Tractebel, a large electric utility that has a powerful presence in the energy markets, which include electricity, natural gas and other fuels, has selected INSSINCâs âFUTRAKâ to manage its FAS-133 requirements. "We are pleased to include Tractebel as another prestigious company added to a growing list of impressive names," said Elie R. Zabal, INSSINCâs President & CEO. Tractebel, with its extensive in-house expertise on FAS 133, quickly realized INSSINCâs in-depth understanding of hedge accounting. "Some of the key requirements were the ability to handle multiple designations and de-designations, storage, cash flow and fair value hedges, and the scheduling of âother comprehensive incomeâ reclassification elegantly and efficiently".
A wholly owned subsidiary of Tractebel (SUEZ), Tractebel North America, Inc. is an international energy and services business with activities in four areas: energy and related services; on-site services; design, construction and maintenance of installations; and engineering. Over the past decade, they have increased their customer base by acquiring and developing energy assets and sales forces in all parts of the world, often in partnership with others. For the benefit of its customers, Tractebel is able to mobilize the skills of about 100,000 employees in more than 100 countries, holding the rank of one of the world's top 10 independent power producers with natural gas distribution networks on three continents. In the United States, Tractebel North America, Inc., is the number one importer of LNG and is one of the largest independent power producers.
Rich Kulaszewski, Director of Sales at INSSINC, credits FUTRAKâs depth of functionality for the signing with Tractebel. "Our ability to provide the most comprehensive on-site solution for FAS 133 on an MS SQL server, as well as being the only company of its kind with experience interfacing with Zai*Net1, gave us the addition of Tractebel North America as a client. It represents the fruit of our substantial investment in and unwavering commitment to the energy market."
INSSINC has provided companies with hedge accounting and risk management software for over 20 years. Founded in 1983, INSSINC provides risk management and FAS 133 software that can be deployed as an ASP or on-site to energy companies including: E&P, gas gatherers, pipelines, refiners, petrochemical firms, power utilities, LDCâs energy retailers, municipals, cooperatives, and energy merchants. In addition, the software provides support for natural gas, crude, power, NGLs and refined products.