The ICE IPE Electricity Futures Contract is a deliverable contract through which each clearing member with a position open at cessation of trading for a contract month is obliged to make or take delivery of electricity to or from National Grid Transco in accordance with IPE Regulations.
|UK Electricity futures|
|Contract Size||1 MW x days in the contract period (i.e. month, quarter, or year) x 23, 24 or 25 hours (summer / winter time)|
|Tick Value||1 pence /MWh x the number of hours in the delivery period|
|Contract Months||Up to 54-59 consecutive months, 13-16 consecutive quarters, 9 consecutive seasons.|
|Last Trading Day||2 Business Days before the start of the delivery period.|
|Note: This contract is electronic ONLY -- no open outcry|
|No Open Outcry||Electronic|
|Trading Hours||N/A||New York: 2:00 AM - 12:00 PM|
|Price Limits||N/A||There are no limits|
Trading Period/Strip involves 12-month contracts, six quarter contracts and four season contracts. The expiration date for the contract is two business days prior to the first EFA calendar day of the delivery period.
Month contracts are based on the number of days in an EFA month, namely 28 days in January, February, April, May, July, August, October and November; 35 days in March, June, September, December. Exceptions are December 2004 which will have 42 days and every sixth year there is an additional week added to one of the EFA periods.
The delivery/settlement basis delivery is fulfilled by the debit of electricity from the energy account of one party and the credit of electricity to the energy account of the other party for every half hour settlement period of the delivery month.
Delivery is effected by the submission (and acceptance with no subsequent rejection) of energy contract Volume Notifications by an Energy Contract Volume Notification Agent to an Energy Contract Volume Aggregation Agent on behalf of the two delivery parties. A clearing member with a contract open at cessation of trading for that month must deliver the number of lots open at a rate of 1 MW during each settlement period of the first and each subsequent day of the delivery month.