New York City and London (Oct 9th, 2003) - - FAME Information Services Inc., the leading provider of historical and reference data management solutions for the energy, financial and public sector markets, today announced the release of ICE North American Gas and Power Indices via its EnergyScope and EnergyServer software solutions. This addition enhances FAME's comprehensive offering for the North American gas and power markets, which includes assessments, ISO data, broker transactions and weather data.
"We are pleased to announce the availability of ICE 's North American gas and power indices via FAME," said Martin Wadhwani, Managing Director of the 10x Group. The 10x Group is the market data subsidiary of IntercontinentalExchange, Inc (ICE). "The reliance upon ICE indices is expanding rapidly in the marketplace and this agreement increases the accessibility of ICE indices via FAME's leading data distribution network."
ICE indices comprise the daily high, low, index price and volume for 40 gas hubs and 13 power hubs. These indices represent the volume-weighted, average price of confirmed trades executed on the ICE platform. Each morning over 250 producers, generators, marketers, and utilities log onto the ICE platform to transact an estimated 60-70% of all bilateral, day-ahead power and gas volumes at over 100 delivery locations. Indices are derived directly from transactions on ICE, eliminating the need for manual reporting of trade data by market participants. As a result, data submission errors, confidentiality and liability concerns, double-counting of trade volumes, reporting and compliance costs are all mitigated using exchange driven indices.
"Increasingly, there is a need for transparency in the North American power and gas markets. The addition of ICE North American gas and power indices to FAME's already extensive energy data offering fulfils this need and provides tremendous breadth and depth of coverage" said Emma Garvey, FAME's Energy Data Product Manager. "In addition the ICE indices will provide our clients with a valuable price hedging instrument. "