Iceland’s Largest Electricity Generator to Manage Cash, Financial Risk and Reporting under IFRS
London – 5 December 2016 – Landsvirkjun, Iceland’s largest electricity generator and one of Europe’s leading renewable energy companies, has chosen the cloud-based power of Reval for automating treasury and financial risk management. The company will create a common cloud platform for managing cash positions and exposures across asset classes, including foreign exchange, interest rates and commodities.
“We wanted a ‘one-stop shop’ that could support all of our business requirements and allow us to respond easily to changes in the market,” explains Kristjan Gunnarsson, Treasurer at Landsvirkjun. “But it was also important for us to find a long-term partner, capable of supporting the business both now and into the future. We found that Reval provided both the solution and the expertise we were looking for in a provider.”
Landsvirkjun is using Reval to gain a clear picture of cash management, hedging and funding for better decision-making. The energy company will be using Reval for cash management, cash flow forecasting and reporting under IFRS, including CVA/DVA reporting for FX, IR and commodities.
“Landsvirkjun is a great addition to Reval’s client community,” says Mark Johnson, Managing Director for Reval in the EMEA region. “They are a model Nordic client for other treasury teams in the region considering cloud-based technology for their end-to-end treasury and risk management processes.”
Landsvirkjun, the National Power Company of Iceland, is owned by the Icelandic state and is the country’s largest electricity generator. The company generates around 70% of all electricity used in Iceland and offers electricity from 100% renewable energy sources.
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