APX-ENDEX
APX-ENDEX was an energy-exchange group operating electricity spot markets in the Netherlands, the United Kingdom and Belgium before its activities were separated and integrated into successor exchanges.
Last updated August 31, 2026
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Overview
APX-ENDEX was the trading name used after the integration of APX Group and ENDEX, two European energy-market businesses with roots in the liberalisation of electricity and gas trading. Its earliest foundation was the Amsterdam Power Exchange, which began trading in May 1999 as the first electricity exchange market in continental Europe. The group subsequently expanded into the United Kingdom, Belgium and related energy-market services. The business operated exchange markets rather than functioning as a conventional retail energy supplier. Its activities included spot trading, central clearing and settlement, distribution of market data, benchmark publication and industry indices. The group also provided third-party clearing services. Its core power-market operations covered the Netherlands, the United Kingdom and Belgium, while its membership base included more than 180 participating companies from over 15 countries. In 2014, 92 TWh of energy was traded or cleared through APX, illustrating the scale of the markets at that point. Expansion in the United Kingdom began with the establishment of UKPX in 2000, described as the country's first independent power exchange. APX launched its UK electricity spot market in 2001 and acquired UKPX in 2004. In Belgium, APX became a shareholder of Belpex in 2005. APX and Belpex later announced the integration of their activities in April 2010, after which Belpex operated as a wholly owned APX subsidiary. The APX-ENDEX name emerged from APX Group's acquisition of ENDEX in 2008 and the completion of their integration in 2009. The combined business brought together electricity spot-market operations with gas spot, gas derivatives and power-derivatives activities. The combined identity was short-lived as a single operating structure. On 1 March 2013, APX-ENDEX was divided into APX, focused on power spot exchange activities, and ENDEX, focused on gas spot, gas derivatives and power derivatives. ENDEX subsequently came under majority ownership of Intercontinental Exchange in March 2014 and was renamed ICE Endex. APX itself was later absorbed into a broader Western European power-exchange structure. On 17 April 2015, EPEX SPOT and APX Group announced plans to integrate their businesses to create a power exchange serving Central Western Europe and the United Kingdom. EPEX SPOT became the sole owner of APX Group on 4 May 2015. These transactions ended APX-ENDEX as an independent combined brand and placed its power-spot activities within the EPEX SPOT organization, while the former ENDEX activities followed a separate ICE-owned successor path. The brand therefore represents a transitional phase in European energy-market infrastructure: it linked early national electricity exchanges with increasingly integrated regional trading, clearing and market-data services. Its historical importance lies less in consumer-facing products than in the development of organized wholesale electricity and gas markets across northwestern Europe.
History
APX-ENDEX developed from the Amsterdam Power Exchange, which started electricity trading in May 1999. It was identified as the first electricity exchange market in continental Europe and became part of the emerging infrastructure for competitive wholesale power markets. The exchange model enabled professional participants to trade electricity through an organized market rather than relying solely on bilateral arrangements. The group expanded into the United Kingdom during the early 2000s. UKPX was established in 2000 as the United Kingdom's first independent power exchange. APX launched a UK electricity spot market in 2001 and acquired UKPX in 2004, bringing the UK activity into the APX organization. APX also developed a Belgian presence through its shareholding in Belpex, acquired in 2005. In April 2010, APX and Belpex announced the integration of their activities, and Belpex became a wholly owned subsidiary of APX. A major corporate step occurred in 2008, when APX Group acquired ENDEX. Integration was completed in 2009, and the combined organization adopted the APX-ENDEX name. The resulting group covered electricity spot markets as well as gas spot, gas-derivatives and power-derivatives activities. It also operated or supported clearing, settlement, market-data distribution, benchmark and index services. Its exchange membership extended across more than 15 countries and exceeded 180 memberships. In 2014, the group reported that 92 TWh of energy had been traded or cleared through its markets. The combined structure was later reorganized. On 1 March 2013, APX-ENDEX was separated into two businesses. APX retained the power spot-exchange activities, while ENDEX became the business for gas spot, gas derivatives and power derivatives. On 27 March 2014, Intercontinental Exchange became the majority shareholder of ENDEX, which was renamed ICE Endex. This separated the derivatives and gas-oriented successor from the APX power-spot business. APX's next major transition involved EPEX SPOT. On 17 April 2015, EPEX SPOT and APX Group announced their intention to integrate their businesses and form a power exchange covering Central Western Europe and the United Kingdom. EPEX SPOT became the 100 percent owner of APX Group on 4 May 2015. The transaction effectively ended APX-ENDEX as an independent combined brand. Its history is consequently tied to the consolidation of national energy exchanges into regional wholesale-market platforms.
