In December 2003, APX and OMHEX signed an agreement regarding the acquisition of the business activities of the UK Power Exchange (UKPX) from OMHEX's subsidiary OM London Exchange. Following the settlement of operational and regulatory matters with the London-based Financial Services Authority being kept fully informed and advised, the deal has now been closed.
As a result of the closing, APX will assume responsibility for the operations of UKPX from July 1, 2004.
UKPX was established in 2000 as Britain's first independent power exchange. Today UKPX offers its 49 members an anonymous market place for trading, clearing and notification of spot and futures contracts. Over the period January-May 2004, traded volumes amounted to 14,608 GWh for spot and futures contracts.