02/09/2005
Four of these contracts are for on-peak hour periods. These four will settle on Real-Time locational marginal prices for peak hours provided by PJM Interconnection, LLC for the specified hub. These include: the NYMEX Northern Illinois Hub Calendar-Month LMP Swap; the NYMEX Northern Illinois Hub Calendar-Day Swap; NYMEX AEP-Dayton Hub Calendar-Month LMP Swap; and the NYMEX AEP-Dayton Hub Calendar-Day LMP Swap.
Seven of these contracts are for off-peak hour periods. Of these seven, three will settle on the real-time locational marginal prices provided by PJM Interconnection, LLC for the specified hub. These include: the NYMEX PJM (PJM Interconnection, LLC) Calendar-Month Off-Peak LMP Swap Contract; the NYMEX Northern Illinois Hub Calendar-Month Off-Peak LMP (PJM Interconnection, LLC) Swap; and NYMEX AEP-Dayton Hub Calendar-Month Off-Peak LMP (PJM Interconnection, LLC) Swap. Three others will settle on the day-ahead locational marginal electricity prices provided by NYISO for the specified zones. These are the NYMEX NYISO Zone A Off-Peak LBMP Swap Contract, NYMEX NYISO Zone G Off-Peak LBMP Swap Contract, NYMEX NYISO Zone J Off-Peak LBMP Swap Contract. One will settle on the hourly day-ahead locational marginal electricity prices provided by ISO New England for its Internal Hub, the NYMEX ISO New England Internal Hub Off-Peak LMP Swap Contract.
All of these contracts will be listed for execution on the NYMEX ClearPortsm Trading and Clearing systems during regular NYMEX ClearPortsm 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 futures contracts will be initially listed for trading and clearing at the beginning of NYMEX trade date February 11, 2005 (i.e. at 3:15 PM February 10, 2005). For the on-peak hour contracts, the first month listed will be March 2005, and the first dailies listed will also be for March 2005. For the off-peak hour contracts, the first month listed will be April 2005.
Additional specifications are as follows (the terms and conditions are available on the Exchange Rulebook):
| Contract Unit: | 40 MWh times the number of peak days in the contract month for the monthly Northern Illinois Hub and AEP-Dayton hub contracts. |
| 40 MWh for the daily Northern Illinois Hub and AEP-Dayton hub contracts. | |
| 2.5 Megawatts for each off-peak hour in the contract months for the PJM, Northern Illinois Hub, AEP Dayton Hub, NYISO A, NYISO G, NYISO J, and ISO New England Off-Peak swaps. |
| Minimum Tick: | $0.05/Mwh |
| Symbol: | UM for Northern Illinois Hub Monthly |
| UD for Northern Illinois Hub Daily | |
| VM for AEP-Dayton Hub Monthly | |
| VD for AEP-Dayton Hub Daily | |
| JP for PJM Off-Peak | |
| KB for NYISO A Off-Peak | |
| KH for NYISO G Off-Peak | |
| KK for NYISO J Off-Peak | |
| UO for Northern Illinois Hub Off-Peak | |
| VP for AEP Dayton Hub Off-Peak | |
| KI for ISO New England Off-Peak |
| Fees | are 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. |