APB Energy acquires stake in Norwegian Energy Brokers

LOUISVILLE, Ky., Jan. 18, 2001 (PRNewswire) à‚– APB Energy, Inc., a broker in North American energy and energy related products, has acquired an ownership interest in Norwegian Energy Brokers AS (NEB).

Headquartered in Bergen, Norway, NEB is one of the leading energy brokerage firms in the Nordic electricity market; and, its subsidiary, First Energy Brokers AS (“First”), is an emerging player in the burgeoning continental European energy market.

NEB and First specialize in electricity physical and financial derivatives, forward contracts and is the leading electricity options broker in the Nordic area. The Nordic power market, with NordPool (The Nordic Power Exchange), is widely regarded as the most efficient and liquid electricity market in the world.

“NEB and First have top-notch teams of professionals who share a common vision with APB. This marks the first step in the globalization of our service offerings. We believe APB’s financial strength, the online platform, truequote.com, and depth of expertise will enable NEB to pursue more aggressively the rapidly evolving energy markets in Europe,” said Dennis Crum, Chairman and CEO of APB Energy.

“Both companies have built strong relationships in their respective markets. Though geographically the distance between our two companies is wide and our countries have different cultures, the business environment and management styles are much the same. The synergies between these two companies will provide an excellent foundation upon which to continue our rapid growth,” stated Karl-Ove Tvedt, Managing Director of NEB.

APB Energy, Inc. is a diversified company whose core competency is full service over-the-counter energy brokerage.

APB utilizes exemplary service and technology to bring buyers and sellers together. The company brokers natural gas, electricity, coal and other energy related products. APB is an authorized agent for truequote.com, an online energy-trading platform. More information is available at www.apbenergy.com or by calling Todd Creek at (502) 327-1400.

SOURCE APB Energy, Inc.

No posts to display