Reliant and TXU conduct initial online auctions of power generation capacity using Trade@TheMoment platform
SAN MATEO, Calif., Oct. 29, 2001 – @TheMoment, Inc., today announced that Reliant Energy Wholesale Group has selected and implemented the Trade@TheMoment platform to conduct online auctions of standardized power generation capacity products.
As part of the transition to retail electricity competition in Texas, the state’s regulated power generation companies, including Reliant Energy HL&P, are required to sell at least 15 percent of their capacity via public auctions.
Reliant created CapTrades, a new marketplace to enable the capacity auctions and the subsequent power scheduling process, and chose @TheMoment to develop an advanced, multi-round auction to comply with the complex regulations related to the sale of power generation capacity in Texas.
CapTrades launched its initial series of auctions on September 5, 2001, offering Reliant Energy HL&P generation capacity products such as baseload, gas intermediate, gas peaking and gas cyclic to dozens of potential customers including utilities, energy traders, retail aggregators and large industrial consumers. In late September, CapTrades concluded the auctions of 48 distinct product classes resulting in the sale of over 2,000 megawatts of power generation capacity.
“This first-of-its-kind auction of standardized capacity products was a success – meeting our aggressive objectives in an unforgiving time frame with no room for error,” said Bruce Thompson, vice president of New Business Development, Reliant Energy Wholesale Group. “Confronted with rigorous auction requirements, @TheMoment produced a robust online marketplace that both conforms to regulations and provides us with a new channel through which to move capacity products. With regard to ERCOT power generation capacity, Reliant is equipped to conduct business in fair and open fashion in the deregulating Texas markets.”
“We’re excited to add a customer of the caliber of Reliant to our growing client list,” said Larry Frye, president and CEO, @TheMoment, Inc. “Businesses now require the tools to face new challenges and competition in today’s markets. With our dynamic trading technology, companies are able to drive revenues, slash costs, and achieve competitive advantage more quickly and efficiently than ever before.”
“We are pleased to be chosen by Reliant to produce their auction solution to address regulatory requirements in Texas,” said Dave Moshal, CTO, @TheMoment. “The scalable and flexible nature of the Trade@TheMoment platform provides our customers with a foundation to support a large variety of dynamic trading applications to meet their wide-ranging business needs.”
@TheMoment powers CapTrades auctions for third-party customers CapTrades’ first non-affiliated customer is TXU, a provider of electric and natural gas services, electricity generation, merchant trading, energy marketing, energy delivery, telecommunications, and other related services. TXU is using the CapTrades system to meet its capacity auction requirements.
With this platform, TXU was able to conduct online auctions in September 2001 resulting in the sale of over 2,900 megawatts of power generation capacity and is looking forward to the next auction in March 2002.
With a broad range of services, CapTrades is focused on serving additional independent and regulated generators in Texas and North America.
About Reliant Resources
Reliant Resources provides electricity and energy services to wholesale and retail customers in the U.S. and Europe, marketing those services under the Reliant Energy brand name.
Reliant Resources currently is a majority-owned subsidiary of Reliant Energy.
CapTrades offers hosted services via the Internet that include auction functionality from @TheMoment for generators as well as power schedule capture, maintenance and transfer functionality for buyers and sellers of standardized capacity products in North America. Learn more about CapTrades at www.captrades.com.
About @TheMoment, Inc.
@TheMoment, Inc. sets up dynamic trading systems for Global 2000 enterprises.
Headquartered in San Mateo, Calif., @TheMoment is funded by Voyager Capital, VantagePoint Venture Partners, TIBCO Software, Tarrant Venture Partners – an affiliate of Texas Pacific Group, RVC Greenhouse Fund, and other strategic investors. Additional company information is available at www.themoment.com.