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The New York Mercantile Exchange, Inc., a subsidiary of NYMEX Holdings, Inc. (NYSE: NMX), today announced that it will introduce eight new cash-settled electricity futures contracts for the Texas market on March 9 for trade date March 10.
The monthly and daily contracts will provide risk management for the day-ahead market in the Electric Reliability Council of Texas (ERCOT) and will settle based on ERCOT Broker Indices published by SNL Energy.
The new electricity futures contracts and their commodity codes are: NYMEX ERCOT broker seller's choice index peak (SNL Energy) (ZE); NYMEX ERCOT broker seller's choice index calendar day peak (SNL Energy) (VB); NYMEX ERCOT Houston index peak (SNL Energy) (ZH); NYMEX ERCOT Houston index calendar day peak (SNL Energy) (VH); NYMEX ERCOT Broker North Index Peak (SNL Energy) (ZF); NYMEX ERCOT Broker North Index calendar day peak (SNL Energy) (VF); NYMEX ERCOT Broker South Index Peak (SNL Energy) (ZT); and NYMEX ERCOT Broker South Index calendar day peak (SNL Energy) (VJ).
The futures contracts will be available for trading and clearing on NYMEX ClearPort. The first monthly contracts will be April 2008 and the daily contracts will be March 10. All of the ERCOT monthly contracts will be listed for 36 consecutive months with the exception of the NYMEX ERCOT broker seller's choice index peak futures contract which will be listed through November 2008. The contracts will be 800 megawatt hours (MWh) in size with a minimum price fluctuation of $0.01/MWh.
Information on fees can be found on the NYMEX website, http://www.nymex.com/.
