Why did DXT Commodities SA subscribe to CorreggioNET?
DXT Commodities is a client since October 2017, from the very beginning of the service. At the time, DXT became active in more than 20 countries in Europe. It was too bothersome for the Legal Departement to monitor any change in the reporting requirements. We spent a considerable amount of time just on collecting information from the local legal consultants. When CorreggioNET was launched, we realised this was the service we were looking for.
What value has the CorreggioNET service delivered to DXT Commodities SA?
We feel much more comfortable and safer with respect to reporting regulatory information. We don’t need to worry anymore about the continuous update of the information we have. The hotline service is very helpful because, in case of questions, we can just ask Correggio.
What does your company get out of this subscription?
Work on regulatory compliance topics is one of the most important subjects of a company’s everyday work. CorreggioNET helps us to investigate and mitigate the risks of failing with our market obligations by keeping all regulations up to date. We use CorreggioNET service on everyday basis:
- Pre-Market Entry Reports – while proceeding with registration on new markets;
- Post-Market Entry Guides- while proceeding with every day obligations related with our activity;
- CN Alert Service – to keep everyone in the company aware of upcoming obligations;
- CN Digest – for getting best knowledge about market news and regulatory changes;
- CN Regulatory Hotline – every time we need to check our understanding or ask a question.
Subscription to the CorreggioNET service gives us a complex support on the wholesale energy market, what we highly appreciate and recommend.
Uniper Global Commodities SE
Why did Uniper Global Commodities SE subscribe CorreggioNET at the time?
Uniper is active in energy markets across Europe and beyond. The regulatory environment is becoming increasingly complex, in particular as European and national energy rules are subject to dynamic changes. Our legal department in Düsseldorf is covering many aspects of European and international law, but regularly has to involve local law firms which is of course cost intensive but also not always the most efficient way for clarifying practical regulatory questions. Additionally, it also requires a considerable effort by internal resources on mandating and instructing external counsels.
To ensure that we comply with all our regulatory obligations as a market participant dealing with differing regulatory frameworks across EU markets, CorreggioNET updates on local regulatory developments and constantly evolving regulatory obligations enables us to efficiently monitor the relevant regulatory obligations. Correggio Service reliably supports our regulatory tasks and gives us more certainty in regulatory compliance matters.
What value has the CorreggioNET service delivered to Uniper Global Commodities SE?
CorreggioNET tool provides a comprehensive and structured overview of regulatory obligations in the specific energy market and related legal sources are available in English. Furthermore, with CorreggioNet Digest as well as proactive information on relevant changes by the Correggio experts, we receive a continuous up-to-date information on regulatory developments in relevant markets. Our Business users highly value the provision of all relevant standard contracts (TSO, VTP etc.) for each market in their most recent version.
The CorreggioNet-tool box is also very educational for our new joiners and with its intuitive, user-friendly structure supports the introduction into energy markets and regulatory environment as well as the understanding of resulting compliance requirements in a specific market.
We especially appreciate the CorreggioNet hotline service and the immediate quality support and solution-oriented approach by the Correggio team members, who are highly specialized regulatory experts, native speakers and demonstrate deep understanding of the energy industry and related markets.
Why should other companies subscribe to the CorreggioNET service?
The CorreggioNET service strongly supports and facilitates the fulfillment of regulatory compliance obligations. The tool is user friendly and flexible as the markets can be selected tailormade to the needs of its subscribers. The CorreggioNet Tool is based on a service-oriented concept and provides opportunity to address specific business needs and contribute to further expansion / development of the services. In particular, Correggio is a highly competent and reliable partner in energy regulation matters.
Franck Vernier, General Counsel, MET, Zug
What were your expectations for CorreggioNET and to what extent were they met?
When considering the idea of using CorreggioNET tool, the intention was to streamline the management of the regulatory reporting obligations in the markets in which we are active and possibly identify in CorreggioNET a one-stop-shop for all reporting obligation issues. CorreggioNET has provided an easy to use way to monitor the relevant obligations and take the necessary actions to remain compliant with the applicable regulations.
What value is added to your company by using CorreggioNET?
The way the system is structured makes it really easy to incorporate compliance tasks in the day to day work of the several desks. CorreggioNET offers a proactive and accurate tool for participating in multiple EU energy markets.
Martin Hulena, Head of Contracts & Legal, Alpiq, Prague
Why did your company decide to subscribe to CorreggioNET?
Alpiq Group is active in energy trading business across Europe from UK to Ukraine and from Norway to Turkey. This of course implies exposure to expanding regulatory requirements in all these jurisdictions which has proven to be a struggle from regulatory compliance perspective. Same as other major market players we do not have physical presence in all those jurisdictions and had thus involve external law firms to provide updates on local regulatory developments which has proven costly and 100% efficient as we anyway missed some reporting deadline every now and then resulting into penalties being imposed on us. CorreggioNET enabled us to avoid these types of risks as we now get all the alerts and updates in a systematic and clear tool. The one-stop-shop solution provided by CorreggioNET allows us to save internal and external legal, translation and communication costs as we do not have to ask external legal counsels for help or order translations of reporting forms and our dedicated reporting specialists can work with the CorreggioNET tool directly without assistance from legal, compliance and other departments of our firm.
Do you believe that you can rely on CorreggioNET content?
Yes, as it is regularly updated by experienced energy and reporting specialists from all the covered jurisdictions so you have certainty that it is accurate and up-to-date. The content is easily understandable and simple to work with, thus also inexperienced reporting colleagues can work with it.
Have your overhead costs for external (local) compliance consultants been reduced?
Yes, I believe our external legal costs in the regulatory area went down by more than 25% since we deployed the CorreggioNET solution at the beginning of this year.
Joanna Ziemba, Head of Wholesale Market Back Office, Respect Energy, Warsaw
Where do you see most of the value delivered by CorreggioNET? Is it cost savings or is it the possibility to get expert guidance quickly?
CorreggioNET is a comprehensive tool that delivers to RESPECT ENERGY S.A. a high-quality service within several markets where the company is an active participant. At the same time it gives us the chance to search for the most important answers by ourselves as well as get the expert guidance quickly. The service saves time as well as costs to any subscriber. CorreggioNET service is definitely faster than any other alternative regulatory support service available of the market. The approach of the Correggio Consulting team is giving us a chance for mutual development.
What made you subscribe to the CorreggioNET service? Why have you decided to re-subscribe every year?
We have found out about CorreggioNET by advice of our legal partner in Poland, while searching for separate legal advisors in every country which we were planning to enter. The main issue which made us subscribe for the first year was its adjustment to the type of activity we held on European wholesale energy markets. CorreggioNET services focus on the topics that meet our needs, while being operated by a very experienced team from several countries – also from Poland – so in case of need, we can also receive the regulatory service in our native language. Our re-subscription is a natural prolongation of our cooperation, that we are happy to take advantage of.
What does your company get out of this subscription?
Work on regulatory compliance topics is one of the most important subjects of a company’s everyday work. CorreggioNET helps us to investigate and mitigate the risks of failing with our market obligations by keeping all regulations up to date. We are using the CorreggioNET service on a daily basis:
- Pre-Market Entry Reports – while proceeding with registration on new markets;
- Post-Market Entry Guides- while proceeding with every day obligations related with our activity;
- CN Alert Service – to keep everyone in the company aware of upcoming reporting obligations;
- CN Digest – for getting best knowledge about market news and regulatory changes;
- CN Regulatory Hotline – for checking our understanding or asking a question to clarify.
Subscription to the CorreggioNET service gives us a complex support on the wholesale energy market that we highly appreciate, and we recommend CorreggioNET without limitations.