Nymex to launch New England electricity futures contract

Each contract will be for 40 megawatt hours multiplied by the number of peak days in the contract month. The contract will initially be listed for December 2004 to December 2007. It will be cash-settled against day-ahead peak locational marginal prices for the New England independent system operator internal hub.

The contract will be available for trading from 7pm Sunday to 2:30pm on Friday, with a daily 45-minute break from 2:30pm to 3:15pm. Off-exchange transactions can also be cleared thr

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