Xcel Energy successfully implements FARRMS SettlementTracker module to manage wholesale billing and accounting process
Denver, CO, USA, Jan 8, 2009 – Pioneer Solutions LLC is pleased to announce that Xcel Energy has successfully implemented FARRMS SettlementTracker software product to manage wholesale billing and accounting processes. Xcel Energy will use the SettlementTracker software for administering wholesale electric sales contracts, settlement, billing, and accounting for Xcel Energy’s three operating companies: Northern States Power Company Minnesota (NSP-Minnesota), Northern States Power Company Wisconsin (NSP-Wisconsin), and Public Service Company of Colorado (PSCo).
SettlementTracker provides a comprehensive enterprise-wide settlement and accounting solution for complex energy contracts. SettlementTracker provides a straight-through processing platform that automates meter data and billing determinants, settlement and automatic accounting entries. SettlementTracker is powered by Financial and Regulatory
Risk Management System (FARRMS), the leading integrated platform for mitigating financial and regulatory risks.
Minneapolis-based Xcel Energy, a major U.S. electricity and natural gas company with regulated operations in eight Western and Midwestern states, is a leader in environmental stewardship and has a diverse complex energy portfolio. Xcel Energy will use SettlementTracker to capture, settle and account all wholesale electric sales contracts. SettlementTracker provides a single application in which settlement and accounting is accomplished.
“We are pleased that our requirements for managing complex wholesale billing and accounting were met with this software package,” said Michael Carlson, Xcel Energy chief information officer and vice president of Business Systems.