Houston, TX (PRWEB) October 30, 2012
Quorum Business Solutions, Inc. (Quorum), a leading provider of business and information technology solutions for the oil, gas and renewable energy industry, announces that its popular Quorum Pipeline Transaction Management (QPTM) software solution is now updated to address the latest North American Energy Standards Board (NAESB) standard - 2.0.
QPTM is an industry-leading software solution used by natural gas pipeline and storage facility operators to manage transactions with their shippers, including contracts, scheduling, nominations, allocations, billing and accounting. QPTM is currently in use by 15 facility operators, managing over 60 pipeline and storage facility assets.
Regulated natural gas pipeline and storage facility operators are required to comply with the latest NAESB 2.0 standard on December 1, 2012. With the availability of this new update to QPTM, Quorum’s regulated Clients will be able to meet this compliance deadline. A number of QPTM Clients are already underway with deployment of this new QPTM update in preparation for the December 1st deadline.
Quorum employs a unique approach to ensuring that its software solutions remain compliant with constantly evolving regulatory requirements. Through participation in Quorum’s Software Release Program and User Group, QPTM Clients work with Quorum to determine specific software updates necessary to ensure regulatory compliance. Quorum has a demonstrated track record of providing timely software updates to address each new NAESB standard. With the cost of software updates shared among multiple QPTM Clients, the financial impact of complying with a constantly evolving regulatory environment is dramatically lower than costs faced by operators utilizing other software systems.
Highlights of the QPTM software updates related to NAESB 2.0 standard changes include:
- Additional standards involving removal of Operationally Available and Unsubscribed dataset, replaced with Operational Capacity and Unsubscribed Capacity datasets
- Modifications to Capacity Release and Transactional Reporting – Interruptible Transportation datasets
- Support for sending multiple notice types with a single system-wide notice
- Standardization of code values to align with NAESB 2.0 updates
Certain pipeline and storage facility operators are considered interstate facilities, which are regulated by the Federal Energy Regulatory Commission (FERC). The NAESB serves as an industry forum for the development and promotion of standards which will lead to a seamless marketplace for wholesale and retail natural gas and electricity, as recognized by its customers, business community, participants and regulatory entities, including FERC. Periodically, NAESB develops and releases new standards that affect gas pipeline and storage facility transactions. Each new standard is ultimately adopted by the FERC with the issue of rulemakings requiring compliance by regulated pipeline and storage facility operators. Quorum is a long term NAESB member, and maintains representation on the NAESB - Wholesale Gas Quadrant board of directors and executive committee.
About Quorum Business Solutions, Inc.
Quorum Business Solutions, Inc. is a software and consulting solutions company that develops, implements and supports a suite of business software solutions for the oil and gas and renewable energy industry with a unique approach to providing a longer product life span. Founded in 1998, Quorum employs over 350 staff operating out of offices in Houston, Dallas and Calgary. Quorum has ongoing relationships with over 145 Clients, among which 25 Fortune 500 Companies are represented. Throughout its fourteen year history, Quorum has successfully completed over 650 business and information technology projects.
The Quorum Energy Software Suite is a set of integrated business applications designed for companies that produce, gather, transport, process and market crude oil, natural gas, natural gas liquids, LNG and wind-generated power. The inherent integration of the suite allows the products to work together to facilitate straight through processing of the full energy value chain.
For more information, visit Quorum’s web site at http://www.qbsol.com or call us at 713-430-8601.
Quorum Business Solutions, Inc.