Things are skating along for the Atlanta-based IntercontinentalExchange, “The ICE,” which yesterday said that it has expanded itstrading platform to now include global crude and refined oilproducts. Natural gas and power are expected to slide into playbefore the end of the year. Trading in those markets was to beginimmediately.

The Internet-based electronic marketplace was launched in March bysome of the largest oil companies and investment bankers in the world,and began trading precious metals in August (see Daily GPI, Aug. 25). Initial investors were BP,Deutsche Bank AG, Goldman Sachs, Morgan Stanley Dean Witter, RoyalDutch/Shell Group, SG Investment Banking and TotalfinaElf. Continental Power Exchange also joined at the time to providetrading technology and the management team.

In July, six more energy partners, which had formed the EnergyTrading Platform Holding Company earlier in the year, purchased aninterest in The ICE (see Daily GPI, July27). The six companies, American Electric Power, Aquila Energy,Duke Energy, El Paso Energy, Reliant Energy and Southern CompanyEnergy Marketing, accounted for trading nearly 1 billion MWh ofelectricity and 42 Bcf/d of natural gas in North America in 1999.

In its first week trading precious metals, The ICE did 1.4 milliontroy ounces of gold with a notional value of $270 million, and 27million troy ounces of silver weighing in at an estimated value ofmore than $130 million. There were no additional figures on the levelof current trading. To learn more about the platform, visit the Website at www.intercontinentalexchange.com.

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