APX Opens Palo Verde Market, Introducing ``Rolling 40-hour'' Trading Flexibility to Arizona.Business/News Editors 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)--June 14, 2001 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 (R)), a provider of market services for the electric power industry, announced today that it has opened the APX Palo Verde Market for electric power to be delivered within Arizona and into neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. Western states. Trading began yesterday at 6:00 a.m. Mountain Time, with cleared prices averaging $69.00 per megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt for on-peak power. The APX Palo Verde Market is the only trading venue for a rolling 40-hour product at the Palo Verde trading point. This enables investor-owned and municipal utilities, power generators, marketers, and aggregators to buy or sell hourly electric power up to a day and a half ahead of delivery. In addition to the hourly product, daily on-peak, off-peak, and flat products are available. Trading may be done in round 25-megawatt lots or in any increment To add a number to another number. Incrementing a counter means adding 1 to its current value. of one megawatt. "Palo Verde represents a significant expansion of our Western power markets, in which we are creating price transparency Price Transparency The accessibility of information on the order flow for a particular stock, allowing knowledge of the quantities of stock being offered and the bids at the various price levels. Also referred to as "market depth. in one of the most active trading regions in the U.S.," said Denice Purdum, senior director of market development for APX. "Our rolling 40-hour product gives traders the flexibility to make spot market trades ahead of time or in the hour before delivery to meet peak demand." This bid-ask energy matching market clears continuously, with multiple buyers and sellers coming together to shop around for the best prices. Buyers and sellers set the prices and always know in advance the price at which they will contract. APX remains neutral and never takes a position in the market. Traders can transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting online or telephone their trades to the APX brokerage desk. After a trade is completed in the APX Palo Verde Market, the buyer and seller make their own arrangements for transmission, tagging, and invoicing. APX provides each participating organization with a daily summary of its trades online to facilitate the counterparty invoicing process. APX's other wholesale power services in the Western U.S. include: the APX California Market, an independent spot market for physical delivery in California; the APX California Green Power Market, the largest renewable power market in the U.S.; and the largest independent scheduling coordination service in California. APX has been operating in the Western U.S. since 1998. About Automated Power Exchange: Automated Power Exchange operates Internet-based markets and voice brokerages for the buying and selling of electric power, renewable power, and related products and provides market and scheduling technologies that 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, and its European headquarters in London. More information is available at www.apx.com. |
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