Notice to Members

Notice No. 228
05/02/2006

Margin Rates Change for Financially Settled Electricity Contracts

Effective Date: Wednesday, May 3, 2006 (close of business)

Futures Contract:

Cinergy Hub LMP – Off Peak (EJ), Northern Illinois Hub – Peak UM), AEP-Dayton Hub – Peak (VM), AEP-Dayton Hub – Off Peak (VP), NYISO Zone A LBMP – Peak (KA), NYISO Zone G LBMP – Peak (KG), NYISO Zone J LBMP – Peak (KJ), NYISO Zone A LBMP – Off Peak (KB), NYISO Zone G LBMP – Off Peak (KH), NYISO Zone J LBMP – Off Peak (KK), New England Internal Hub – Off Peak (KI), PJM Western Hub LMP Off Peak Monthly (JP), Dow Jones South Path – 15 Index (DV), Dow Jones North Path – 15 Index (DN), Dow Jones Mid–Columbia Index (DO), and Dow Jones Palo Verde Index (DP)

Contract Months: All Months

NYMEX Division Outright (Scan) Margins for Cinergy Hub LMP – Off Peak (EJ)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$3,000	$4,000	$3,300	$4,400	$4,050	$5,400
Tier 2: 2nd – 6th Nearby	$4,000	$6,000	$4,400	$6,600	$5,400	$8,100
Tier 3: 7th – 11th Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100
Tier 4: Greater than 11th Nearby	$3,000	$3,000	$3,300	$3,300	$4,050	$4,050

NYMEX Division Outright (Scan) Margins for Northern Illinois Hub – Peak (UM)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$5,500	$5,500	$6,050	$6,050	$7,425	$7,425
Tier 2: 2nd – 6th Nearby	$10,000	$12,000	$11,000	$13,200	$13,500	$16,200
Tier 3: 7th – 11th Nearby	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
Tier 4: Greater than 11th Nearby	$5,500	$5,500	$6,050	$6,050	$7,425	$7,425

NYMEX Division Outright (Scan) Margins for AEP-Dayton Hub – Peak (VM)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$6,500	$6,500	$7,150	$7,150	$8,775	$8,775
Tier 2: 2nd – 6th Nearby	$10,000	$11,500	$11,000	$12,650	$13,500	$15,525
Tier 3: 7th – 11th Nearby	$5,500	$5,500	$6,050	$6,050	$7,425	$7,425
Tier 4: Greater than 11th Nearby	$3,500	$3,500	$3,850	$3,850	$4,725	$4,725

NYMEX Division Outright (Scan) Margins for AEP-Dayton Hub – Off Peak (VP)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$3,000	$5,500	$3,300	$6,050	$4,050	$7,425
Tier 2: 2nd - 6th Nearby	$4,000	$6,000	$4,400	$6,600	$5,400	$8,100
Tier 3: 7th - 11th Nearby	$4,500	$3,000	$4,950	$3,300	$6,075	$4,050
Tier 4: Greater than 11th Nearby	$3,000	$3,000	$3,300	$3,300	$4,050	$4,050

NYMEX Division Outright (Scan) Margins for NYISO Zone A – Peak (KA)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$2,500	$2,500	$2,750	$2,750	$3,375	$3,375
Tier 2: 2nd - 6th Nearby	$4,500	$2,500	$4,950	$2,750	$6,075	$3,375
Tier 3: 7th - 11th Nearby	$4,500	$4,500	$4,950	$4,950	$6,075	$6,075
Tier 4: Greater than 11th Nearby	$2,500	$4,500	$2,750	$4,950	$3,375	$6,075

NYMEX Division Outright (Scan) Margins for NYISO Zone G – Peak (KG)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$2,500	$2,500	$2,750	$2,750	$3,375	$3,375
Tier 2: 2nd - 6th Nearby	$4,500	$2,500	$4,950	$2,750	$6,075	$3,375
Tier 3: 7th - 11th Nearby	$4,500	$4,000	$4,950	$4,400	$6,075	$5,400
Tier 4: Greater than 11th Nearby	$2,500	$4,000	$2,750	$4,400	$3,375	$5,400

NYMEX Division Outright (Scan) Margins for NYISO Zone J – Peak (KJ)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$3,000	$3,000	$3,300	$3,300	$4,050	$4,050
Tier 2: 2nd - 6th Nearby	$5,000	$3,000	$5,500	$3,300	$6,750	$4,050
Tier 3: 7th - 11th Nearby	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
Tier 4: Greater than 11th Nearby	$3,000	$5,000	$3,300	$5,500	$4,050	$6,750

