Continent's Largest Exchange For Future Power Contracts Expands In Tysons

TYSONS, VA — North America's largest marketplace for trading future power contracts is located within the Tysons area of Fairfax County, and it announced plans to expand Wednesday.

Nodal Exchange, LLC, which is a subsidiary of the Deutsche Boerse Group's EEX Group, is investing $300,000 to expand its location and create 33 jobs. The company is based at 1921 Gallows Road, Vienna, VA.

"As North America's largest power futures exchange, Nodal Exchange showcases how international firms can thrive in the Commonwealth while developing innovative solutions for the world's energy markets," said Gov. Glenn Youngkin in a statement. "This expansion reinforces Virginia's position as a premier location for businesses at the intersection of finance and technology."

A power futures exchange refers to a marketplace where traders offer contracts to keep a stable price for future power needs. Nodal Exchange provides price, credit, and liquidity risk management services, giving traders access to power, natural gas, and environmental contracts. Transactions are done through the company's subsidiary Nodal Clear. Most of its trading and clearing platforms have been created in house.

"Fairfax County is an ideal location for attracting and retaining the highly educated and diverse team necessary for operating Nodal Exchange and Nodal Clear, and we are thrilled to be able to continue to grow and further expand here," said Paul Cusenza, Nodal Exchange and Nodal Clear's chairman and CEO. "It is also centrally located for our trading and clearing community and in close proximity to our regulators in Washington, D.C."

The Virginia Economic Development Partnership worked with the Fairfax County Economic Development Authority on the expansion. The Virginia Jobs Investment Program is providing funding and services to support Nodal Exchange's employee recruitment and training. According to the Fairfax County Economic Development Authority, this is the company's second expansion in three years within Fairfax County.

"Their achievements highlight the strength of Fairfax County as a hub for business excellence, and we look forward to seeing the continued impact that Nodal Exchange will have both on our local economy and community," said Victor Hoskins, president and CEO of Fairfax County Economic Development Authority.