VERA is installed within the energy scheduling and trading business unit of companies that manage energy and transmission to serve their own customers as well as buy and sell energy and transmission on the wholesale market. VERA provides a robust and flexible results-oriented user interface. This interface enables energy traders, schedulers and back-office personnel to view the results of custom equations and calculations for settlements, real-time data validation and estimations of charges and credits. VERA performs this with all the ease and functionality of spreadsheet-like desktop applications in a secure database environment.
This suite of interrelated VERA applications provides a highly flexible and transparent energy settlements and market communication solution. VERA simplifies the complexities of settlement processes and delivers precise information to help you manage your entire energy portfolio.
VERA integrates with your existing Energy Trading and Risk Management (ETRM) systems and corporate systems. VERA also interfaces to external systems such as those installed at Independent System Operators (ISO), Regional Transmission Organization (RTO) and Market Participants (MP).
While VERA provides these rich features and capabilities targeted at freeing up traders, schedulers and back office personnel to perform analytics and transactions in a more timely and cost effective manner, it also includes a Communication Interface to handle Bids/Offers/Awards as well as Settlements and Statements with Market Participants, Regional Transmission Operators and Independent System Operators.
The Following are a Few More Reasons Why VERA Will Benefit your Organization:
Move your Business Rules from the Spreadsheet to the Database
VERA secures your company’s business process into a database-oriented system that can keep pace with ever changing market requirements, while providing unprecedented visibility into the entire energy transaction process.
In our experience, a significant amount of your company’s intellectual capital now resides on the desktop in spreadsheets. The data and business rules that make up this capital are vulnerable because they are generally not subject to the same access controls and disciplines found in highly secure computing environments.
VERA solves this problem by showing the contractual logic that is typically hidden in individual spreadsheets by moving business rules to a secure centralized database that you can control access, validate source data, test application logic and control changes.
Improve the Security, Accuracy and Reliability of Critical Data
VERA documents your internal environment, activities, information and communications. It allows you to assess the quality of regulatory compliance and financial reporting.
Your Auditor and Governance Committee will feel more confident knowing that VERA is in place helping improve the accuracy and reliability of corporate disclosures made pursuant to regulatory requirements of agencies such as:
- FERC Regulatory Reporting
VERA also performs the electronic filing of FERC Electronic Quarterly Reports using the XML format.
Improving accuracy while reducing duplication
VERA provides spreadsheet-like simplicity for creating calculations that are reusable across the entire VERA platform. This reduces duplication errors, improves accuracy and minimizes the time associated with troubleshooting calculations.
VERA displays the results as well as the underlying data, providing a simple user interface for creating and troubleshooting the calculations.
VERA reduces repetitive tasks while improving accuracy. VERA validates the source data from multiple inputs to create estimated final results for contract settlements, and reconciles estimated charges with statements and invoices.
Reducing the Cost of Governance and Compliance
Managing Security and Access
VERA facilitates a controlled process for accessing data and designing business logic. VERA streamlines and simplifies the process of building equations and testing calculations which enables you to:
- Identify and correct internal control problems on a timely basis
- Produce more accurate and reliable information for use in decision-making
- Prepare accurate and timely financial statements
- Be in a position to provide periodic certifications or assertions on the effectiveness of internal controls
Applying Proven Technology based on Industry Standards and Commercially Off-the-Shelf Products
VERA’s powerful database software provides application, function and data access controls, along with the associated user identification, authentication and rights management to control and monitor the activities of authorized users and administrators. This application ensures actions and activities are documentable to support your internal control and auditing requirements.
VERA is designed to defend against cyber-attacks by working securely with your network security measures such as firewalls, web filters and network based intrusion detection systems.
Documentation, Training, Deployment and Support Services Supplied by Power System Operations
VERA software is scalable and configurable to meet the needs and requirements of your organization using proven technology based on widely accepted industry standards. VERA is implemented in a client/server architecture using Microsoft Windows on the desktop and Microsoft Windows Server and Oracle Database on the server.
VERA can import and export documents in formats like Excel, CSV, XML, and PDF. VERA also utilizes industry standard data formats for data processing and data interfaces, including Oracle, MS SQL, and XML web services.
The implementation of VERA is fully supported by Power Systems Operations. The VERA Suite includes clearly written user guides and system documentation, which can be customized to your implementation. By using our Training, Deployment and Support Services program as a starting point, we then collaborate with your team to tailor these Services to meet the needs and capabilities of your organization.