The Natural Gas and Electricity Retailer was managing all cash month trading and settlement activities in spreadsheets, which resulted in cumbersome, error-prone, and inefficient processes across its gas supply division.
The company decided to move to a gas management settlement system, in order to more effectively manage their gas supply function, reduce costs, increase accuracy, and improve employee productivity.
By doing so, employees would assume a standardized role and the company could manage gas supply centrally from a common platform.
MRE led the gas management settlement system selection effort, building the system business case and managing the overall vendor evaluation process. This effort required capturing the company’s requirements, tailoring the evaluation process, assessing total cost of ownership, and analyzing vendor financial profiles in order to make a recommendation.
MRE’s leadership allowed for a well-constructed review of multiple systems. The company was able to focus on reviewing and assessing the data points for decision making, resulting in a more pointed and effective software selection.
The client’s intent was to utilize gas management software to manage all transactions from pre-deal analysis through settlement. System functionality would require different and complex agreement modeling and gas management needs.
The client’s Settlement Solution Selection committee assessed each vendor solution based on the following criteria: company information, technical fit, software bidder fit, pricing, process fit, and demonstration.
Following a successful selection and implementation, key benefits included:
- Stronger control environment for the management of natural gas assets
- Increased granularity of data and access to information for settlement reporting
- Increased control and accuracy in settling bilateral contracts and pipeline contracts
- Increased efficiency and accuracy via integration with financial gross margin reporting