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M-co wins Award for Excellence : Internet Commerce


26 June 2000

M-co wins Award for Excellence in Internet Commerce

M-co, the company that administers New Zealand’s electricity market, has just won the prestigious Computerworld Award for Excellence in Internet Commerce for its Commodity Market Information and Trading (COMIT) site.

“COMIT was the first, and remains the only, wholesale physical electricity trading system in the world accessible through the web,” said Philip Bradley, Chief Executive of M-co. “This award for COMIT is a tribute to our current design team as well as many of the people who have contributed to its development since 1994. Our electricity market customers have also played role in the constant improvement of the system. Without their suggestions and requests, COMIT wouldn’t be as useful or as successful as it is.”

COMIT supports the trading of the electricity market by linking buyers and sellers on-line and has run without a single default in payment since its introduction in October 1996.

“COMIT just reached the $5 billion milestone for transactions traded, which equates to $1.2 billion per year going through the site. Every day it processes approximately 80,000 electricity transactions and publishes more than 0.6 million related records,” said Mr Bradley. “This makes COMIT the busiest and biggest e-commerce enterprise in New Zealand by volume and value of transactions.”

The Computerworld awards were instituted three years ago as a means of recognising excellence amongst those working in the rapidly changing IT sector and to give greater prominence to IT success stories.
-ends-

For further information please contact
Philip Bradley, Chief Executive
Ph +64 4 473-5240 (bus), 025 916-186 (mobile)

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