Chile's National Energy Commission switches to Argus for energy price information
HOUSTON, May 24, 2012 /PRNewswire/ -- The Chilean National Energy Commission (CNE) has decided to switch its data provider for energy markets to leading energy and commodity price reporting agency Argus. The CNE will use Argus for all of its crude oil, petroleum products, biofuels, LPG and freight information from 23 May 2012.
The commission selected Argus following a public tender in which international price reporting agencies were invited to participate. One key element of the tender process involved a close review of the price reporting methodology of all submitting vendors. The CNE tender was conducted through the Chilean government´s transparent and efficient procurement system.
The CNE is responsible for analysing commodity prices, tariffs and technical norms governing Chilean energy production and imports, power generation, transportation and distribution.
Argus Media chairman and chief executive Adrian Binks said: "We are delighted that a leading Latin American governmental institution such as the CNE has made the switch to Argus price assessments. This move is a further example of the ability and willingness of an international organisation to switch to Argus prices from other providers."
Argus price assessments are used extensively by governments as independent references for taxation and other purposes. Argus prices are used by major energy producers and consumers as price references in long-term supply contracts, and by market participants for portfolio mark-to-market, counterparty exposure management, derivatives and a wide range of investment and market analysis purposes.
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Argus Media is a leading provider of price assessments, business intelligence, market data, consultancy and conferences on the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer and transportation industries. Argus energy and fertilizer prices are widely used by leading companies, governments and international agencies as benchmarks in supply contracts, risk management and planning.
Argus is headquartered in London and has more than 400 staff in offices in Houston, Washington, New York, Portland, Calgary, Santiago, Bogota, Singapore, Beijing, Tokyo, Sydney, Dubai, Moscow, Astana, Kiev, Porto, Brussels, Johannesburg and other key centres of the energy industry. Argus was founded in 1970 and is a privately held UK-registered company.
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