SOURCE: Oracle Corporation

Oracle Corporation

March 25, 2015 08:08 ET

Genie Retail Energy Improves Operations and Increases Efficiency With Oracle Utilities Load Profiling and Settlement

WASHINGTON, DC--(Marketwired - Mar 25, 2015) - ORACLE INDUSTRY CONNECT -- Oracle (NYSE: ORCL) today announced that Genie Retail Energy (GRE), a leading retail utility serving more than 360,000 electric and natural gas meters in six states, has deployed Oracle Utilities Load Profiling and Settlement with PowerRunner's fully integrated FORrunner Forecasting Analytics accelerator as a physical and financial data aggregation solution to more efficiently validate, edit, and estimate usage data to forecast and settle with market operators. This solution provides GRE with an automated, in-house, microforecasting solution across multiple electricity and natural gas market segments.

GRE forecasts its own energy requirements, and the limitations of its legacy system forced it to manage some territories outside of its incumbent forecasting network, which proved to be time-consuming and inefficient.

With Oracle Utilities Load Profiling and Settlement and FORrunner in place, GRE can efficiently and securely forecast demand and settlement. Additionally, the solution provides GRE with a forecasting platform that can support its expansion into new energy market segments and products. The Oracle and PowerRunner solution is now integrated with GRE's customer information system (CIS) and other IT systems, enabling the company to implement the appropriate PowerRunner modules to quickly create highly accurate forecasts when entering a new utility territory. 

"By replacing our inefficient legacy system with Oracle Utilities Load Profiling and Settlement with PowerRunner, we have significantly improved our operational productivity. Our forecasting processes now run very smoothly, and we look forward to realizing additional efficiencies in the future," said Terrence Stronz, chief financial officer, Genie Retail Energy.

"With Oracle Utilities Load Profiling and Settlement in place, GRE now has access to the market-leading, fastest, most-accurate aggregator of consumption and financial data available, ultimately enabling it to improve its forecasting processes," said Rodger Smith, senior vice president and general manager, Oracle Utilities.

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