InstaNext, a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that NB Power has chosen the InstaNext platform for its robust reporting and data visualization capabilities.
NB Power is the primary electrical utility in the Canadian province of New Brunswick, providing approximately 75% of the power needed daily by residential and industrial consumers within the region. The power company operates and maintains one of North America’s most diverse generating systems consisting of 12 hydro, coal, oil and diesel-powered generating stations that can pump out upwards of 2,853 megawatts of power. In addition to supplying power throughout New Brunswick, these powerful stations also export energy to New England, Quebec, Prince Edward Island and Nova Scotia. “The flexibility of the InstaNext solution to handle multiple commodity classes with ease made us a natural choice for NB Power,” stated Richard Kulaszewski EVP Global Field Operations.
NB Power was impressed with InstaNext’s simplistic data interface and ease of importing open and historical positions from their legacy systems. The power company selected InstaNext based on their need for a solution that could improve their existing hedge accounting systems and provide enhanced reports and data visualizations for hedging their commodities and foreign exchange positions, P&L and cash flow roll-offs. By leveraging InstaNext’s reporting and charting capabilities, NB Power aims to transfer the majority of their complex spreadsheet reports into a more simplified one-click process. “We developed the InstaNext platform to help companies reduce the time and effort spent manually preparing and maintaining complex spreadsheets. InstaNext’s extensive visual reporting suite will enable NB Power to customize numerous operational reports in addition to preparing reports to present to their board and management team,” stated Marc Zabal, VP of Product Development.
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 commodity management software can be implemented quickly and with low risk.