Progress Energy Selects Eka’s Next-Generation ETRM Software to Manage Natural Gas, Crude, and Refined Products
Energy leader required an advanced, best-of-breed energy trading and risk management software solution to manage its rapidly expanding operations.
September 13, 2016
Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, announced today that Progress Energy has selected Eka’s InSight CM® platform to manage trading, position, risk, scheduling, and settlement for Natural Gas, Crude, and Refined Products.
Progress Energy produces more than 750 million cubic feet equivalent of natural gas per day in northeast British Columbia and northwest Alberta. Production currently serves Canadian markets with ambitious plans to expand production capacity on its large Montney land holdings in preparation for the opening of new LNG markets in Asia. Progress Energy is owned by Petroliam Nasional Berhad (PETRONAS) of Malaysia, a global leader in LNG.
To support the company’s rapid growth, Progress Energy required an advanced, best-of-breed ETRM solution that was fully integrated across front, middle, and back office. Progress Energy sought a solution that would scale with its business and provide full transparency and controls for its Marketing operations. Eka’s user-friendly functionality and ability to scale, along with its track record of successful implementations and reputation of satisfied customers were key to Progress Energy choosing Eka.
“Progress Energy had outgrown its current systems and needed a scalable front-to-back ETRM platform to support our growing business,” said Neal Brandemark, Manager, Risk Management at Progress Energy. “Eka offered the best combination of functionality, ease of implementation, and a reputation for ensuring customer success. Eka was clearly the best choice for Progress Energy.”
“In competitive evaluations, Eka comes out on top for providing the greatest depth and breadth of functionality as well as for our outstanding implementation capabilities. We’ve received industry recognition for our fully integrated ETRM software solution as we were named a Major Player in the IDC MarketScape: Worldwide ETRM Software Vendor Assessment,” said Andy Bout, General Manager, Energy at Eka. “Energy, companies are looking for something better than the dated platforms so prevalent in the marketplace. To remain competitive in today’s volatile energy markets, energy companies require systems that enable them to effectively manage the business. We are pleased to welcome Progress Energy as a new customer.”
Eka’s energy solutions manage financial derivatives and physical contracts for crude and refined products, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), power, coal, and biofuels. Eka’s best-of-breed ETRM solutions cover all aspects of a transaction lifecycle including trading, risk management, processing, scheduling, logistics, and accounting. In addition, Eka’s advanced analytics solutions enable customers to seamlessly integrate disparate data and make fact-based decisions providing a competitive advantage.
About Eka Software Solutions
Eka is the global leader in providing Smart Commodity Management software solutions. Eka's analytics-driven, end-to-end Commodity Management platform enables companies to efficiently and profitably meet the challenges of complex and volatile markets.
The company’s best-of-breed solutions manage commodity trading, enterprise risk, compliance, procurement, supply chain, operations, logistics, bulk handling, processing, and decision support. Eka partners with customers to accelerate growth, increase profitability, improve operational control, and manage risks and exposures.
Eka is a team of 315 staff with offices in the Americas, Asia, Australia, and EMEA, serving a rapidly growing global client base across multiple commodity segments.