ENGIE, a global energy company with over 150,000 employees in about 70 countries, recently upgraded to pro membership on Aquilon’s Energy Settlement Network®. With access to the full capabilities of ESN®, ENGIE’s settlement team can manage an ever-increasing number of transactions more easily.
“We’re pleased to see another industry leader like ENGIE embrace ESN,” said Jeffrey Wagner, founder and CEO of Aquilon Energy Services. “Companies are finding that nearly 70 percent of their counterparties are already on the network, making it cost-effective for them to leverage ESN and realize benefits rapidly.”
ENGIE’s rapidly growing book of business drove their search for a tool to automate and simplify the settlement process. After their analysts experienced the ease and operational efficiency of settling on ESN as basic members, ENGIE chose to go pro, putting a solution in place that would scale with their rapid growth. With a tool that fosters collaboration between their settlement analysts and counterparties, ENGIE is excited that the process will be more efficient and far less stressful, identifying exceptions well in advance of invoice due dates.
“The implementation went live in 70 days,” said Michael Fitzgerald vice president of customer operations for Aquilon. “Keeping pace with ENGIE’s rapid growth, the project teams at ENGIE and Aquilon worked together seamlessly to launch quickly.”
Since ESN launched in 2015, members have settled more than 9 million physical and financial power and natural gas transactions totaling over $17 billion. Today, more than 500 companies—ranging from electric utilities and multinational oil and gas companies to Fortune 500 financial institutions—settle energy transactions on ESN.