Three of the world’s top energy companies honored for excellence in commodities trading
DALLAS, Texas, November 3, 2015 – Allegro Development Corporation, a leading provider of commodity risk management software, today announced that EOG Resources, Hydro Tasmania and Neas Energy are the winners of its 2015 Customer Innovation Awards.
Allegro’s Customer Innovation Awards were created in 2014 to recognize customers with a commitment to excellence and innovation, who have achieved quantifiable benefits through the use of industry best practices and used the Allegro 8 platform for commodity risk management. These customers were nominated by Allegro customers, partners, employees and members of the Allegro user community.
A leading third-party analyst, Commodity Technology Advisory (ComTech), was responsible for judging the nominations to select winners from each region where Allegro has a major presence including the Americas, Europe, the Middle East, Africa and Asia-Pacific. From the twelve nominations, ComTech selected three winners, each representing a broad range of companies transacting in energy and commodity markets, including the power & utilities and the oil & gas sectors. There were also two honorable mentions awarded, for customers TECO and Repsol.
“The Innovation Awards recognize customers who have applied creativity, critical thinking, problem solving and innovation to their use of the Allegro 8 Platform to successfully transform their businesses,” said Frank Brienzi, Chief Executive Officer for Allegro. “The customers selected were recognized for their ability to innovate and produce greater returns in dynamic markets with increasing transaction volumes, complex pricing, intricate deal types, and in some cases, sub-hourly trading intervals.”
Here are the specific achievements of the winners:
• EOG Resources, one of the largest independent crude oil and natural gas companies in the US with reserves in the US, Canada, Trinidad, the UK and China, utilized Allegro 8’s fundamental logistics component and underlying tables and Allegro’s extensive, customizable extension functionality involving class events and custom front end views to improve efficiency, lower costs, minimize volume losses and reduce billing errors.
• Hydro Tasmania is Australia’s leading renewable energy company, generating hydropower and wind power in Tasmania, and trading electricity and energy-related environmental products in the Australian market. It is also the largest water manager in Australia. Hydro Tasmania implemented Allegro’s commodity management system, which was customized for the Australian market to meet its specific requirements. The key benefits Hydro Tasmania achieved with Allegro were the consolidation of all the data sources into one and process improvements to manage market exposures and contract position across wholesale and retail operations.
• Neas Energy, an independent energy asset management company operating in power, gas and energy certificate markets across Europe, is continuously seeking to optimize its gas portfolio and exploit the cross border opportunities that occur at a rapid pace. The availability of gas transport capacity is a critical factor in utilizing such short term opportunities and the Allegro solution provided a smart way of presenting these cross border flow options while at the same time allowing Neas to exploit market opportunities.
“We continue to be impressed with how Allegro customers are able to demonstrate innovation and quantifiable business benefits with the system,” said Patrick Reames, Managing Partner of ComTech. “Companies that effectively utilize commodity management technologies can make smarter, faster business decisions and improve profitability. It’s good to see Allegro reward these users for leadership in setting industry best practice.”
The full list of nominees: Genesis Energy, Occidental Energy Marketing, TECO, Neas, Repsol, Hydro Tasmania, Plains, Devon Energy, Racetrac, Range Resources, EOG Resources and Mitsui.
Allegro develops and markets integrated commodity management software providing position visibility, risk management, comprehensive controls and regulatory compliance. Allegro customers manage commodities from production to consumption, including oil and gas production, petroleum refining, agriculture and forestry, mining, chemicals, metals, food, transportation, commercial and utility sectors. Allegro software is tailored to the specific needs of each commodity, with a comprehensive set of features and functions to support profitable decisions. Allegro is headquartered in Dallas, with offices in Calgary, Dubai, Houston, Jakarta, London, Kuala Lumpur, Singapore, Sydney and Zurich.
For more information, please visit allegrodev.wpengine.com or contact Samantha Johnston at firstname.lastname@example.org or +220.127.116.1149.