CFTC Approves NYMEX Futuresb Contracts
The Commodity Futures Trading Commission (CFTC) has approved the New York Mercantile Exchange (NYMEX) applications for electricity futures contracts on delivery at the Palo Verde Switchyard in Arizona and at the California-Oregon border (COB).
Both contracts use a unit of 736 megawatt-hours (Mwh) delivered over one month. The delivery rate is 2 megawatts in every hour of the delivery period of 16 onpeak hours (0600 to 2200 hours). Both the rate and the period may be amended by mutual agreement of the buyer and seller.