Feeds

Excel snafu costs firm $24m

Some cleric, some error

  • alert
  • submit to reddit

Internet Security Threat Report 2014

A simple spreadsheet error cost a firm a whopping US$24m.

The mistake led to TransAlta, a big Canadian power generator, buying more US power transmission hedging contracts in May at higher prices than it should have.

In a conference call, chief executive Steve Snyder said the snafu was "literally a cut-and-paste error in an Excel spreadsheet that we did not detect when we did our final sorting and ranking bids prior to
submission," Reuters reports.

This looks like a career limiting move by the person who made the cock-up and the people who failed to spot it. Snyder said the company would "deal with the individuals in the appropriate fashion if there is anything found. At the end of the day it's a simple clerical error."

Some cleric, some error.

TransAlta announced the mistake on June 3, and it was widely reported in Canada at the time, but not in the tech pubs. Excel Johnnies, watch your step!

Some of you may be irresistibly drawn to next month's European Spreadsheet Risks Interest Group (EUSPRIG) conference at Trinity College in Dublin. Details here. ®

TransAlta press release

Intelligent flash storage arrays

More from The Register

next story
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
prev story

Whitepapers

10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.