The initial contracts listed will be the daily contract for June 30 and the weekly contracts for the weeks of June 30 and July 6.
The weekly contract was originally scheduled to be listed on May 22 and the daily on May 29.
These contracts will be traded electronically on NYMEX ClearPortsm from 7 PM, Sundays, and 3:15 PM, Mondays through Thursdays, until 2:30 the next day.
The daily floating prices will be the arithmetic average of the PJM western hub locational marginal pricing for peak hours, provided by the PJM Interconnection, LLC. Peak hours are from 7 AM to 11 PM prevailing local time. Peak days are Monday through Friday, excluding North American Electric Reliability Council holidays.
The daily unit size for each contract will be 40 megawatt hours (Mwh). In the case of the weekly futures contracts, transaction sizes will be limited to whole number multiples of the number of peak days remaining in the contract period.
Exchange President J. Robert Collins, Jr., said, "These are non-traditional futures contracts and we want to ensure that all technical issues regarding weekly and daily contracts are addressed by outside entities well in advance of launch. These products have been heavily demanded by the electricity industry as a means of combining existing flexibility with the liquidity and security these markets are currently lacking. We believe it is essential to offer the maximum number of participants access to the market from the very start and are optimistic that this additional lead time for technical preparation will expand the universe of day one traders."