The North American Energy Standards Board (NAESB) plays an important role in energy trading. The NAESB works to develop and promote industry standards in order to create a competitive and efficient industry. These standards apply to electronic data interchange record formats and communication protocols, as well as transactional processes and other business practices. While the standards are voluntary, the NAESB sends them all to the Federal Energy Regulatory Commission (FERC). The FERC can ratify and adopt the standards. Even if the standards are not adopted, they are important since they make all trading partners more efficient. Unfortunately, some trading partners fail to enforce NAESB standards. This causes the entire supply chain to become less efficient.
Making All Trading Partners Compliant
It is essential that you make sure all trading partners are NAESB compliant. First, you need to use an NAESB compliant service for managing your gas nominations and workflow. This needs to be integrated into your supply chain management system.
You need to add record keeping and reporting swaps into your supply chain management system. Each trading partner should input records into the supply chain and then you can make sure all of your trading partners are compliant.
You also need to audit all trading partners to ensure they follow all standards and practices. If any issues are discovered, it is up to management to address them and ensure that all trading partners comply in the future. In most cases, you will need to train the trading partners who failed to comply with the standards. You can add the training to your supply chain management platform so it can be easily accessed from anywhere. Then, you can review the training materials to ensure that the trading partners completed them properly. After some time passes, you can conduct another audit to ensure that they have started complying with the standards.
A Simple Solution
Appterra provides an NAESB compliant service for managing energy trading and workflow. Appterra also provides a mechanism for regularity reporting. This program can mean the difference between complying and not complying with standards and regulations. It can also means the difference between making and losing money.
You need your supply chain to run smoothly and efficiently at all times. Part of making that happen is ensuring that all trading partners comply with standards. Fortunately, this is easy to do when you use a supply chain management platform that complies with the standards.