STOCKHOLM, Sweden, March 21, 2002 (PRIMEZONE) -- OM, a world leading provider of transaction technology, and ABB Business Management Systems, a global leader in power and automation technologies, have signed an agreement for delivery of a state-of-the- art electricity settlement system as part of a Market Operation System (MOS) to the Korea Power Exchange.
The Korea Power Exchange (KPX) is an organization created to operate the deregulated Korean Electricity Market and dispatch generation over the electric transmission network while ensuring the reliable delivery of energy to Energy Purchasers at the distribution level.
The consortium consisting of ABB and Korea Electric Power Data Networks Co. (KDN) with OM, a sub-contractor to ABB and Samsung SDS, as sub-contractor to KDN, has been awarded the contract to deliver the MOS system to KPX. The system is scheduled to go into operation on January 1, 2003.
"That OM has been chosen to deliver the settlement system to the KPX is acknowledgement of our position as a major provider to the international energy industry and of the flexibility of our systems to adapt to international markets," said Knut H. Johansen, Energy Market Solutions, OM. "This is an important step in OM's entry into the Asian energy markets."
OM will deliver the POMAX(tm) Settlement system, a newly developed second-generation electricity settlement system - its flexibility in adapting to new geographic markets has proven valuable in being selected for this contract.
OM is a world leading provider of transaction technology to the financial services and energy industries. Developing and marketing IT solutions that boost the efficiency of markets worldwide, OM has over 100 customers in 20 countries. OM also owns and operates exchanges and clearing organizations and has operations in 10 countries. OM is listed on Stockholmsborsen. For more information please visit www.om.com.
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