The new contracts will be financially–settled and based on four Midwest Independent Transmission four hubs, there will two monthly contracts, one for peak hours and one for off–peak hours. These eight contracts include: Cinergy monthly and off–peak monthly futures, Michigan monthly and off–peak monthly futures, MISO Illinois monthly and off–peak monthly futures, and Minnesota Hub monthly and off–peak monthly futures. These contracts will settle on real–time locational marginal prices for each hour of the day provided by the MISO.
The contract days listed will be the peak days remaining in the current month and the following month. The contract units for the peak contracts will be 40 megawatt hours times the number of peak days in the contract month. The contract units for the off–peak contracts will be 2.5 megawatt hours for each off–peak hour in the contract month. Fees will be waived for all electricity contracts through December 2005
