South Korea5 April 2002
Power Exchange has awarded a consortium of ABB and Korea Electric power Data Network a $22 million contract to provide IT systems and software for South Korea's deregulated energy market. The consortium will supply systems and software for market participants to submit bids, receive awards and interact with the central exchange. The IT system also executes mathematical models used to determine market prices, create power generation schedules and ensure the security of the electricity supply for the entire country. Under the contract, ABB subcontractor OM Technology Energy Systems will provide the financial settlement systems, Korea Electric Power Data Network will supply part of the system hardware together with local implementation and support while its subcontractor Samsung SDS will supply more hardware and the metering systems. The IT systems are due for delivery in July 2002 - the deregulated power market are due to open on on 1 January 2003.