Norsk Hydro and WINGAS Joint Venture Becomes Third Recent Client to Adopt
Leading European Solution
Triple Point Technology, Inc., the leading global supplier of cross-industry software platforms for the supply, trading, marketing, and movement of commodities, announced today that HydroWingas Limited (HWL), an independent company that markets gas and related supply services throughout the UK, chose Commodity XL for Gas™ to support its strategic portfolio optimization initiatives. HydroWingas adds to Triple Point’s large and preeminent European client list, which includes Glencore, HETCO, Hess Corporation, Lehman Brothers, OMV, Borealis and Preem Petroleum.
HydroWingas Limited was established in the Spring of 2004 for the marketing and sale of natural gas in the UK and is a 50/50 joint venture between Norsk Hydro ASA, the Norwegian energy and aluminium group, and WINGAS GmbH, the German gas transportation and supply company. HydroWingas provides unprecedented service and tools for its customers to maximize their energy portfolios.
“The days when large gas users undertook an annual tendering process as part of their yearly procurement review have been made obsolete, by a much more complex and volatile market, in which continuous optimisation and ongoing reviews are the keys to successfully managing energy portfolios,” said Peter Westhof, deputy managing director, HydroWingas Limited. “In order to maintain an excellent service standard during our rapid growth, HydroWingas Limited have made a strategic investment in Commodity XL for Gas. This will allow HydroWingas Limited to deliver the sophisticated products demanded by its customers while maintaining secure control and accurate management of its portfolio,” added Edward Stock, business development manager for HydroWingas Limited.
“The European natural gas market, similar to the energy markets worldwide, has become more unpredictable and Commodity XL is the only solution that enables the complete management, measurement, control and reporting of commodity portfolios in this fast changing business environment,” said Peter F. Armstrong, president and CEO, Triple Point Technology. “The European market has always been an important and propitious one for Triple Point as can be attested to by our large and rapidly growing list of European clients which now, I’m excited to say, includes HydroWingas.”
Triple Point Commodity XL for Gas is a true next-generation solution built specifically from the ground up for high-volume, complex transaction management organisations. It provides the essential capabilities for organisations trading natural gas with real-time integration of physical and financial positions, comprehensive risk management, and an integrated back office.
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