The problem of calculating the amount of energy which can be stored in a plasma near the upper hybrid resonance is treated by considering a macroscopic plasma model in which all nonlinear terms are maintained. For frequencies sufficiently close to the hybrid frequency, and for low temperatures, application of the traveling wave hypothesis reduces the macroscopic equations to an ordinary nonlinear differential equation with an additional small nonlinear term. The solution of this equation, by the perturbation procedure described in Pt. I, indicates that nonlinear effects (overtaking and trapping) become more important at lower energy levels as the frequency approaches the hybrid frequency. Explicit expressions are given for the maximum allowable stored energy at hybrid frequency in both a cold and warm plasma.