FPL Energy, a leading clean energy provider based in Florida, and Calpine, a Texas-based independent power producer, have both selected energycredit 2.0 to provide a single view of credit exposures and subsequently improve the efficiency of their credit risk management processes.

In addition to the web-enabled energycredit platform, the availability of the new Analytics module was instrumental in the decision of both organisations. The module provides effective measurement of potential future exposure (PFE), which is becoming increasingly critical in today's volatile market. Both projects are now well into their implementation phase.

Furthermore, StatoilHydro, a top 10 global energy company from Scandinavia, has successfully deployed energycredit, with its credit teams in Norway, the US, the UK and Singapore able to access the system.

"As an industry award-winning solution we were confident in our choice of energycredit. With the system implemented in just six months our investment will soon pay off," said Bjørn Sandmoe, head of Corporate Credit at StatoilHydro. "We are convinced that our energy trading operations across the globe will benefit from improved credit risk management through the use of this specialist solution. We are also very pleased with the way our project team has combined efforts with Financial Objects to achieve a smooth and timely delivery into production."

This first phase of the project has already delivered a number of key benefits to the teams including:

• Consolidation and enrichment of information previously held in spreadsheets and databases into a single system;
• Reduction in operational risk as all data is maintained in one location;
• Implementation of a counterparty evaluation workflow process for limit and rating changes with access to related information for credit approvals;
• Global access to contract information, limit overviews and control reports via the system's reporting engine.

"StatoilHydro's iimplementation of energycredit will see it continue to benefit from effective management of credit exposure," said Roland Jones, managing director of the Energy division at Financial Objects. "We count the world's leading energy providers among our customer base and with the FPL Energy and Calpine contract wins we have further enhanced our leadership position in the energy credit risk arena. These developments conclude a year of tremendous progress for the Energy division of Financial Objects from which both we and our growing community of clients will benefit."