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ACE Launches Monthly Emissions Trading Markets May 22

22 May 2000

Automated Credit Exchange -- ACE -- Launches Monthly Emissions Trading Markets May 22

    PASADENA, Calif.--May 18, 2000--

    ACE Monthly Expansion Gives Clients Increased Flexibility: New Web
    Site -- www.acemarket.com -- Provides Timely Market Information

    The Automated Credit Exchange (ACE) will begin operating monthly RECLAIM emissions trading markets with its sophisticated electronic exchange beginning May 22, in response to client requests.
    Emissions credit price and demand have been increasing dramatically, prompting the need for expanded customer flexibility.
    Together with this, ACE has launched a new Web site -- www.acemarket.com -- for RECLAIM market participants and others to keep track of the rapid pace of change in the environmental emissions credit trading market, including monthly market update reports, news and market trends.
    This expanded activity is designed to help market participants better respond to recent significant increases in trading prices for emissions credits, particularly nitrogen oxides (NOx), which sold for $4.23 per pound in the April market -- an ACE Market record.
    "The emissions reduction credit trading tool is proving its worth like never before," said Verne Wochnick, ACE senior vice president. "As the supply of credits declines, prices rise, and companies are now making serious decisions on additional control measures to meet their emissions requirements -- possibly paid for by the credits they can generate.
    "The market is no longer just compliance-based and is also increasingly financially driven, and we've added monthly markets to respond to the need for greater flexibility."
    In the past 18 months, demand has skyrocketed for emissions reduction credits, as has the price. ACE tracked record credit trading prices for nitrogen oxide (NOx) emissions reduction credits of $4.23 in its April market. ACE has expanded its markets from six per year to once per month to help its market participants respond to these price and supply issues.