NYMEX Division Outright (Scan) Margins for NYISO Zone A – Off Peak (KB)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
Tier 2: 2nd - 6th Nearby	$9,000	$4,500	$9,900	$4,950	$12,150	$6,075
Tier 3: 7th - 11th Nearby	$6,000	$9,000	$6,600	$9,900	$8,100	$12,150
Tier 4: Greater than 11th Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100

NYMEX Division Outright (Scan) Margins for NYISO Zone G – Off Peak (KH)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,500	$4,500	$4,950	$4,950	$6,075	$6,075
Tier 2: 2nd - 6th Nearby	$9,000	$5,000	$9,900	$5,500	$12,150	$6,750
Tier 3: 7th - 11th Nearby	$6,000	$9,000	$6,600	$9,900	$8,100	$12,150
Tier 4: Greater than 11th Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100

NYMEX Division Outright (Scan) Margins for NYISO Zone J – Off Peak (KK)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,500	$4,500	$4,950	$4,950	$6,075	$6,075
Tier 2: 2nd - 6th Nearby	$9,000	$5,000	$9,900	$5,500	$12,150	$6,750
Tier 3: 7th - 11th Nearby	$6,000	$4,000	$6,600	$4,400	$8,100	$5,400
Tier 4: Greater than 11th Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100

NYMEX Division Outright (Scan) Margins for ISO New England Internal Hub – Off Peak (KI)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,500	$4,500	$4,950	$4,950	$6,075	$6,075
Tier 2: 2nd - 6th Nearby	$9,000	$5,000	$9,900	$5,500	$12,150	$6,750
Tier 3: 7th - 11th Nearby	$6,000	$9,000	$6,600	$9,900	$8,100	$12,150
Tier 4: Greater than 11th Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100

NYMEX Division Outright (Scan) Margins for PJM Western Hub LMP Off Peak Monthly (JP)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
Tier 2: 2nd - 6th Nearby	$9,000	$4,000	$9,900	$4,400	$12,150	$5,400
Tier 3: 7th - 11th Nearby	$6,000	$9,000	$6,600	$9,900	$8,100	$12,150
Tier 4: Greater than 11th Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100

NYMEX Division Outright (Scan) Margins for Dow Jones SP15 Electricity Prices Index Swap (DV)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$7,000	$5,500	$7,700	$6,050	$9,450	$7,425
Tier 2: 2nd - 6th Nearby	$8,000	$6,000	$8,800	$6,600	$10,800	$8,100
Tier 3: 7th - 11th Nearby	$7,000	$5,500	$7,700	$6,050	$9,450	$7,425
Tier 4: Greater than 11th Nearby	$7,000	$4,000	$7,700	$4,400	$9,450	$5,400

NYMEX Division Outright (Scan) Margins for Dow Jones NP15 Electricity Prices Index Swap (DN)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$8,000	$5,500	$8,800	$6,050	$10,800	$7,425
Tier 2: 2nd - 6th Nearby	$8,000	$6,000	$8,800	$6,600	$10,800	$8,100
Tier 3: 7th - 11th Nearby	$7,000	$5,000	$7,700	$5,500	$9,450	$6,750
Tier 4: Greater than 11th Nearby	$7,000	$4,000	$7,700	$4,400	$9,450	$5,400

NYMEX Division Outright (Scan) Margins for Dow Jones Mid-Columbia Electricity Prices Index Swap (DO)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,500	$4,500	$4,950	$4,950	$6,075	$6,075
Tier 2: 2nd - 6th Nearby	$5,500	$5,500	$6,050	$6,050	$7,425	$7,425
Tier 3: 7th - 11th Nearby	$8,000	$4,000	$8,800	$4,400	$10,800	$5,400
Tier 4: Greater than 11th Nearby	$3,500	$3,500	$3,850	$3,850	$4,725	$4,725

NYMEX Division Outright (Scan) Margins for Dow Jones Palo Verde Electricity Prices Index Swap (DP)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$7,000	$5,000	$7,700	$5,500	$9,450	$6,750
Tier 2: 2nd - 6th Nearby	$8,000	$5,500	$8,800	$6,050	$10,800	$7,425
Tier 3: 7th - 11th Nearby	$7,000	$5,000	$7,700	$5,500	$9,450	$6,750
Tier 4: Greater than 11th Nearby	$7,000	$4,000	$7,700	$4,400	$9,450	$5,400

This notice supercedes all previous notices regarding margins rates for the Electricity futures contracts listed above.

Should you have any questions or require any further information, please contact exchangeinfo@nymex.com