APX Offers California Power Trading Solution; Private Sector Exchange -- Free of Public Funding -- for Troubled Electricity Market.Business Editors/High-Tech Writers SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Jan. 30, 2001 Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Power Exchange(R) Inc. (APX APX Approximately APX ascorbate peroxidase APX Amsterdam Power Exchange APX Automated Power Exchange APX Alt Preset Extreme (MP3 encoding preset) APX Average Page Exposure APX Ateliers de Puteaux APX Airborne Radar Transponder (R)), a leading provider of e-commerce services for the electricity industry, announced today a path to stability for California's troubled power trading structure. APX's open and neutral electricity exchange for California can help restore trust and stability to the power trading process. The Internet-based APX exchange allows wholesale buyers and sellers to shop around for the best prices from multiple offerings at one time. The marketplace APX operates allows buyers and sellers to interact 24 hours a day. When power shortages loom loom, frame or machine used for weaving; there is evidence that the loom has been in use since 4400 B.C. Modern looms are of two types, those with a shuttle (the part that carries the weft through the shed) and those without; the latter draw the weft from a , buyers can post their needs and sellers can respond instantly. In times of normal demand, searching out suitable counter parties one-by-one can be time-consuming and inefficient. APX's exchange allows buyers and sellers to make immediate trading decisions based on the best price available for both short- and long-term contracts. "We are ready to help California begin to regain stability," said Rich Amen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of APX. "Our marketplace enables California utilities and other power purchasers to buy from our growing list of more than 30 generators and other sellers with full pricing knowledge." APX is prepared to assist the California market with its geographic coverage, product selection, access to long-term contracts and leading edge technology. The company has been operating a California exchange since 1998. In that time, it has served clients that were not required to trade their wholesale electricity in the state-sponsored California Power Exchange (CalPX). In addition to California, APX is in the process of helping deregulating de·reg·u·late tr.v. de·reg·u·lat·ed, de·reg·u·lat·ing, de·reg·u·lates To free from regulation, especially to remove government regulations from: deregulate the airline industry. wholesale power markets around the globe with its proven California-bred technology. Added Per Hjorth, senior vice president and managing director of APX's European business unit, "APX has developed an electronic way to address the needs of generators, utilities, ratepayers, traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. and brokers in a similar manner to the methods that have worked around the world. Residents of California, the world's sixth largest economy, should feel relief and confidence that APX is in the process of helping power industries and governments around the world achieve stable and cost-effective wholesale electricity exchanges." Hjorth formerly was CEO of Nord Pool Nord Pool, the Nordic Power Exchange, is the world's only multinational exchange for trading electric power. Nord Pool was established in 1993, and is owned by the two national grid companies, Statnett in Norway (50%) and Svenska Kraftnät in Sweden (50%). in Norway, the world's first international commodity exchange for electric power, as well as chairman of the Association of Power Exchanges, a forum for worldwide operators of electricity markets. APX brings the efficiencies and conveniences of e-commerce to the buying and selling of electricity and renewable power -- with no need for public funding Public funding is money given from tax revenue or other governmental sources to an individual, organization, or entity. See also
About Automated Power Exchange: Automated Power Exchange operates Internet-based exchanges and clearinghouses for the buying and selling of electricity, renewable power, and related products, and provides the market and scheduling technologies and services needed to support power system administration. A privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , APX has its world headquarters in Santa Clara, Calif., and its European headquarters in London. More information is available at www.apx.com. |
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