SANTA CLARA, Calif., Oct. 3, 2001 – Automated Power Exchangeà¢â€ž- Inc. (APX®), an independent provider of market services for the electric power industry, today announced that it processed more than 350 million megawatt hours in wholesale electric power transactions in the first nine months of 2001, ended Sept. 30.
These volumes represent a significant increase and an all-time record for the company’s scheduling and trading services.
“This is a year of dramatic growth for APX, both in volumes and in deployment of the market-enabling services most needed by the power industry,” said John Yurkanin, APX president and CEO. “APX has become the clear independent scheduling and settlement leader in North America, as well as a trading leader in European markets.”
APX scheduling services in California and Texas accounted for 75 million megawatt hours of the first nine month’s total. Scheduling volumes have risen to 13 million megawatt hours a month, a 300 percent increase over the company’s performance at the beginning of the year. As the largest independent power scheduler in the California Independent System Operator and the Electric Reliability Council of Texas control areas, APX schedules deliveries and load usage for generation, utility, and other power companies.
APX trading service volumes now are more than 35 million megawatt hours a month. In Europe, the APX subsidiary M3 Kraft handles approximately 25 percent of all over-the-counter power trading in Scandinavia; and the APX U.K. Spot Market hosts approximately 30 percent of all online power trading in the United Kingdom.
“Wholesale power markets increasingly need services that perform complex tasks to complete power transactions,” said Yurkanin. “More and more power industry companies are turning to APX as a cost-effective, neutral infrastructure service provider. Our customers benefit from our unparalleled experience in operating trading, independent scheduling, and settlement services.”
APX also has made significant gains in its market infrastructure systems and consulting services business lines thus far this year with contract awards in North America and Asia.
Altogether, APX has more than 100 clients in North America, Europe, and Asia, which include many of the firms and organizations in the power industry.
APX provides the market and scheduling technologies needed to support power system administration and operates Internet-based markets, voice brokerages, and clearinghouses for the buying and selling of electric power. As an independent service provider, APX maintains its neutrality by never taking a position in the market. A privately held company, APX has its world headquarters in Santa Clara, Calif., Southeast U.S. office in Houston, and European headquarters in London. More information is available at www.apx.com.