Cinergy adopts Triple Point gas trading software
US energy company Cinergy has licensed Gas XL trading and risk management software developed by Connecticut-based Triple Point Technology for its gas trading operations in Houston.
“Gas XL will do for our gas operations what Power XL has done for our power business, with the added benefit of cross-commodity risk reporting and economy of scale efficiencies in the back office,” said Michael Cyrus, chief executive of Cinergy's energy merchant business unit.
Both systems are based on a Java, web-enabled technology platform designed to offer fast processing for real-time valuation and position reporting for large volumes.
Gas XL supports all physical and financial gas trading activities, including swaps, operations, futures, physical forwards, structured deals and full requirement supply contracts.
The financial terms of the deal were not revealed.
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