Molecule Software, the leader in modern cloud-based trading and risk management software for energy and commodities, announced that they were selected by WGL Energy Services (WGL Energy), as the retail energy supplier’s energy trading risk management (ETRM) platform.
WGL Energy is a leader in competitive energy supply and environmentally-friendly energy offerings in the Mid-Atlantic for residential, government, commercial, and industrial customers.
As a retail electric provider, WGL Energy relies on an ETRM system to manage wholesale hedging for physical and financial gas and power trades, exchange power and gas, FTRs, and renewable energy credits (RECs). WGL Energy began evaluating solutions to replace an incumbent legacy ETRM system, which had been in place since 2006.
“We were looking for a better integration with market data and a system that could help us manage our growing activity in renewable energy products,” said Phil Woodyard, Chief Operating Officer at WGL Energy.
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The WGL Energy team chose Molecule because it provided the modern functionality that meets the demands of today’s volatile and shifting marketplace. The company will also utilize Molecule’s Elektra add-on for power and Hive add-on for renewables.
“Molecule provides a powerful platform designed for the products in the market today and flexible access to the data to design reports and outputs to meet our requirements,” said Woodyard. “Additionally, they have an implementation process that is efficient without creating a large burden on our internal resources.”
“We’re truly excited to have WGL Energy onboard with Molecule, and we look forward to assisting the team in navigating the ever-changing energy market,” said Sameer Soleja, founder and CEO of Molecule. “We’re here to support their mission of delivering dependable energy products and services to their customers.”
SOURCE : PRNewswire