ICE PJM Western Hub Real-Time Peak Calendar Year One Time Mini Fixed Price

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A monthly cash settled Exchange Futures Contract based upon the mathematical average of daily prices calculated by averaging the peak hourly electricity prices published by PJM for the location specified in Reference Price A.

PJM Western Hub Real-Time Peak Calendar Year One Time Mini Fixed Price Future
Trading Screen Product Name Peak Futures
Trading Screen Hub Name PJM WH RT Cal 1x Mini
Contract Symbol PMM
Settlement Method Cash settlement
Contract Size 1 MW
Currency USD
Minimum Price Fluctuation The price quotation convention shall be one cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle Up to 62 consecutive monthly Contract Periods, or as otherwise determined by the Exchange
Last Trading Day The last Business Day of the Contract Period
Final Settlement Average of Reference Price A Prices
REFERENCE PRICE A ELECTRICITY-PJM-WESTERN HUB-REAL TIME
a) Ref Price A - Description "ELECTRICITY-PJM-WESTERN HUB-REAL TIME" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets-and-operations/energy/real-time/lmp.aspx , under the headings "Daily Real-Time LMP: Daily Real-Time Locational Marginal Pricing Files: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing Date.
b) Ref Price A - Pricing Date Each Monday through Friday, excluding NERC holidays, that prices are reported for the Delivery Date
c) Ref Price A - Specified Price Average of LMPs for all hours ending 0800-2300 EPT
d) Ref Price A - Pricing calendar PJM
e) Ref Price A - Delivery Date Contract Period
Final Payment Date The second Clearing Organization business day following the Last Trading Day
MIC Code IFED
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM*

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM*

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 8:50 AM - 7:00 AM*

08:50 - 07:00

8:40 AM

08:40

*Next Day

Sunday Pre-Open 5:10 PM ET; Closed on Saturday

Codes Clearing Admin Name Pwr East Mini
Physical PMM
Logical PJM
GMI (FC) @D
ION A.C.N. None
PJM Western Hub Real-Time Peak Calendar Year One Time Mini Fixed Price Options
Trading Screen Product Name Peak Futures
Trading Screen Hub Name PJM WH RT Cal 1x Mini
Contract Symbol PMM
Settlement Method Exercise into Underlying Futures Contract
Contract Size 1 MW
Currency USD
Minimum Price Fluctuation The price quotation convention shall be one cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle Up to 4 consecutive January-December yearly Contract Periods, or as otherwise determined by the Exchange
Last Trading Day At 2:30pm EPT on the second Friday prior to the first calendar day of the first Contract Period in the basket
Option Style European
Exercise Automatic on Last Trading Day; manual allowed on Last Trading Day

Clearing members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules

At Exercise Time, options which are “in the money”, with respect to the weighted average of the Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one for each contract month in the Contract period, with a contract price equal to the Strike Price. The weighted average shall be determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by its Weighting Factor to determine the weighted prices, and then dividing that sum by the sum of the Weighting Factors. For purposes of this Exchange Option, the “Weighting Factor” shall mean a number equal to the number of Pricing Days in the Contract Period of the Underlying Futures Contract. Each Contract Period in the basket will have its own Weighting Factor. If the option is “out of the money”, then it expires automatically Exercise Day is manual on any Business Day, Automatic on Last Trading Day

REFERENCE PRICE A ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE
a) Ref Price A - Description "ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM Western Hub Real-Time Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE on that Pricing Date.
b) Ref Price A - Pricing Date Second to Last Friday in December preceding the Contract Period
c) Ref Price A - Specified Price Settlement Price
d) Ref Price A - Pricing calendar ICE
e) Ref Price A - Delivery Date Each Contract Period in the basket
Strike Price Listing Provisions A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-Defined Strike Prices are allowed in $0.05 increments.
MIC Code IFED
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM*

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM*

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 8:50 AM - 7:00 AM*

08:50 - 07:00

8:40 AM

08:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes Clearing Admin Name Pwr East Term
Physical PMM
Logical PJM
GMI (FC) @D
ION A.C.N. None

Notes[edit]

References[edit]

Resources[edit]

ICE PJM Western Hub Real-Time Peak Calendar Year One Time Mini Fixed Price Product Spec

ICE Option on PJM Western Hub Real-Time Peak Calendar Year One Time Mini Fixed Price Product Spec