A conversation with Chris Regan of Brady Technologies is always interesting and full of detail and enthusiasm. Brady Technologies is focused on energy markets in Europe these days via a suite of software products that includes an ecosystem of new developments, new acquisitions, and reinvigorated products that it already had. For me, as an analyst in the space, it is fascinating to watch how the energy transition is impacting ETRM and related software, and Brady Technologies is undoubtedly attempting to lead in this area. So, I was very keen to learn more this week from Chris.
Brady Technologies had recently announced that PowerDesk had gone live with a Nordic customer, but it seems it also has a British customer live that is using it predominantly for the day ahead market. Chris expects a couple more to come onboard in the coming weeks.
PowerDesk comprises a core product and an ecosystem of other modules that will include Activate, Edge and a rebranded EDIS – now called PowerDesk Scheduler. Chris explained that Brady is using partners for PowerDesk Activate, including UK-based Enegen, and others, who provide tools to dispatch power, and is in the process of building PowerDesk Edge for algo trading. However, the Brady team is also working on a new rules-based trading application for delivery early next year that utilizes four pre-defined families of algos to trade that traders will be familiar with that Brady calls ‘Tracker’, ‘Mover’, ‘Closer’ and ‘Legger’.
In the Nordics, Energy Data Manager (EDM), Brady Technologies’ specialist time series power trading data management software is extremely popular. PowerDesk has been integrated with EDM to act as its ‘front office’ overlay. Chris was quick to point out that EDM is also installed in Canada, the UK, Australia and now Germany with a recent new customer.
Igloo is also selling well. Igloo is predominantly an ETRM that has often been configured to work well with the prompt, but it also works well for both physical and financial trading. Chris sees it as particularly appealing to smaller financial traders and hedge funds as it is available as a SaaS solution. It also handles all the intricacies of direct market access (DMA). It can be deployed alongside PowerDesk, but PowerDesk can also work alongside any other ETRM, he is quick to point out. “PowerDesk is not a back office, nor it designed to be the system of record for trades,” he said, “so it must work with all ETRMs.”
Chris also has some interesting views on the market and demand. He sees large players in the market having to re-appraise their legacy solutions fit to the business which has shifted dramatically with the market and technology. These are coming to market for new software along with lots of small start-ups formed by traders that are just starting up and need some SaaS tools. In power, he also sees a shift in that more companies want a solid footprint in NW Europe with integrated trading desks along with the need for increased automation and the growth of ancillaries and so on. It all set up an exciting time in power markets and one that Brady is extremely focused on serving.