Commerce Energy Selects Triple Point Technology for Power and Gas Supply and Risk Management; Retailer Leads Way by Instituting
June 29 2005 - 9:10AM
Business Wire
Triple Point Technology, the leading global supplier of
cross-industry software platforms for the supply, trading,
marketing and movement of commodities, announced today that
Commerce Energy Group (AMEX: EGR) will deploy Triple Point's
Commodity XL(TM) next-generation software solution to manage its
physical and financial supply transactions, risk management, and
counter party invoicing and settlement for power and natural gas
markets in North America. Commerce Energy, the largest non-utility
retail energy marketer in the U.S, will deploy Triple Point
Commodity XL to manage power and gas trade capture, deal
confirmation processing, position management and sophisticated risk
reporting and analysis. The solution will help Commerce Energy
achieve both Sarbanes Oxley 404 compliance and the ability to offer
customers additional pricing flexibility. Triple Point Commodity XL
does this by enabling true straight-through processing from
front-to-back office, providing a single real-time view of the
company's physical and financial position and measures exposure
across all power and gas markets. "The Triple Point system
selection is a continuation of our new technology strategy in which
we are moving away from in house built systems and toward utilizing
best in class industry software," said Peter Weigand, President of
Commerce Energy Group. "We found that Triple Point's scalable
architecture and advanced power and gas functionality were the best
fit for our requirements." Once deployed, Triple Point Commodity XL
will streamline operations by seamlessly interfacing with Commerce
Energy's retail systems, general ledger and market pricing data
applications. "This agreement with a rapidly growing energy
marketer validates our longstanding commitment to retail energy
providers," said Peter Armstrong, president of Triple Point
Technology. "We've invested heavily to ensure our solution has
unique best-of-breed functionality for each commodity market, but
is built on a common platform to streamline back-office activity
and aggregate risk management, position reporting, and
counter-party risk." About Triple Point Commodity XL(TM) for Power
Triple Point Commodity XL for Power is a next-generation,
front-to-back office power trading and risk management system for
generators, traders, marketers and other participants in global
physical and derivative power markets. Commodity XL for Power
offers clients unprecedented control over their global power
trading operations, enabling straight-through processing from
pricing and trade capture to physical scheduling, generation
dispatch and financial settlement. The solution's position and risk
management functions enable clients to measure, monitor and control
all aspects of power market risk (price, weather, load, volumetric,
outage rates, credit, delivery, etc.) with down-to-the-minute
granularity in a real-time environment, thereby maximizing returns
from load, generation and utilization portfolios. About Triple
Point Commodity XL(TM) for Gas Triple Point Commodity XL for Gas
handles all the complexities of physical and financial trading,
risk management, scheduling and logistics on a single platform for
participants in global natural gas markets, including trading and
marketing firms, pipelines, producers, large consumers,
wholesalers, and LDCs (local distribution companies). It supports
all physical and financial gas trading activity including swaps,
options, derivatives, futures, physical forwards, structured deals
and full requirement supply contracts. It delivers real-time hedge
position management, trader profitability reporting, deal valuation
and advanced risk analysis. The system automates the confirmation
and nomination processes, the scheduling and physical movement of
natural gas to fulfill supply and distribution obligations, the
financial settlement of physical and financial transactions, and
the forecast and management of cash. About Commerce Energy Group,
Inc. Commerce Energy, Inc. is a wholly owned subsidiary of Commerce
Energy Group, Inc. (AMEX:EGR), a holding company doing business
through its three wholly-owned operating subsidiaries, Commerce
Energy, Inc., Skipping Stone Inc. and Utilihost, Inc. Commerce
Energy is a FERC licensed unregulated retail marketer of natural
gas and electricity to homeowners, commercial and industrial
consumers, and institutional customers in nine states. Skipping
Stone is an energy consulting firm serving utilities, pipelines,
merchant trading and technology companies. Utilihost provides
outsourced energy transaction and data management services for
municipalities, government facilities, power generators and energy
merchant customers. For more information, visit
www.commerceenergy.com. About Triple Point Technology Inc. Triple
Point Technology is the leader in trading and risk management
solutions for commodities including power, oil, gas, coal, metals,
agricultural products, and freight. Triple Point Commodity XL(TM)
profitably manages the complex, ever-changing requirements of
physical and financial markets. Commodity XL integrates
front-to-back office and delivers best-of-breed functionality for
the supply, trading, marketing and movement of commodities on a
single next-generation platform. Triple Point's real-time system
helps customers of all sizes streamline trade processing, reduce
transaction costs, maximize supply chain efficiencies, precisely
measure and manage market risk, evaluate performance, and ensure
regulatory and accounting compliance. Named "Software House of the
Year" by Energy Risk, Triple Point's award winning solutions are
used by more than 25 percent of both Global 500 commodity trading
companies and Global 500 energy companies, including Amerada Hess,
HETCO, Louis Dreyfus, BP, Morgan Stanley, Preem, Tesoro, Valero,
OMV, Bharat Petroleum, ENOC, Petronas, Oxy, Cinergy, Marathon Oil,
Noble Group, Commerce Energy, ITOCHU, General Maritime, and
Glencore. Founded in 1993 and headquartered in Westport,
Connecticut, USA, Triple Point serves clients in Asia, Africa,
Australia, Europe, North America and South America from its five
development and support centers strategically located around the
world. More information is available at www.tpt.com.
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