Automated Power Exchange Appoints John Yurkanin New Chief Executive Officer; Former CalPX Executive Promises To Be Key Player in Global Power Arena.

Business Editors/Energy & Technology Writers

SANTA CLARA, Calif.--(BUSINESS WIRE)--Feb. 12, 2001

Automated Power Exchange(R) Inc. (APX(R)), a leading provider of online markets for the electric power industry, today announced that John Yurkanin has joined APX as its new president and chief executive officer (CEO). Yurkanin, former chief operating officer of the California Power Exchange (CalPX), has two decades of experience in the energy industry, including oil, gas, and electric power.

"I am very pleased to be taking the helm of APX," said Yurkanin. "The APX approach - using the Internet to foster open and neutral markets for power trading and delivery - is just what the U.S. and international markets of today and tomorrow need. APX has assembled an exceptionally talented group of people who are developing the leading Internet-based marketplace for the electric power industry."

Yurkanin, a career energy industry executive, brings an international, multi-commodity perspective to his new role at APX, from his past roles at British Petroleum, Louisville Gas and Electric, and most recently CalPX. He had served as executive vice president and chief operating officer for the CalPX since December 1998 with responsibility for internal operations. This included all trading operations, market services, settlement operations, marketing, and information technology efforts.

"APX, as a provider of open markets, is an important part of the resolution of California's volatile electricity market, as well as aiding other deregulating markets around the globe," said Yurkanin. "This is important not only on a regional, but also on a global level, for the lessons being learned in California will shape the course of markets around the world. In joining APX, I am able to bring my recent public sector experience back into the private sector, where I have spent most of my career."

Prior to joining CalPX, Yurkanin served as Louisville Gas and Electric Energy Corp.'s (LG&E) senior vice president for marketing and operations in its non-regulated businesses with responsibility for operating assets associated with the 24-hour power operations and gas control facilities. He also directed LG&E's retail marketing, regulatory strategy, and products and services development for emerging power and gas markets.

Yurkanin also was a principal in two energy consulting firms for two years after his lengthy tenure with British Petroleum (BP), which extended from 1981 until 1994. At BP, he advanced through a number of positions associated with crude oil trading, and North American and European oil and gas marketing. From 1992 to 1994, he served as vice president for BP Gas, with responsibilities for the start-up of U.S. commodity marketing and trading operations to manage BP's equity production of gas and liquid hydrocarbons.

Richard Amen, who had served as APX CEO since May 2000, will resume his role as managing partner of Venture Management Associates (VMA), which provides investment capital and management assistance for rapidly growing technology companies.

Yurkanin earned a master of business administration, with emphasis in finance and management, from Xavier University of Ohio, and holds a bachelor of science degree in chemistry from the University of Cincinnati.

About Automated Power Exchange

Automated Power Exchange operates Internet-based markets for the buying and selling of electric power, renewable power, and related products and provides the market and scheduling technologies needed to support power system administration. A privately held company with approximately 100 employees, APX has its world headquarters in Santa Clara, Calif., and its European headquarters in London. More information is available at www.apx.com.