In 2001 the Nordic Grid operators (Eltra and Elkraft of Denmark, Fingrid of Finland, Statnett of Norway and Svenska Kraftnät of Sweden) faced a new challenge: They had to establish a totally new type of trading scheme and build the basic infrastructure from the scratch in less than 6 months. The biggest challenge was the central registry system for the new commodities, called RECS. A system similar in logic to Central Securities Depositories and in user interface to on-line banking systems. After an international tendering phase, the challenge ended up to hands of Marko Lehtovaara, the CEO of Absolutions Ltd at that time, the chosen contractor, and the future founder of Grexel.
The project that followed was a great success for the Nordic TSOs, Absolutions, RECS, and energy certificates in general. The outcome, RECSCMO.ORG -registry system was later taken into use in addition to Nordic users, also Austria and Slovenia. The registry fast became the leading system in the market. Later on, Grexel took over the further development and maintenance of RECSCMO.
Since 2001 over 300 million certificates have been issued in the system. Grexel has an active role in maintaining and developing the system further.
Grexel Systems ltd
Itämerenkatu 5, FI-00180 Helsinki.
Tel +358 942413160, Fax +358 9 8565 7164