|
|
 |
 |
| Outright Margins |
 |
|
| |
Clearing Member/ Maintenance |
Member Customer |
Non-Member Customer |
| 100% |
110% |
135% |
| Weekly Contract (JW) |
$4,000 |
$4,400 |
$5,400 |
|
| Outright Margins for Balance of Week (BalWeek)* |
|
|
| |
Clearing Member/ Maintenance |
Member Customer |
Non-Member Customer |
| 100% |
110% |
135% |
| First day of the contract week |
$2,500 |
$2,750 |
$3,375 |
| Second day of the contract week |
$2,000 |
$2,200 |
$2,700 |
| Third day of the contract week |
$1,500 |
$1,650 |
$2,025 |
| Fourth day of the contract week |
$1,000 |
$1,100 |
$1,350 |
| Fifth day of the contract week |
$500 |
$550 |
$675 |
|
| * Due to the average price settlement process on the weekly PJM electricity
futures contract during the cash settlement period, margins are reduced on a pro rata basis. The BalWeek
margin is reduced by one-fifth, or 20%, each trading day unless there is a NERC-designated
holiday in which case margins are reduced one-fourth, or 25%, each trading day. |
| Inter-Commodity Spread Credit: PJM Monthly (JM) and PJM Weekly (JW) |
|
|
| Priority |
Period |
Ratio |
Percent Credit |
| 1 |
Days prior to the 8th of the month |
1:1 |
20% |
| Days after the 7th but prior to the 15th of the month |
1:1 |
30% |
| Days after the 14th but prior to the 22nd of the month |
1:1 |
45% |
| Days after the 21st but prior to the 31st of the month |
1:1 |
90% |
|
| Inter-Commodity Spread Credit: PJM Weekly (JW) and PJM Daily (JD) |
|
|
| Priority |
Period |
Ratio |
Percent Credit |
| 2 |
First day of the week |
1:1 |
15% |
| Second day of the week |
1:1 |
20% |
| Third day of the week |
1:1 |
30% |
| Fourth day of the week |
1:1 |
45% |
| Fifth day of the week |
1:1 |
95% |
|
|
|
|