Telvent GIT SA Awarded 18 Million Euro Contract Extension Of Electric Metering System Project In Sweden
Telvent GIT S.A. (Nasdaq:TLVT), the Global RealTime IT Company, announced today that Swedish electricity company, Vattenfall Eldistribution AB, has exercised a third option to further extend its agreement with Telvent for the supply and management of an Automatic Meter Reading (AMR) system. The contract extension is valued at more than 18 million euros.
The original Vattenfall contract awarded to Telvent in December, 2005, which supplied an electricity metering system for 300,000 of Vattenfall’s residential customers, included options to increase the project scope up to 700,000 meters. The project was first expanded in December, 2006, and this third new contract extension adds a further 100,000 units, bringing the total to 600,000 units to be supplied by June 2008. Approximately 200,000 meters have already been installed.
According to Telvent’s chairman and chief executive officer, Manuel Sanchez Ortega, “It has been extremely gratifying to have performed so strongly during the implementation of this project, which has expanded in scope to accommodate double the initial number of residential users. We are confident that the success we have achieved will serve to further increase the strong mutual trust that already exists between our two companies, and will result in Telvent obtaining an even higher level of participation in future Vattenfall expansion and enhancement initiatives.”
Telvent is also providing complementary metering and data management services, utilizing an integrated solution for the management and operation of the system, which allows Vattenfall to comply with Swedish regulatory requirements and improve customer service quality. The contract includes management of metering information, reporting, maintenance and support of all system devices in the project. The accuracy and reliability of the real-time information provided by this type of advanced AMR system technology are quickly becoming critical requirements for the billing process efficiency of all modern day electric utilities.
“With this project extension, Telvent will help Vattenfall increase the level of service for all of its clients who will be receiving this new automated metering system technology. This represent more than 70% of their total customer base in Sweden,” added Sanchez Ortega. “Telvent’s AMR/AMI (Advanced Metering Infrastructure) customers will ultimately realize overall efficiency increases along with corresponding consumption reductions in their service areas, which in itself is a significant, cost effective way to reduce overall greenhouse gas emissions.”
Telvent’s continuing success in the Sweden market is supported by its significant presence in this geography, where it has operated since 2001 and has offices located in Stockholm and Gothenburg.
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