- 2015
EPEX SPOT takes full ownership of APX Group
[1]EPEX SPOT became the 100 percent owner of APX Group following the announced integration of their businesses.
- 2014
ICE becomes majority shareholder of ENDEX
[1]Intercontinental Exchange acquired a majority position in ENDEX, later renamed ICE Endex.
- 2013
APX-ENDEX split into APX and ENDEX
[1]The organization separated its power spot activities from its gas and derivatives activities.
- 2010
Belpex activities integrated with APX
[1]APX and Belpex announced integration, with Belpex becoming a wholly owned APX subsidiary.
- 2009
APX-ENDEX integration completed
[1]The integration of APX Group and ENDEX was completed and the combined name APX-ENDEX was introduced.
- 2008
APX Group acquires ENDEX
[1]APX Group acquired ENDEX, expanding into gas and derivatives markets.
- 2005
APX becomes a Belpex shareholder
[1]APX took a shareholding in the Belgian power exchange Belpex.
- 2004
APX acquires UKPX
[1]APX acquired UKPX and incorporated the UK exchange into its wider group.
- 2001
APX launches UK electricity spot market
[1]APX began operating a United Kingdom electricity spot market.
- 2000
UKPX established
[1]UKPX was established as an independent power exchange in the United Kingdom.
Products and positioning
A wholesale energy-market infrastructure provider and exchange operator serving professional market participants across northwestern Europe.
Electricity exchange · 1999
APX Power Spot Markets
Wholesale spot-market venues for electricity in the Netherlands, the United Kingdom and Belgium. These markets formed the central operating business of APX and served professional energy companies and other exchange members.
Energy derivatives exchange · 2008
ENDEX Gas and Derivatives Markets
Gas spot, gas-derivatives and power-derivatives activities associated with ENDEX. Following the 2013 separation, these activities moved into the ICE Endex successor organization.
Market infrastructure
Clearing and Settlement Services
Central clearing, settlement and related third-party clearing services supporting exchange transactions and reducing operational complexity for wholesale energy-market participants.
Market data
Energy Data, Benchmarks and Indices
Distribution of energy-market data together with benchmark information and industry indices used by participants to monitor prices, activity and market conditions.
Brand decisions
2015
Integrate APX Group with EPEX SPOTM&ABackground
Regional integration was intended to create a power exchange serving Central Western Europe and the United Kingdom.
Action taken
EPEX SPOT and APX Group announced their integration plans, and EPEX SPOT became the sole owner of APX Group on 4 May 2015.
Aftermath
APX-ENDEX ceased to operate as an independent combined brand and its power-market activities moved into the EPEX SPOT ownership structure.
2013
Separate APX power spot activities from ENDEX derivatives activitiesStrategyBackground
The combined APX-ENDEX structure contained distinct power-spot, gas and derivatives businesses with different market and ownership trajectories.
Action taken
On 1 March 2013, APX-ENDEX was divided into APX and ENDEX.
Aftermath
APX retained power spot markets, while ENDEX retained gas spot, gas derivatives and power derivatives activities and later became ICE Endex.
2008
Acquire ENDEX and combine the businessesM&ABackground
APX Group sought to broaden its energy-market coverage beyond electricity spot trading by acquiring ENDEX, which operated gas and derivatives activities.
Action taken
APX Group acquired ENDEX; integration was completed in 2009 and the combined organization adopted the APX-ENDEX name.
Aftermath
The combined brand later separated into APX and ENDEX in 2013, with the two businesses following different ownership and successor paths.
Sources1 sources
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