Notice to Members
Notice No. 308
08/10/2005
New York Mercantile Exchange to Launch Eight New Electricity Futures Contracts based on Midwest Independent Transmission System Operator, Inc. (MISO) Hubs
Please be advised that the New York Mercantile Exchange, Inc., will launch eight new, financially-settled, electricity futures contracts based on four Midwest Independent Transmission System Operator, Inc. (MISO) Hubs. For each of the four hubs, there will two monthly contracts, one for peak hours, and one for off-peak hours. These eight contracts include: Cinergy monthly and off-peak monthly, Michigan monthly and off-peak monthly, MISO Illinois monthly and off-peak monthly and Minnesota Hub monthly and off-peak monthly electricity contracts. These contracts will settle on Real-Time locational marginal prices for each hour of the day provided by the MISO.

All of these contracts will be listed for execution on the ClearPort® Trading and Clearing systems during regular ClearPort® hours. Contract months will be listed in accordance with same schedule used for all other NYMEX financially settled electricity contracts, i.e., contract months listed will include balance of current year plus next three calendar years. Contract days listed will be the peak days remaining in the current month and the following month.

All of These contracts will be available on NYMEX ClearPort® Trading and Clearing beginning with the August 15th, 2005, trading session, which starts at 7:00 PM, August 14th, 2005. September 2005 will be the first delivery month listed.

Additional specifications are as follows (the terms and conditions are attached):

Contract Unit:
40 MWh times the number of peak days in the contract month for the month contracts

2.5 Megawatts for each off-peak hour in the contract months for the off-peak contracts.
   
Minimum tick:
$0.05/MWh
   
Symbol:
EM: Cinergy Hub Peak
EJ: Cinergy Hub Off-Peak
HM: Michigan Hub Peak
HJ: Michigan Hub Off-Peak
OM: MISO Illinois Hub Peak
OJ: MISO Illinois Hub Off -Peak
LM: Minnesota Hub Peak
LJ: Minnesota Hub Off-Peak
   
Fees
waived for all electricity contracts through December 2005
   
Margins:
A Notice to Members will be released shortly announcing initial margin levels. Margins will be applied in the same manner as the margin for the other electricity contracts and will be announced in the subsequent memo.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com