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Minneapolis-based Xcel Energy has introduced a software application to manage renewable energy credits (REC) for compliance or trading purposes. The system will track RECs throughout the company's eight-state service territory and compile them in a comprehensive database - enabling Xcel Energy to participate in credible and easily audited REC transactions, the company says.

The system tracks vintage, source, type and initial value; uses first-in, first-out accounting; and reduces errors and tracks compliance. Xcel Energy adds that it worked with Pioneer Solutions to develop the new software application.

"This system will ensure we are prepared for increasing environmental regulation and emerging trading markets," says Mike Carlson, chief information officer and vice president of business systems at Xcel Energy. "By taking a comprehensive approach, we will have a complete picture of our entire portfolio at any given time and will be able to better prepare for the future."

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