areas, from energy trading & procurement, bill validation and Financial Planning & Control.
Utilidex is one of the founding-50 members of Innovate Finance and is a pathfinder company for Canary Wharf’s smart city initiative, Cognicity. www.utilidex.com
CityFALCON combines advanced filtration algorithms with crowd curation to provide relevant real-time financial news and tweets for stocks, sectors, commodities, foreign exchange and indices. www.cityfalcon.com