The New York Mercantile Exchange will raise the margins on the June, July, and August 2000 contracts for Cinergy, Entergy, and Pennsylvania/New Jersey/Maryland electricity futures to $5,600 from $3,600 for clearing members; to $6,160 from $3,960 for members; and to $7,560 from $4,860 for customers, as of the close of business May 17. Margins on spreads involving the Cinergy, Entergy, and Pennsylvania/New Jersey/Maryland June, July, and August 2000 electricity futures contracts will be increased to $4,000 from $2,000 for clearing members; to $4,400 from $2,200 for members; and to $5,400 from $2,700 for customers.
TotalFinaElf SA says pumping operations to empty the Erika tanker, which foundered in December 70 km off the coast of France, will start in 3 weeks and last until September. The firm says pumping operations and cleanup costs will total 850 million francs.
