ROCKVILLE, Md., July 18, 2011 (GLOBE NEWSWIRE) -- Telvent (Nasdaq:TLVT), the leading real-time IT solutions and information provider for a sustainable world, announced today that the Finnish utility company Fortum has selected Telvent to design, develop and implement a smart metering system for its Norwegian customers.
The new Telvent Titanium system will allow Fortum to operate its power grid more efficiently, securely and cost-effectively by ensuring correct energy demand response during times of peak demand. This becomes critically important when administering incident and outage management. In addition, the solution provides Fortum with more accurate consumption information to ensure effective system maintenance, network operation practices and customer satisfaction.
By partnering with Telvent to further build up its smart grid network, Fortum is promoting sustainable energy consumption habits among its customers. Now, residential and small business energy users will have continuous access to their power consumption information and the ability to responsibly manage their energy use.
According to Telvent's chairman and CEO, Ignacio Gonzalez, "We are pleased with the opportunity to continue our work with Fortum to promote sustainable energy practices in the Nordic region. Our selection by such a highly regarded utility affirms that Telvent has the extensive knowledge and high-level technology to support utilities in modernizing their smart grid operations."
Telvent was chosen for the Norway project due to its reliable and accurate metering system, as well as its experiences with on-going smart metering projects in Fortum's Finnish service areas. With the addition of the Norwegian metering system, Fortum will have a single platform and control center to manage operations for both countries. Telvent will deliver operation services for this system, part of its Smart Grid suite, to Fortum through 2018.
Telvent currently serves clients across the Nordic region in Finland, Sweden, Denmark and Norway.
About Telvent
Telvent (Nasdaq:TLVT) is a global IT solutions and business information services provider dedicated to helping improve efficiency, safety and security for the world's leading companies. Telvent serves markets that are critical to the sustainability of the planet, including the energy, transportation, agricultural and environmental sectors. (www.telvent.com)
The Telvent GIT S.A. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6852
About Fortum
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfill the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sale of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia and Baltic Rim area. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2010, Fortum's sales totaled EUR 6.3 billion and comparable operating profit was EUR 1.8 billion. We employ approximately 10,500 people. Fortum's shares are quoted on NASDAQ OMX Helsinki.
Further information: www.fortum.com