Triple Point Technology and APX Partner to Provide Power Trading, Risk, and Scheduling Solutions for all North American Markets
Alliance enables region-specific support for markets including California ISO, Midwest ISO, PJM, NYISO, ISO-NE, and ERCOT
WESTPORT, Conn.; HOUSTON, May 12, 2003 -- Triple Point Technology, the leading provider of fully integrated front- to back-office systems for power, natural gas, oil, and other commodities, today announced an alliance with APX, Inc., a preeminent supplier of transaction processing services for the electric power industry. The partnership will enable both companies to jointly serve the needs of North America's regional power producers, marketers, and traders.
The integration of Power XL, Triple Point's next-generation electricity trading and risk management system, with APX's scheduling services and market interfaces will enable participants in the California ISO, Midwest ISO, PJM, NYISO, ISO-NE, and ERCOT markets to seamlessly interface their trading, scheduling, and tagging activity with RTOs and ISOs.
"We're excited about the opportunity to work with Triple Point to provide integrated energy software and services to our clients. The strong demand for front-to-back systems makes a combined offering even more valuable to the market," says John Yurkanin, CEO of APX, Inc. "Triple Point's proven capabilities in risk management systems are excellent complements to APX's core competencies in power and natural gas back office services."
APX's ASP service enables power market participants to submit resource offers for the real-time market, submit load offers, and receive dispatch instructions. During settlement, the combined solution automatically compares system-calculated charges with ISO settlement values, provides a basis upon which to dispute ISO statements, and tracks existing disputes.
Peter F. Armstrong, president, Triple Point Technology, Inc., added, "The ASP business model reduces the overall infrastructure costs to our customers, drastically reduces implementation time, and increases system efficiencies. By partnering with APX, we can leverage their expertise with specific market interfaces and provide North American power traders with a solution tailored to each region's exact needs."
About APX, Inc.
APX is a transaction processing service provider for wholesale energy markets. The company processes more than 700 million megawatt hours per year for approximately 200 client companies in North America and Europe. Services include scheduling and settlement, trading platforms and brokerages, generation information, and demand response. APX has offices in California, Texas, Connecticut, and Norway.
About Triple Point Technology
Headquartered in Westport, Connecticut (U.S.A.), Triple Point Technology operates worldwide, with London and Singapore serving as international hubs. Triple Point is a major provider of commodity trading systems recognized by traders, CEOs, and CFOs at more than 70 multinational energy, power, and financial services firms including: Morgan Stanley, Duke Energy, Cinergy, Amerada Hess, and BP.
Triple Point has realized 120% growth in revenue over the previous five years and has been recognized four times by Inc. magazine as one of the fastest growing companies in America for its performance since its inception in 1993. The company's flagship products, Tempest XL, Power XL, and Gas XL, provide producers, users, and traders of oil, electricity, and natural gas, respectively, the tools needed to streamline transaction processing, maximize efficiencies in the supply chain, and perform sophisticated risk analyses.
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2003 Press Releases
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