Co-op Energy Chooses Contigo’s Cloud-Hosted ETRM Solution
The UK’s largest customer-owned energy supplier, Co-op Energy, is part of the Midcounties Co-operative; the largest independent co-operative in the UK, and offers a range of gas and 100% green electricity tariffs.
It chose Contigo’s cloud-hosted enTrader® ETRM solution to minimize risk and to improve efficiency and flexibility in energy trading, prior to taking over 160,000 GB Energy accounts, after GB Energy ceased trading and Co-op Energy was appointed by Ofgem as supplier of last resort. Co-op Energy was awarded the Utility Week Customer Care Award for the way it looked after GB Energy’s customers.
Callum Wright, Prompt Trading Manager at Co-op Energy comments: “We trade with many different counterparties from long term to short term contracts. While spreadsheets served us well for a long time, the task to manage these was becoming both arduous and open to error. The manual input regarding spreadsheets meant that risk of human error was proving difficult to mitigate and we felt we were in a position where a trading system was vital. We also planned to both grow, and migrate, large numbers of customers and this meant we were searching for a system that was ready to support all our needs.”
Following a detailed procurement process, Contigo’s enTrader was identified as the best solution to support Co-op Energy’s trading activity. enTrader is ready to use ‘out of the box’, pre-configured and pre-populated with industry data, and also easy to use.
Callum continues: “We were quickly drawn to the clean and simple layout of Contigo’s systems with the excellent flexibility when discussing implementation and the various packages. We weren’t forced to take unnecessary elements as part of the install, and the relationship with Contigo was very strong from the start.
“Something that stood out instantly was the ability to import our current position with very little fuss, something we had found to be a sticking point with other providers.”
In addition to the core energy trading and risk management solution, Co-op Energy opted for the regulatory reporting module to automate REMIT reporting, along with Contigo’s fully managed cloud service. Operating enTrader in a SaaS model helps minimise CAPEX and enable fast, efficient upgrades, combined with consistent system performance.
enTrader was implemented on a rapid implementation process, allowing Co-op Energy to realise value from the investment more quickly. Contigo worked with Co-op Energy, reviewing the business’ current processes to plan what it needed to achieve through the ETRM system.
Callum Wright comments: “There was excellent flexibility when discussing implementation and the various packages, and we weren’t forced to take unnecessary elements as part of the install, we only pay for what we need. Contigo talked through all the different aspects and helped us focus specifically on the areas we needed; once up and running there is full support and lots of opportunity to build and add onto a really user friendly interface.”
“The team at Contigo were always willing to help, available to answer questions and were comfortable visiting us here on site which made the process much smoother. Once we had decided what Co-op Energy wanted from the packages on offer, the process to “go live” stage was smooth and fast.”
The easy to use and fully configurable nature of enTrader increases flexibility for customers, and the implementation process involves training, so that customers understand how the system has been configured, and have greater control in the future.
The Co-op Energy team were able to start navigating the system very quickly, and add the necessary data, quickly and easily. In the future, will be able to make adjustments to meet their changing business requirements, and so minimise ongoing costs.
Callum Wright of Co-op Energy concludes: “EnTrader has made a fundamental improvement to the day to day operations here at Co-op Energy, particularly the accuracy and reliability of trade data. We have also noted improvements in other areas including reporting, settlement, audit and visibility.”
Contigo’s head of business development, Tim Rogers, comments: “More businesses are now choosing the cloud-hosted option of our enTrader® ETRM solution. Our Software as a Service (SaaS) solution means we host and manage the service for clients, automatically applying updates to the software, so that users are able to stay up to date with industry changes, security updates and performance requirements, and can achieve greater agility and ‘future-proofing’ for their businesses. Our enTrader® software is designed to simplify energy trading, while also delivering a lower total cost of ownership.”