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This press release was originally distributed via the eWire press wire service (2002–2016). It is preserved here as a historical record.
Shell Energy Deploys LODESTAR's Financial Management Extension
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
Shell Energy Deploys LODESTAR's Financial Management Extension
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TO BUSINESS AND ENERGY EDITORS:
Shell Energy Deploys LODESTAR's Financial Management Extension
Shell Energy Implements Industry's First End-to-End, Component-Based
Solution for Energy Marketers
MASSACHUSETTS, PEABODY, May. 15 -/E-Wire/-- Shell Energy has successfully implemented LODESTAR Corporation's new Financial Management Extension(TM) (FME(TM)) software solution to support customer information system processes. With the addition of FME, Shell Energy became the first retail company to fully deploy a complete component-based solution that manages front- and back- office operations for today's energy marketers.
"LODESTAR's Financial Management Extension supports Shell Energy's back office processes and integrates with our existing suite of LODESTAR(R) services," said Tim Byers, chief information officer of Shell Energy. "LODESTAR gives us more control because our customers' billing, payment and collection information is centralized and easily accessible to our organization."
Based in Houston, Texas, Shell Energy is using LODESTAR's BillingExpert(TM) and FME to automate the billing of customers in Georgia and Ohio. Shell Energy is currently marketing electricity in Texas during the Texas Electric Choice pilot.
Shell Energy selected LODESTAR's Customer Choice Suite(TM) for Retail Companies to support its back-office billing and financial processes, deploying BillingExpert last November. The addition of FME completes the integration of the back-office suite. LODESTAR's suite of software solutions provides Shell Energy with a flexible, scalable and adaptable architecture specifically geared to streamline control for its customers, resulting in significant time and cost savings.
LODESTAR's Financial Management Extension handles back-office financial management and accounts receivable functions. It supports back office business processes, and tracks accounts receivable, revenue and general ledger information for all transactions that take place within the LODESTAR Customer Choice Suite or within applications from any other software provider.
"LODESTAR's Financial Management Extension expands on our highly successful Customer Choice Suite and creates a complete, end-to-end solution for retail energy providers," said Chris Hamilos, chairman and CEO of LODESTAR. "Shell Energy Services now has the most flexible financial management application available today to quickly address the unique financial requirements of any market it chooses to enter. Our new FME solution expands the reach of our BillingExpert solution and provides our customers with the flexibility they need."
LODESTAR built the Financial Management Extension as a Web-based solution with an XML and COM-based interface that easily connects with EDI and customers' front-office applications. FME's common Rules Language(TM) allows customers to make changes quickly and easily, and adapt to evolving market and business needs. In addition to serving retailers, FME can manage the back- office financial requirements for all other energy industry segments, including regulated distribution companies, Independent System Operators, and transmission and generation companies.
About Shell Energy Shell Energy is a subsidiary of Houston-based Shell Oil Company. At Shell Energy we believe choice and competition are leading the energy industry into the future. For more information about Shell Energy, visit www.shellenergy.com.
About LODESTAR LODESTAR provides leading e-Business software solutions to enable customer choice in the new energy economy. With more than 100 clients in North America, LODESTAR is a well-known and reliable provider of world-class software solutions. Energy providers use LODESTAR software for pricing, billing, load profiling and settlement, financial management and transaction management. The LODESTAR(R) Customer Choice Suite(TM) (CCS(TM)) provides the world's most complete, flexible, scalable and reliable Web-based software to competitive retail companies, regulated distribution companies, independent system operators, and transmission and generation companies. LODESTAR customers include Shell Energy, the Electric Reliability Council of Texas (ERCOT), TXU, Allegheny Power, BC Hydro and Duke Power. LODESTAR Corporation's headquarters is at Two Corporation Way in Peabody, MA, 01960 USA. For more information, visit www.lodestarcorp.com or call (888) 225-1293.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. The success of the agreements and products described above and the future operating results of LODESTAR Corporation may differ from the results discussed or forecasted in the forward-looking statements due to factors that include, but are not limited to, risks associated with the eBusiness software applications market, dependence on the Internet, risks associated with new versions and new products and risks associated with rapid technological change.
LODESTAR, Financial Management Extension (FME), Customer Choice Suite (CCS), RateExpert, LODESTAR Profile and Settlement System (LPSS), LODESTAR Data Repository, LODESTAR Rules Language, LODESTAR Transaction Management Hub (LTMH) and BillingExpert are all either registered trademarks, registered service marks, trademarks, and/or service marks of LODESTAR Corporation in the United States and/or other countries. All other brands, product names, company names, logos, trademarks, service marks, and symbols may be the property of their respective owners.
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LODESTAR Corporation
http://www.lodestarcorp.com
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