PwC’s energy practice has been named “Consultancy of the Year” for the second year in a row by Energy Risk Magazine at the 2017 Energy Risk Awards. The awards recognize excellence across the global energy and commodities markets and was held in Houston on May 9.
“Our focus on the entire value chain builds trust with our clients and enables them to succeed in the ever-changing environment,” said Marty Makulski, PwC Advisory Principal. “We’re honored by this award and are proud of what our team has accomplished over the last year.”
In the past year, PwC developed a Fit for Growth framework to enable clients to operate leaner, be more agile and ready for growth. PwC is transforming the way commodity organizations operate to enable them to grow in volatile markets and empower their employees to own the company’s vision and strategy. Exemplifying this is PwC’s own record over the last five years, growing at a significant double-digit percentage, while the market’s growth percentage has been in the single digits.
In particular, PwC advised several companies oil producers and natural gas companies, as well as refiners and marketers, to continue managing production and supply volumes amid continued volatility in the commodities space. Additionally, PwC assisted evolving midstream companies with operational risk management, system selections, and financial risk management projects, as well as assisted airlines and transport organizations with their fuel hedging strategy and system implementations to ensure their energy strategy is fit for purpose.
“With more than 100 years of experience serving commodity intensive companies, and more than 600 staff members focused on energy, utilities, and commodities across the globe, our clients greatly benefit from the combination of our experience and breadth of expertise,” said Austin Morris, PwC Advisory Principal. “This award exemplifies our accomplishments, walking hand-in-hand with our clients through the volatile market as these organizations surmount challenges like making strategic decisions to lean out operations, enabling clients to leverage technology in new and innovative ways, and diversifying into LNG and other markets.”
PwC’s support also extends to the power and utilities sector. Most notably, the electric power industry has been impacted by renewable penetration, compressed margins, technological changes, and new markets that have made resource management more volatile, requiring the need to manage these risks holistically. PwC has developed and implemented a portfolio risk management approach to manage renewable integration, imbalance and ancillary services markets, and distributed generation must be incorporated in resource and position management, complementing risk management with scenario analysis to take into account discrete future outcomes.
"We'd like to thank Energy Risk, for honoring us with this award for a second year, and our clients for their continued trust", said Mark Allan Smith, one of the founding partners of PwC’s Commodity Trading and Risk practice. "The cross-collaboration we’ve been able to achieve across the energy value chain and across the globe has demonstrated amazing success for our clients, and we look forward to continuing to help our clients through the ebb and flow of the market.”