TULSA, Okla., Sept. 26, 2002 — SolArc Inc., a provider of enterprise trade management solutions for global commodity businesses, announced that AEP Energy Services Inc. has licensed SolArc RightAngle to manage the marketing and logistics of their coal trading operations.
AEP is the largest consumer of coal and among the top 20 producers of coal in the U.S., with more than 70 years of experience in the ownership and operation of coal mine properties. The company produces approximately 20 million tons of coal annually. In December 2001, the company acquired the existing contracts and hired key staff from the Enron international coal team, based in London.
“Our goal was to consolidate our existing domestic coal business and the recently acquired international coal team to a single platform,” said Don Simpson, Vice President of Wholesale IT for AEP. “We wanted a solution for managing physical commodities that would provide timely and accurate supply information, leading to better pricing and reduced risks for ourselves and our customers. SolArc RightAngle was the solution that best met our requirements.”
Since it was launched in 1994, SolArc RightAngle has become the leading enterprise trade management solution for the natural gas liquids, coal, crude oil and refined products industries. AEP’s coal business segment will be taking advantage of SolArc RightAngle’s coal specification-pricing capabilities, lab analysis, product specification grouping/rejection logic and integration with railcar tracking software (RailTracs).
“With almost six million retail customers in the U.S., AEP is one of our largest energy producers and SolArc RightAngle will help them manage the depth and breadth of their operations, which includes dozens of productions sites and an extensive coal transportation infrastructure,” said Brad Anderson, President and CEO for SolArc. “As the nation’s largest consumer of coal, AEP will gain significant benefits from using SolArc RightAngle to give its coal marketing enterprise the information and tools it needs to effectively minimize price and supply risks.”
SolArc RightAngle is the most comprehensive product to integrate the entire transaction process, including every form of trade capture (physical and financial deals), storage and inventory management, pooled scheduling, logistics and transportation management, trade accounting, position management and real time and forward-looking profit and loss reporting capabilities in one complete end-to-end solution.
About SolArc, Inc.
SolArc, Inc. is a provider of enterprise trade management solutions for global commodity businesses, integrating trading, scheduling, accounting and risk management functions into an easy-to-use interface.
SolArc’s products blend seamlessly with current business architecture — including existing ERP and advanced risk management systems — giving clients a flexible solution that grows with their business. By making energy companies more efficient, SolArc’s products greatly reduce incremental transaction costs, making those companies more competitive. Headquartered in Tulsa, Oklahoma, visit SolArc at http://www.solarc.com .
American Electric Power is a multinational energy company with a balanced portfolio of energy assets. AEP, the United States’ largest electricity generator, owns and operates more than 42,000 megawatts of generating capacity in the U.S. and select international markets.
AEP is a wholesale energy marketer, ranking among North America’s top providers of wholesale power and natural gas with a growing wholesale presence in European markets. In addition to electricity generation, AEP owns and operates natural gas pipeline systems, natural gas storage, coal mines, and the fourth-largest inland barge company in the U.S.
AEP is also one of the largest electric utilities in the United States, with almost 5 million customers linked to AEP’s wires. The company is based in Columbus, Ohio.
Source: SolArc, Inc.