WESTPORT, Conn., June 28, 2005 (BUSINESS WIRE) — Triple Point Technology announced that Westar Energy has selected Triple Point Commodity XLâ„- for Power to manage its physical and financial trading, marketing, transmission, scheduling, and settlement in US electricity markets. Westar Energy is the largest electric energy provider in Kansas with more than 650,000 customers.
“We needed a fully functional trading and risk management solution to automate our manual, spreadsheet-based business processes and to improve real-time controls and centralized reporting,” said John Olsen, executive director of power marketing for Westar Energy. “We performed an exhaustive search of the software market, and Triple Point rose to the top. We were particularly impressed with their industry knowledge and track record in helping energy suppliers, traders and marketers handle the unique requirements of multiple disparate markets on a single platform.”
The deployment of Triple Point Commodity XL for Power will also enable Westar to more efficiently and cost-effectively procure and hedge generation plant fuel requirements such as natural gas, coal, and oil.
Triple Point’s open architecture offers easy integration with Westar’s third-party applications, including those for asset optimization, generation dispatch, load forecasting and ISO/RTO communications, transmission reservations (OASIS), and NERC tagging. It also provides seamless integration with Westar’s in-house credit and general ledger systems, enabling the company to achieve true straight-through processing from front-to-back office.
“Asset-backed energy companies are increasingly looking to Triple Point to deliver a real-time, integrated view of their physical and financial position and exposure across markets and geographies,” said Peter Armstrong, president of Triple Point Technology. “We can deliver this to them quickly based on our proven, successful client delivery approach. This will help Westar meet their strict implementation timelines for all ISO/RTO markets.”
Triple Point Commodity XL’s integrated physical and financial solution automates and consolidates a client’s current environment of siloed applications, legacy systems, duplicate data entry and manual spreadsheets onto a single, adaptable, highly scalable platform designed to easily accommodate future business growth. The next-generation trading and risk management solution also helps clients meet the strict requirements of domestic and international corporate accounting regulations, including Sarbanes-Oxley, FAS 133 and IAS 39.
About Triple Point Commodity XL
Triple Point Commodity XL for Power is the company’s next-generation, front-to-back office power trading and risk management system for global physical and derivative power markets. Commodity XL for Power offers clients unprecedented control over their power trading operations, enabling straight-through processing from pricing and trade capture to physical transmission scheduling and financial settlement. The system’s risk management and modeling functions also enable clients to measure, monitor and control all aspects of energy 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 power load, generation and utilization portfolios.
About Westar Energy Inc. [ www.wr.com ]
Westar Energy Inc. is the largest integrated electric utility in Kansas, providing electric service to about 655,000 customers in the state. Westar Energy has nearly 6,000 megawatts of electric generation capacity and operates and coordinates approximately 34,800 miles of electric distribution and transmission lines.
About Triple Point Technology Inc. [ www.tpt.com ]
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 XLâ„- 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.