What We Faced
Challenge
The trading firm desired a new Energy Trading and Risk Management (ETRM) solution to support business growth. Their existing system no longer met needs, and teams utilized manual workarounds to address functionality gaps.
Challenges included:
- Manual workarounds were inefficient, subject to errors, and provided limited controls
- Spreadsheets were not scalable and became unstable with increasing volume of data
- Many critical business functions relied on off-system reporting, including valuation, PNL attribution reporting, power scheduling and actualization, and settlements
Implemented Technologies
OpenLink Endur v16 with integrations to ICE
CME
PowerOptix and forecasting
credit
global risk systems
What We Did
Solution
The trading firm engaged MRE Consulting to lead an ETRM System Selection process to identify the best software to enable their business operations.
MRE leveraged its Energy Management Business process Master List comprising of 700+ unique requirements in combination with the client’s needs to provide comprehensive coverage. Evaluation criteria included support for in-scope commodities, process automation, risk transparency, and parity with peer companies.
OpenLink Endur was selected, and MRE Consulting was the System Integrator to implement the solution for 250 users. Implementation was phased by commodity type:
- Natural Gas went live in 9 months
- Power went live in 5 months later
- Environmental Products went live in 3 months later
What We Delivered
Results
The Openlink Endur implementation provided a foundation for future business growth as well as immediate operational improvements.
The client achieved substantial benefits including operational efficiencies, improved reporting, and enhanced controls. Benefits included:
- Multiple departments saw significant gains in efficiency and accuracy, and ultimately cost savings through reduced staffing levels
- With a stable and robust platform in place, the company increased revenues through expanded business offerings
- Enhanced controls reduced risk and improved transparency and accountability
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