InstaNext, a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that Liberty Utilities, a subsidiary of Algonquin Power & Utilities Corp., has gone live with the InstaNext platform. The implementation was completed in a record 5 weeks and will enable the energy company to consolidate all of their physical and financial trades in one CTRM solution.
Based in Ontario, Canada, Liberty Utilities is a regulated water, wastewater, natural gas and electric and propane/air utility company providing local utility management, service and support to small and mid-sized communities across the United States. With operations in Arizona, Arkansas, California, Georgia, Illinois, Iowa, Kansas, Massachusetts, Missouri, New Hampshire, Oklahoma and Texas, Liberty Utilities serves over 783,000 customers.
Liberty Utilities was looking for a robust system to replace their spreadsheet trade blotter and consolidate all physical and financial trades of their subsidiaries. With the company’s acquisition of Empire District in January, which was already licensing InstaNext’s cloud-hosted software, it was a natural solution that Liberty would bring InstaNext company-wide to all divisions. Moving forward, Liberty will use the InstaNext platform to manage their physical sales of power, their renewable energy certificates (REC), and their daily gas physical trades and financial hedges. InstaNext will enable the energy company to manage all types of contracts and pricing methods, as well as performing daily mark-to-market valuations and accounting for trade settlements. With the system’s advanced workflow module, Liberty will now be able to manage and control workflows associated with each trade type, giving them more visibility into tracking the status of an item, as well as increased productivity around business tasks. InstaNext will also provide advanced risk reporting and analytics, which will improve risk management for the energy company.
“Liberty Utilities, Liberty Power, and other subsidiaries wanted to combine in order to create one centralized company-wide risk management program that would include risk, trade work-flows and approvals along with reporting. InstaNext’s professional services team rose to the occasion and implemented them on-time and within budget,” stated Richard Kulaszewski EVP Global Field Operations. The energy company goes live after a 5 week implementation and training of Liberty Power and Liberty Utilities.
InstaNext is comprised of a team of software and technology experts in the fields of commodity trading, hedging, and risk management. With an extensive portfolio of prior successes in the CTRM industry, InstaNext provides intuitive solutions to help companies meet the challenges of the complex commodities world. The InstaNext platform simplifies every aspect of commodity trading and risk management. The multi-market platform allows companies to analyze their positions in real-time via its powerful analysis capabilities. With InstaNext, historical and scenario-based data can be used to compare current positions against changes in the market, allowing for more effective management of portfolio risk and ensuring profit margins are secure. Using the latest cloud-hosted technology, InstaNext can be implemented quickly and with low risk.
For more information please visit our website at www.instanext.com.