The Electricity Pool's Chief Executive Andrew Claxton to Join Automated Power Exchange

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April 5, 2000

The Electricity Pool's Chief Executive Andrew Claxton to Join Automated Power Exchange

LONDON -- Automated Power Exchange (TM) Inc. (APX^®), a leading provider of e-commerce services for the electricity industry, today announced that Andrew Claxton, chief executive of The Electricity Pool of England and Wales for the past five years, will join APX April 25. A leader in the liberalisation of United Kingdom electricity markets, Claxton will be vice president of strategy and business development for APX's European businesses.

"Andrew is a leading authority on European market reform, having led The Electricity Pool's opening of retail competition in 1998 and 1999," said Per Hjorth, managing director, APX European businesses. "Under his leadership, The Pool has grown to around 90 trading members and has become a fully liberalised market. We are very pleased to have Andrew bring his knowledge and experience to our executive team."

To be based in APX's European headquarters in London, Claxton will be responsible for developing opportunities for APX's e-commerce services throughout Europe. A principal focus will be the development of the new APX U.K. Market, an Internet-based power exchange scheduled to open before the launch of the U.K.'s new electricity trading arrangements (NETA), as well as the development of additional wholesale electricity exchanges and information management and market services to support international trade.

Said Claxton, "APX represents a logical progression in electricity market liberalisation. The APX approach uses new technology and business processes to let markets operate freely while reducing the scope of mandatory, centralised mechanisms. I look forward to contributing to this full range of next-generation market solutions."

Since 1995 as chief executive of The Electricity Pool based in London, Claxton has played a key role not only in the liberalisation of the U.K. electricity supply market, but also in the implementation of the NETA scheduled to launch this year. The Pool was founded in 1990 to enable the world's first fully liberalised electricity generation industry.

The Pool, under Claxton, was a founding member of the Association of Power Exchanges, which provides an information forum for operators of electricity markets in Asia, Australia, Europe, North America, and South America. Claxton is a member of the steering committee of the association's European arm - European Power Exchanges (EuroPEx). He also has been a member of the appeals committee for the Amsterdam Power Exchange.

Prior to joining The Pool, Claxton was a senior engagement manager in the London office of McKinsey and Company, the international management consulting firm. In that position, he advised complex network-type industries, such as airlines and railways, in Europe and the U.S. on key strategic and organisational issues.

Claxton earned an M.B.A from Stanford University in Stanford, Calif., U.S.A, in 1988 and an undergraduate degree in chemical engineering from Cambridge University in Cambridge, England, in 1984.

Automated Power Exchange operates Internet-based exchanges and clearinghouses for the buying and selling of electricity, energy transmission, and related products, and provides the core market and scheduling technologies and services 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.

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