Eneco successfully implements FARRMS FASTracker module to manage Derivative Accounting
Rotterdam, Netherlands July 30, 2008 – Pioneer Solutions LLC is pleased to announce that energy company Eneco has successfully implemented FARRMS FASTracker software product to manage its Derivative Accounting processes. Eneco will use the FASTracker software for hedge documentation, hedge effectiveness testing, hedge effectiveness measurement, preparing accounting entries and disclosure information.
FASTracker provides a comprehensive solution that automates end-to-end Derivative accounting and management processes from documentation of accounting strategy and hedges to preparing automatic accounting entries. FASTracker supports FAS133 and IAS39 accounting standards supporting complex energy and commodity portfolios. The software provides an integrated platform for derivative and fair value accounting and disclosure. FASTracker is
powered by Financial and Regulatory Risk Management System (FARRMS) that provides a leading edge integrated platform for mitigating financial and regulatory risks.
Rotterdam-based Eneco, one of the largest energy companies in the Netherlands serving millions of business and residential customers, has a complex energy and commodity portfolio, making Derivative Accounting process equally complex and challenging in order to adhere to IAS39 and IFRS standards. FASTracker seamlessly integrates with Eneco’s transaction system and automates derivative accounting processes.
“IAS39 is a relatively new accounting standard, and implementing a system to automate derivative accounting processes certainly shows our commitment,” said Guido Dubbeld, Managing Director of Eneco Energy Trade. “We are pleased that most of our requirements for managing the Derivative Accounting were met with this software package.”
About Eneco Energie
Eneco is one of the three leading energy companies in The Netherlands. Eneco applies an integrated distribution strategy and specializes in the production, transmission, trading, supply and metering of energy (electricity, gas and heat) and related products and services. Eneco is making a transition to a sustainable energy company and will make substantial investments in sustainable energy in the coming years. In total the company serves
approximately two million business and domestic customers. Eneco employs 5,300 people, who are mainly located in the Zuid-Holland and Utrecht provinces. The head office is located in Rotterdam. In 2007 Eneco’s turnover and the net profit amounted to 4.8 billion euros and 426 million euros respectively.
About Pioneer Solutions LLC
Pioneer Solutions LLC is a leading provider of financial and regulatory software solutions to the Utility sector. Pioneer Solutions’ proprietary Financial and Regulatory Risk Management System (FARRMS) provides unique straight through processing solutions for:
a) derivative accounting and compliance (FASTracker)
b) renewable energy credits portfolio accounting, trading, management and compliance (RECTracker)
c) emissions and CO2 accounting, trading, and management (EmissionsTracker)
d) settlement and accounting (SettlementTracker) of complex energy contracts
e) enterprise wide regulatory, environmental and corporate compliance management (ComplianceTracker).