Atlanta, Ga., April 10, 2002 — IntercontinentalExchange (ICE) announced it has expanded its trading platform into the Florida power market with the addition of Florida Power Corp. and Florida Power & Light to the ICE system.
Trading started on April 5, 2002. “Florida is an important energy market in the southeastern U.S., but it presently lacks transparency and liquidity, limiting the true potential of the state, which has an impact on the economic health of the region as a whole,” said Ron Vaden, General Manager/CEO, Utilities Commission, City of New Smyrna Beach. “ICE’s expansion is aimed at unlocking the full potential of the Florida energy market by allowing free market forces to function.”
According to industry estimates, during the next 10-to-20 years, Florida will need to significantly boost its supplies of power to keep up with the state’s growth and commensurate demand for power. The Florida Public Service Commission estimates that the state will need an additional 10,000 megawatts of generating capacity by 2008. About IntercontinentalExchange
The ICE electronic trading system is used by traders each day of the business week to trade more than 600 listed commodity and derivative contract types around the world. Broadly, these include crude oil and refined products, natural gas, power, precious metals, weather derivatives and emissions allowances.
Contract forms include physical delivery as well as financially settled swaps, spreads, differentials and options based on a variety of fixed and floating price indices.
Based in Atlanta, (and with offices in New York, Houston, Chicago, London and Singapore), ICE also owns the International Petroleum Exchange of London (IPE), an energy futures and options exchange.
The IPE provides regulated open outcry and electronic marketplaces where industry participants use futures and options to manage their price risk exposure in the physical energy market. Products traded on the IPE include Brent Crude futures and options, Gas Oil futures and options, and Natural Gas futures.
For more information about IntercontinentalExchange, please visit the website at http://www.intcx.com. More information about IPE can be found at www.ipe.uk.com.