Automated Power Exchange Signs Up 12 Companies And a Major Market Maker for APX U.K. Spot Market.
LONDON--(BUSINESS WIRE)--March 23, 2001
Automated Power Exchange(R) (APX(tm)) today announced that it has gone live with its U.K. electricity spot market and has signed up 12 participants plus a major market maker. APX is also finalising agreements with more than a dozen other companies and a further two market makers.
APX has more than 60 balancing and settlement code (BSC) parties registered for its third-party Energy Contract Volume Notification Agent (ECVNA) notification service, establishing APX as the industry's preferred standby provider.
"This is a huge vote of confidence in the APX exchange," said Andrew Claxton, Managing Director of APX U.K. "It clearly shows that the major players believe that the liquidity is going to be drawn to our service and that we can create the definitive U.K. reference price."
APX is unique amongst U.K. spot markets in that it brings three years operating experience of similar spot market and physical notification services in North America.
"The opening of the APX UK Spot Market represents a significant step in our rollout of APX services in strategic regions across the globe," said John Yurkanin, APX president and CEO. "As in other areas, by offering both a trading venue and a scheduling notification service, our market enables trading for physical delivery - an important need for a commodity that is produced and delivered in real time."
The Internet-based market allows generators, supply companies, traders, large end-users, and other wholesale market participants to rapidly transact with each other. In the APX U.K. Spot Market:
-- Contracts are for physical delivery from D-5 to 30 minutes before gate closure. -- Each trading day will open at 8.00 a.m. on D-5 and will close 30 minutes before closure. -- APX acts as counterparty to all trades, backed up by collateral placed by participants. -- Online settlements, downloadable invoicing, and automatic notification of matched contracts to the Energy Contract Volume Aggregation Agent (ECVAA) are available.
In APX's third-party ECVNA Notification Service:
-- APX takes liability for notification once the deal is entered
and confirmed within the APX system.
-- Overwriting notifications made to ECVAA minimises BSC charges.
-- A secure and reliable system is provided.
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, 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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|Date:||Mar 23, 2001|
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