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Enron Mail |
NYMEX TO BEGIN TRADING ELECTRICITY FUTURES CONTRACT ON SEPT. 14
7/19/0 11:33 (New York) (The following is a reformatted version of a press release issued by New York Mercantile Exchange.) Exchange Sets Launch Date for Mid-Columbia Electricity Futures Contracts NEW YORK, NY, July 17, 2000 - The New York Mercantile Exchange today announced September 15 as the launch date for its electricity futures contract based on delivery in the Mid-Columbia River region. The contract will begin trading at 4 PM on September 14, which marks the start of the September 15 electronic trading session. This contract will be traded electronically along with the other Exchange electricity contracts on the NYMEX ACCESSr 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. Exchange President R. Patrick Thompson said, "We are delighted that we will be able to add a tool based on this active market center to our electricity risk management and price discovery product mix. We continue to work with the industry to introduce products and services that meet the needs of this rapidly evolving marketplace." Other terms and conditions paralleling those in all of the Exchange's existing electricity futures contracts, include: 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. Contact: Nachamah Jacobovits 212 299-2430 Maria Gonzalez 212 299-2436
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