DTE Energy signs license for OpenLink’s Endur energy transaction software
Houston, TX – April 23, 2004 – OpenLinkannounced that Michigan-based, full-service energy company, DTE Energy will utilize Endur’s transaction and risk management functionality for the company’s natural gas, power, refined products, coal, and emissions trading activities. This implementation marks OpenLink’s first Linux installation.
“As a leading diversified energy company, we must maintain a robust IT infrastructure for our growing business needs,” said Edward Finta, director of information systems at DTE Energy Trading. “After a thorough evaluation of available vendor systems, we decided that Endur was the best-fitted transaction and risk management solution to replace our multiple legacy systems. In addition, Endur is the only solution that supports Linux, which is critical to forward-looking companies like DTE Energy.”
From simple to complex deal structures, Endur maximizes utility, pipeline, and natural gas storage companies’ efforts in trading around their assets. Specific to the needs of full-service energy companies such as DTE Energy, Endur supports a comprehensive range of load-following deal scenarios and puts earnings-at-risk and value-at-risk calculations at the fingertips of decision makers.
“DTE Energy’s installation of Endur will consolidate and streamline the company’s trading and risk functions, and provide access to critical information not readily available through their existing applications,” said Matthew Frye, managing director of OpenLink’s Houston division. “A utility’s business inherently involves multiple asset classes, but regardless of the commodity traded, Endur’s return on investment is its proven ability to increase operational efficiency, reduce redundant processes, and provide the internal controls and audit functions required for Sarbanes-Oxley compliance.”
While DTE Energy’s implementation is Linux-based, Endur also supports Windows NT, 2000, and XP as well as Solaris operating systems. Its adaptive, dynamic and integration-enabling technology framework highlights a focus on the use of both market-proven and emerging technologies to deliver a future-proof solution.
“This signing highlights an important fact that, although the inflated, go-go days of energy trading are gone, full-service energy companies still require proper investment in energy transaction and risk management solutions,” said Coleman Fung, OpenLink’s founder and CEO. “DTE Energy is a perfect example of these leading, progressive energy firms that are investing wisely. We wholeheartedly welcome DTE Energy to the OpenLink family.”
About DTE Energy
DTE Energy is a Detroit-based energy company involved in the development and management of energy-related businesses and services nationwide. Its largest operating companies are Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, and Michigan Consolidated Gas Co., a natural gas utility serving 1.2 million customers in Michigan. Information about DTE Energy is available at www.dteenergy.com.
Founded in 1992, OpenLink is a leading provider of trading, risk management, and operations software solutions. The company’s Adaptive, Dynamic, and Integration-enabling (ADI) Framework-based solutions support the most rigorous business requirements of firms trading in energy, interest rate derivatives, fixed income securities, foreign exchange, money markets, metals, and soft commodities.
OpenLink’s global client base includes American Electric Power, Banco de Mexico, Bank of America, Bank for International Settlements, Bank of Canada, Bank of Scotland Treasury PLC, Barclays Capital Markets, Bridgeline Holdings, Deutsche Bank, Edison International, Enbridge, Mirant, Nexen, Shell, and Vattenfall Europe Trading. Headquartered in Long Island, New York, and with offices in London, Houston, New York City, Berlin, Sydney, Sàƒ£o Paulo, and Tokyo, OpenLink employs more than 260 professionals worldwide.