APX Power Transaction Processing Volumes Climb 50 Percent To 350 Million Megawatt Hours in First Six Months of 2002.

Business Editors

SANTA CLARA, Calif.--(BUSINESS WIRE)--July 18, 2002

APX, a provider of transaction processing services for the electric power industry, today announced that its volumes rose to 350 million megawatt hours in the first six months of 2002, a 50 percent increase over the same period in 2001. The processing of wholesale electric power trading and scheduling transactions account for the company's total volumes.

"Our role as the largest independent power scheduler in North America and as one of the largest trading service providers in Europe continues to grow," said John Yurkanin, APX president and CEO. "More and more market participants are turning to APX as a trusted transaction support partner, due to our highly focused expertise and efficiency."

In the six months from Jan. 1 to June 30, 2002, APX scheduling volumes in North America totaled 130 million megawatt hours, increasing nearly 400 percent compared to the same period last year. APX schedules deliveries and load usage for generators, utilities, and other power market participants, and performs the associated financial settlement in the Western Electricity Coordinating Council (WECC) and Electric Reliability Council of Texas (ERCOT) regions.

APX trading service volumes, primarily in Europe, totaled 220 million megawatt hours in the first six months of this year, a 15 percent increase over the same period in 2001. M3 Kraft, APX's Scandinavian company, has emerged as the next-generation brokerage matching traditional voice services with proprietary APX screen and clearing solutions.

"We also have continued to expand our market infrastructure business with key achievements in our demand response and generation information tracking services," said Yurkanin.

As the second half of the year commenced, two significant new systems operated by APX became operational July 1: the New England Power Pool Generation Information System that tracks the details of power generation for environmental regulation compliance in six states; and the state of California's Demand Reserves Partnership program, which treats power made available by business and government usage reductions just like generated power that can be scheduled and dispatched when and where needed.

About APX Inc.:

An independent transaction processing agent for wholesale electric power markets, APX processes approximately 700 million megawatt hours per year for approximately 200 client companies in North America and Europe. Services include trading platforms and brokerages, scheduling, clearing, settlement, demand response, and generation information. A privately held company, APX has its main office in Santa Clara, Calif., and regional offices in: Middletown, Conn.; Houston, Texas; London, England; Long Beach, Calif.; Oslo, Norway; and Stavanger, Norway. More information is available at www.apx.com.