APX Opens Midwest's First Private Power Exchange In FirstEnergy's Service Area.CUPERTINO, Calif.--(BUSINESS WIRE)--July 29, 1999-- Automated Power Exchange 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 ), provider of the only full-service, Internet-based electricity trading exchanges, announced today that it has opened the first privately operated power exchange in the U.S. Midwest. The APX-Ohio Hub(TM) electricity exchange is based in the service area of FirstEnergy Corp., a diversified energy services company headquartered in Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of . The APX-Ohio Hub(TM) enables buyers and sellers in the region to track by computer forward prices for wholesale electricity and facilitates daily or hourly trades up to one week in advance of delivery. Previously, price tracking and trading could only be facilitated over the telephone or on electronic bulletin boards. "Our exchange gives participants the advantages of continuous price tracking, matching of buyers and sellers with full anonymity, transmission arrangements, credit management, and billing settlement and clearing," said Ed Cazalet, APX chief executive officer. "This cost-effective, full-service approach will contribute to an efficient competitive marketplace in Ohio." FirstEnergy Vice President Art Garfield said, "The opening of this exchange in our region offers greater choices for buyers, as well as greater price stability and visibility. Sellers now have an expanded and easy-to-access market for their products." FirstEnergy jointly developed the Internet-based exchange with APX and will use it to purchase and sell wholesale electricity. Independently owned and managed by APX, the APX-Ohio Hub(TM) is open to market participants -- utilities, municipal utilities, power marketers, and power traders -- who sign a participation agreement and meet credit requirements. FirstEnergy has more than $18 billion in assets and nearly $6 billion in annual revenues. FirstEnergy's electric utility operating companies -- Ohio Edison Company and its Pennsylvania Power Company subsidiary, The Illuminating Company, and Toledo Edison Company -- comprise the nation's 12th largest electric system, serving 2.2 million customers within 13,200 square miles of northern and central Ohio and western Pennsylvania Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area of about 2.4 million people, and is the cultural center for Western Pennsylvania. . Through its unregulated subsidiaries, the company provides a wide range of heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. , air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. , refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. , facility control systems, and natural gas services to customers nationwide. APX operates Internet-based exchanges for the buying and selling of electricity, energy transmission and related products. APX is the only exchange provider to offer a full-service approach that includes scheduling, credit management, settlement, and true price discovery while maintaining the anonymity of the transacting parties. In addition to the APX California Markets(TM), the APX Green Power Market(TM) and the APX Ohio Hub The Ohio Hub is a high-speed[1][1] railway project maintained by the Ohio Department of Transportation that is aimed at revitalizing passenger rail service in the Ohio region. (TM) already in operation, APX is opening exchanges in Illinois, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and other areas in 1999. APX offers buyers and sellers the benefits of standardized electricity markets across North America and the world. APX is 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. based in Cupertino, Calif., with offices in Albany, N.Y., and Cincinnati, Ohio. For more information, visit www.apx.com. |
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