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Briefing on NYMEX Activity

Briefing on NYMEX Activity. Board of Directors Meeting July 18, 2006. Anticipated NYMEX Contracts for Trading on July 24. ERCOT Hub. North Hub. Houston Hub. Daily. Monthly. Daily. Monthly. Daily. Monthly. Average MCPE. Standard contracts: 40 Mwh per day on peak

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Briefing on NYMEX Activity

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  1. Briefing on NYMEX Activity Board of Directors Meeting July 18, 2006

  2. Anticipated NYMEX Contracts for Trading on July 24 ERCOT Hub North Hub Houston Hub Daily Monthly Daily Monthly Daily Monthly Average MCPE Standard contracts: 40 Mwh per day on peak (weekdays from 6:00AM to 10:00PM) Megawatt Daily Price index Contracts are similar to those currently traded for PJM, the New York ISO and the New England ISO. 

  3. What are the obligations of ERCOT, Inc.? We don’t need to commit any resources to do anything. We will have no obligations to NYMEX.

  4. ERCOT Qualified Scheduling Entities What does the physical market look like? ERCOT Government Regulation & Oversight: PUCT (Public Utility Commission of Texas) ERCOT Physical Market Retail Electric Suppliers Generators SELLERS BUYERS

  5. NYMEX Qualified Trading Entities What does the financial market look like? SELLERS BUYERS Price Risk Transfer Agents Price Risk Transfer Agents Financial Market Government Regulation & Oversight: CFTC (Commodities Futures Trading Commission) NYMEX

  6. NYMEX Qualified Trading Entities ERCOT Qualified Scheduling Entities What could the combined market look like? ERCOT Government Regulation & Oversight: PUCT (Public Utility Commission of Texas) ERCOT Physical Market Retail Electric Suppliers Generators SELLERS BUYERS Price Risk Transfer Agents Price Risk Transfer Agents Financial Market Government Regulation & Oversight: CFTC (Commodities Futures Trading Commission) NYMEX

  7. Some NYMEX Qualified Trading Entities AND ERCOT Qualified Scheduling Entities BANK OF AMERICA NA BARCLAYS BANK PLC (QSE) CALBEAR ENERGY LP (QSE) CITIGROUP ENERGY INC (QSE) DB ENERGY TRADING LLC J ARON AND COMPANY JPMORGAN CHASE BANK NA JPMORGAN VENTURES ENERGY CORPORATION LEHMAN BROTHERS COMMODITY SERVICES INC MERRILL LYNCH COMMODITIES INC (QSE) MORGAN STANLEY CAPITAL GROUP INC OLD LANE COMMODITIES LP UBS AG LONDON BRANCH WCW INTERNATIONAL INC

  8. NYMEX Qualified Trading Entities ERCOT Qualified Scheduling Entities What could the combined market look like? ERCOT Government Regulation & Oversight: PUCT (Public Utility Commission of Texas) ERCOT Physical Market Retail Electric Suppliers Generators SELLERS BUYERS Price Risk Transfer Agents Price Risk Transfer Agents Price Risk Transfer “Futures” Market Government Regulation & Oversight: CFTC (Commodities Futures Trading Commission) NYMEX

  9. Anticipated NYMEX Contracts for Trading on July 24 ERCOT Hub North Hub Houston Hub Daily Monthly Daily Monthly Daily Monthly Average MCPE Standard contracts: 40 Mwh per day on peak (weekdays from 6:00AM to 10:00PM) Megawatt Daily Price index

  10. Anticipated NYMEX Contracts for Trading on July 24 ERCOT Hub North Hub Houston Hub Daily Monthly Daily Monthly Daily Monthly Average MCPE Standard contracts: 40 Mwh per day on peak (weekdays from 6:00AM to 10:00PM) Megawatt Daily Price index Daily – up to two (2) months forward

  11. Anticipated NYMEX Contracts for Trading on July 24 ERCOT Hub North Hub Houston Hub Daily Monthly Daily Monthly Daily Monthly Average MCPE Standard contracts: 40 Mwh per day on peak (weekdays from 6:00AM to 10:00PM) Megawatt Daily Price index Daily – up to two (2) months forward Monthly – up to three (3) years forward

  12. Questions?

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