SYNECO TRADING SELECTS ALLEGRO FOR ENERGY TRADING AND RISK MANAGEMENT
German Energy Trading Company to Manage Power, Natural Gas and Certificates Trading with Allegro 8
Allegro Development Corporation, a leading provider of energy trading and risk management (ETRM) software, announced today that Syneco Trading GmbH, Munich, (Syneco) has selected the Allegro 8 platform to manage its power, natural gas and certificates trading operations. Syneco required a fully integrated system to replace a legacy IT infrastructure and support the company’s operations in key energy trading business processes, including deal capture, confirmations, scheduling, settlement, accounting, position and risk management across commodities.
Syneco is the leading municipal energy trading organisation in Germany and the energy trading platform within the Thüga Group responsible for the energy procurement of over 60 of Thüga entities across Germany. Syneco provides energy trading, portfolio management and logistics services for power, natural gas and certificates, as well as hedging operations with derivatives.
“Our primary objective was to select a system that would support our current and future activities in electricity, natural gas and emissions trading, improve our business visibility and facilitate our risk management and reporting,” said Dr. Johannes Angloher, Deputy CEO at Syneco. “We have chosen Allegro 8 for its strong functional support for all aspects of energy trading, operations, and risk management. Allegro not only covers our current and planned activities in energy trading, but also provides a robust foundation for extending our activities in the future.”
Allegro will help Syneco meet the following business goals:
- Replacing the company’s legacy core system to eliminate infrastructure-related risks and limitations to its business activities
- Increasing the flexibility and timeliness of reporting in order to improve visibility for risk management
- Allowing future extensibility into other functional areas of Syneco’s energy trading business