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eSpeed Powers Energy Trading Marketplace; Leading B2B Marketplace Technology Company Gives Life to Fully Comprehensive Electronic Trading Platform For Energy Industry
NEW YORK, Sep 25, 2000 (BUSINESS WIRE) -- eSpeed, Inc. (Nasdaq: ESPD), a leading
interactive business-to-business (B2B) marketplace technology company, today
announced that it will provide the technology for and become a partner in
TradeSpark, LP, a comprehensive energy marketplace featuring a consortia of the
leading energy companies in the United States.
Partners in TradeSpark include Coral Energy, Dominion (NYSE:D), Koch Energy
Trading, Inc., TXU Energy Trading, a subsidiary of TXU (NYSE: TXU), Williams
Energy Marketing and Trading Company, a subsidiary of Williams (NYSE: WMB), and
Cantor Fitzgerald, one of the world's leading voice brokerages. In addition,
Dynegy Inc. (NYSE:DYN) will be a future participant in the TradeSpark
partnership and will begin participating in the TradeSpark marketplace
immediately. Entergy (NYSE: ETR) also plans immediate participation in the
marketplace, and will become an investor in TradeSpark through Entergy-Koch LP,
upon close of that venture later this year.
"B2B marketplaces are incredibly large, they demand a trading platform that is
neutral, real-time, fast, scalable and based on the leading technology in the
industry. That's what eSpeed offers and we're excited about powering the world's
most comprehensive energy marketplace," said eSpeed president Frederick T.
Varacchi.
TradeSpark will create electronic marketplaces for natural gas, electricity,
coal, weather derivatives, nitrogen oxide and sulfur dioxide emission credits.
It is anticipated that other major industry participants will join TradeSpark
shortly. Also today, TradeSpark issued a press release which can be found at
www.trade-spark.com
Howard W. Lutnick, chairman and CEO of eSpeed added, "TradeSpark launches our
technology into massive, non-financial marketplaces. Our business strategy is
simple - if it can be traded, it can be traded on eSpeed, if there isn't a
market for it, then we'll develop the marketplace for it. The possibilities are
endless and eSpeed is in a prime position to succeed in this exciting new area
of commerce."
eSpeed utilizes one of the most robust and scalable network distribution systems
available today. eSpeed's systems currently trade $150 billion per day in
transactions, using only 12% of system capacity. Its proven trading platform
provides 300 millisecond response time and is accessible over the Internet or
over eSpeed's private, global, instantaneous, electronic network. The
proprietary transaction processing software is fully scalable and extendable to
easily accommodate additional trading instruments and commodity products.
Varacchi added, "TradeSpark further demonstrates how the eSpeed system can power
the largest, fastest and most liquid marketplaces in the world. eSpeed's
unrivalled, proprietary, `built-and-paid-for' marketplace technology, combined
with a select group of the most advanced energy companies in the world, position
TradeSpark to lead the way in energy trading."
A recent Forrester Research study predicts that by 2004, online sales of natural
gas will reach $166 billion, representing 25 percent of all natural gas sales.
Forrester projects online sales of electricity reaching $101 billion by 2004, an
11 percent share of all electricity sales. During the last 12 months the
partners forming TradeSpark, together with Dynegy and Entergy, estimate that
they traded approximately 34.5 billion cubic feet of natural gas per day and 467
million megawatt hours of electricity. For the last quarter 2000, the TradeSpark
partners, together with Dynegy and Entergy, estimate they together traded
roughly 20% of all gas and power in North America.
eSpeed Powers Energy Trading Marketplace; Leading B2B Marketplace Technology Company Gives Life to Fully Comprehensive Electronic Trading Platform For Energy Industry
NEW YORK, Sep 25, 2000 (BUSINESS WIRE) -- eSpeed, Inc. (Nasdaq: ESPD), a leading
interactive business-to-business (B2B) marketplace technology company, today
announced that it will provide the technology for and become a partner in
TradeSpark, LP, a comprehensive energy marketplace featuring a consortia of the
leading energy companies in the United States.
Partners in TradeSpark include Coral Energy, Dominion (NYSE:D), Koch Energy
Trading, Inc., TXU Energy Trading, a subsidiary of TXU (NYSE: TXU), Williams
Energy Marketing and Trading Company, a subsidiary of Williams (NYSE: WMB), and
Cantor Fitzgerald, one of the world's leading voice brokerages. In addition,
Dynegy Inc. (NYSE:DYN) will be a future participant in the TradeSpark
partnership and will begin participating in the TradeSpark marketplace
immediately. Entergy (NYSE: ETR) also plans immediate participation in the
marketplace, and will become an investor in TradeSpark through Entergy-Koch LP,
upon close of that venture later this year.
"B2B marketplaces are incredibly large, they demand a trading platform that is
neutral, real-time, fast, scalable and based on the leading technology in the
industry. That's what eSpeed offers and we're excited about powering the world's
most comprehensive energy marketplace," said eSpeed president Frederick T.
Varacchi.
TradeSpark will create electronic marketplaces for natural gas, electricity,
coal, weather derivatives, nitrogen oxide and sulfur dioxide emission credits.
It is anticipated that other major industry participants will join TradeSpark
shortly. Also today, TradeSpark issued a press release which can be found at
www.trade-spark.com
Howard W. Lutnick, chairman and CEO of eSpeed added, "TradeSpark launches our
technology into massive, non-financial marketplaces. Our business strategy is
simple - if it can be traded, it can be traded on eSpeed, if there isn't a
market for it, then we'll develop the marketplace for it. The possibilities are
endless and eSpeed is in a prime position to succeed in this exciting new area
of commerce."
eSpeed utilizes one of the most robust and scalable network distribution systems
available today. eSpeed's systems currently trade $150 billion per day in
transactions, using only 12% of system capacity. Its proven trading platform
provides 300 millisecond response time and is accessible over the Internet or
over eSpeed's private, global, instantaneous, electronic network. The
proprietary transaction processing software is fully scalable and extendable to
easily accommodate additional trading instruments and commodity products.
Varacchi added, "TradeSpark further demonstrates how the eSpeed system can power
the largest, fastest and most liquid marketplaces in the world. eSpeed's
unrivalled, proprietary, `built-and-paid-for' marketplace technology, combined
with a select group of the most advanced energy companies in the world, position
TradeSpark to lead the way in energy trading."
A recent Forrester Research study predicts that by 2004, online sales of natural
gas will reach $166 billion, representing 25 percent of all natural gas sales.
Forrester projects online sales of electricity reaching $101 billion by 2004, an
11 percent share of all electricity sales. During the last 12 months the
partners forming TradeSpark, together with Dynegy and Entergy, estimate that
they traded approximately 34.5 billion cubic feet of natural gas per day and 467
million megawatt hours of electricity. For the last quarter 2000, the TradeSpark
partners, together with Dynegy and Entergy, estimate they together traded
roughly 20% of all gas and power in North America.