Notice to Members
Notice No. 378
07/19/2006
New York Mercantile Exchange to Launch 12 New Monthly and Daily Electricity Swap Futures Contracts for the Texas Market
Please be advised that the New York Mercantile Exchange, Inc. will launch twelve (12) new peak monthly and daily electricity futures contracts for the Texas market which will be cash settled. These contracts will provide monthly and daily risk management for both the day-ahead and real-time markets in the Electric Reliability Council of Texas (ERCOT). The ERCOT peak day-ahead contracts will settle on Platts Megawatt Daily index prices. The ERCOT peak real-time contracts will settle on the Market Clearing Price for Energy (MCPE) published by ERCOT, the Texas independent system operator.

All twelve (12) contracts will be listed for execution on the NYMEX ClearPort® Trading and Clearing systems during regular NYMEX ClearPort® hours. Contract days listed will be the peak days remaining in the current month and the following month. All twelve contracts will be initially listed for trading and clearing at the beginning of NYMEX trade date July 24 (i.e. at 7:00 PM on Sunday, July 23). The first listed month for all monthly contracts will be September 2006. All monthly ERCOT contracts will follow the current NYMEX listing schedule of a maximum of six consecutive years with the exception of the ERCOT Seller's Choice Peak Swap (Platts Megawatt Daily) contract which will only be listed through December 2008.

The chapters setting forth the terms and conditions of the new futures contracts are available in the Exchange's online rulebook. Margins and position limits will be announced in separate notices.

Contract Unit:
 
 
Monthly Contracts:
40 MWh/day times the number of monthly peak days
 
Daily Contracts:
 40 MWh for all daily contracts
 
Symbols:
 
 
HT
ERCOT Houston Peak Swap (Platts Megawatt Daily) Contract
 
HE
ERCOT Houston Calendar Day Peak Swap (Platts Megawatt Daily) Contract
 
MT
ERCOT North Peak Swap (Platts Megawatt Daily) Contract
 
MC
ERCOT North Calendar Day Peak Swap (Platts Megawatt Daily) Contract
 
VT
 ERCOT Seller's Choice Peak Swap (Platts Megawatt Daily) Contract
 
VC
 ERCOT Seller's Choice Calendar Day Peak Swap (Platts Megawatt Daily) Contract
 
HN
 ERCOT Houston MCPE Trading Hub Peak Swap Contract
 
HY
 ERCOT Houston MCPE Trading Hub Calendar Day Peak Swap Contract
 
MN
 ERCOT North MCPE Trading Hub Peak Swap Contract
 
MY
 ERCOT North MCPE Trading Hub Calendar Day Peak Swap Contract
 
VN
 ERCOT Hub Average MCPE Trading Hub Peak Swap Contract
 
VY
 ERCOT Hub Average MCPE Trading Hub Calendar Day Peak Swap Contract
 
Minimum Tick:
$0.05/MWh
  
 
Fees (per side)
 
  Monthly Contracts: $4.00
  Daily Contracts: $0.20
  Monthly Cash Settlement Fee: $4.00
  Daily Contract Settlement Fee: $0.20
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com