09/11/2000
This contract will be traded electronically along with the other Exchange electricity contracts on the system, with the session beginning at 7 PM on Sundays and 4 PM on Mondays through Thursdays and ending at 2:30 PM Mondays through Fridays.
Other than delivery location, the contract will reflect the terms of the Exchange’s California/Oregon border and Palo Verde electricity futures contracts including a unit size of 432 megawatt hours (Mwh) of firm electricity, delivered at a rate of one megawatt per hour, with the size of the actual delivery varying according to the number of on-peak days during the delivery month. The first contract month will be November. (Initial Margins for Mid-Columbia are listed in Notice to Members No. 00-316 attached.)
The Exchange will list 11 months beginning with November 2000 through September 2001.
The Mid-Columbia Electricity Futures contract will use KM as the outright commodity code and SE for the strip code.
Physical delivery may take place at any of the switchyards associated with the following four hydro-projects: Rocky Reach, Rock Island, Wanapum and Priest Rapids. These switchyards include: Rocky Reach, Rock Island, Wanapum, McKenzie, Valhalla, Columbia, Midway and Vantage.
The contract terms and conditions match those of the Exchange’s Western contracts at Palo Verde and the California Oregon Border.
Delivery Period:
16 on-peak hours: hour ending 0700 (6 AM)
Pacific time to hour ending 2200 (10 PM)
Pacific time on each business day of the delivery month.
Termination of Trading:
Trading in the delivery month shall cease on the fourth Business day prior to the first day of the delivery month.
Prices and Fluctuations:
Prices shall be quoted in dollars and cents per Mwh.
The minimum price fluctuation will be $.01 per Mwh.
There is no maximum daily price fluctuation.