PSE&G completes implementation of INSSINC’s FUTRAK

After an extensive review of software competitors, FUTRAK was chosen by PSE&G to perform FAS133 effectiveness testing, accounting and documentation. With volatile power, natural gas, and crude prices, as well as Sarbanes Oxley compliance on the rise, hedge accounting makes sense, and has actually become a very important part of risk management.

"FUTRAK’s ability to capture thousands of hedges directly from any energy trading risk management system and perform effectiveness testing and accounting gives us a clear advantage and is allowing us to quickly become the de-facto standard in this particular area", announced Richard Kulaszewski, Vice President-Sales. "Also, PSE&G had an aggressive implementation schedule that contained some never-done-before deliverables, which INSSINC ably accommodated".

By applying many innovative features to FUTRAK, INSSINC has been able to address various new FAS133 issues in a very economical and elegant manner.

PSE&G, (PEG on the NYSE) of Newark, NJ is one of the largest combined electric and gas companies in the United States and is also New Jersey's oldest and largest publicly owned utility. The Public Service Corporation was formed in 1903 by amalgamating more than 400 gas, electric and transportation companies in New Jersey. It was renamed Public Service Electric and Gas Company in 1948. PSE&G is the largest subsidiary of PSEG.

PSE&G currently serves nearly three quarters of New Jersey's population in a service area consisting of a 2,600-square-mile diagonal corridor across the state from Bergen to Gloucester Counties. PSE&G is the largest provider of gas and electric service, servicing 1.6 million gas customers and 1.9 million electric customers in more than 300 urban, suburban and rural communities, including New Jersey's six largest cities.

INSSINC has provided companies with FAS133 hedge accounting software since the Pronouncement’s inception date of 2001. Founded in 1983, INSSINC provides FAS133 compliant software with interfaces from Energy Trading & Risk Management systems and has recently released a Cash Flow Storage module that has received numerous accolades by the largest energy storage players in the industry.

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