News
Duke Energy Licenses OpenLink's Multi-Commodity Trading and Risk Management System
Houston, TX - May 24, 2001 - PRNewswire - Duke Energy North America (DENA) today announced an agreement with OpenLink Energy to replace its internal trading and risk management systems with OpenLink's Endur™. Duke Energy will use Endur to enhance its energy commodities and emissions trading, risk management and accounting capabilities.
"OpenLink will provide Duke Energy with the front-through-back-office solutions necessary to manage our energy trading, risk management and operational requirements," said Terry Aschbacher, DENA vice president of commercial technology. "Replacing multiple internal systems with Endur will provide DENA with sophisticated tools to manage its profitability in the emerging electronic trading market, while presenting the entire organization with the opportunity to centralize its risk analysis."
OpenLink's Endur helps to manage energy trading, risk management, and back-office functions in a tightly integrated fashion, channeling not only information but "intelligence" into a steady stream for precise decision-making, with real-time accuracy, configurability, flexibility and scalability. Endur also provides comprehensive trading and risk management support for a wide range of markets such as coal, soft commodities, metals, currency, interest rates, emissions, weather derivatives and bandwidth.
"Winning Duke Energy after a comprehensive and rigorous evaluation process truly reaffirms and strengthens our leadership position in the energy markets," said OpenLink founder and chief executive officer, Coleman Fung. "Working with energy firms, like Duke Energy, that face the most demanding and challenging requirements in this fast-changing energy environment is what OpenLink does best. We welcome this new opportunity."
About OpenLink
Founded in 1992, OpenLink has emerged as a leading solution provider of energy and financial trading and risk management systems with broad market functionality. The company's global client base includes Bank for International Settlements, Bank of Canada, Credit Local de France, Deutsche Bank, Duke Energy, Dynegy, Hamburgische Electricitats-Werke, EnCana, Equiva Services LLC, ExxonMobil Gas, Halifax PLC, Manulife Financial, Mirant, Nexen, Shell Trading and WestLB. Headquartered in Long Island, New York, OpenLink employs more than 300 professionals worldwide and has offices in New York, London, Berlin and Houston.
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