FEX $300 Strike 5MS Cap Power Quarterly Futures

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Quarterly cash settled futures for New South Wales, Victoria, South Australia, and Queensland electricity, against the Australian Energy Market Operator (AEMO) 5min price above $300/MWh.[1]

FEX $300 Strike 5MS Cap Power Quarterly Futures
Contract Code Quarters

FN - NSW $300 Strike 5MS Cap Power Quarterly Futures

FV - VIC $300 Strike 5MS Cap Power Quarterly Futures

FQ - QLD $300 Strike 5MS Cap Power Quarterly Futures

FS - SA $300 Strike 5MS Cap Power Quarterly Futures 4qtr Strips

QN - NSW $300 Strike 5MS Cap Power 4qtr Strip Futures

QV - VIC $300 Strike 5MS Cap Power 4qtr Strip Futures

QQ - QLD $300 Strike 5MS Cap Power 4qtr Strip Futures

QS - SA $300 Strike Cap 5MS Power 4qtr Strip Futures

Contract Type Cash Settled Futures Contract
Underlying New South Wales, Victoria, South Australia, and Queensland electricity, as administrated by the Australian Energy Market Operator (AEMO)
Contract Unit 1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.

Q1 - 2160 MWh or 2184 MWh each leap year

Q2 - 2184MWh

Q3 - 2208MWh

Q4 - 2208MWh

Contract Currency AUD per megawatt hour (A$/MWh)
Minimum Price Increments Tick Size $0.01/MWh

$21.60 per contract for a 2160hr contract

$21.84 per contract for a 2184hr contract

$22.08 per contract for a 2208hr contract

Contract Months Quarterly up to 4 years or 16qtrs out

Mar, Jun, Sep, Dec

4qtr Calendar (Dec) and Financial (Jun) Strips

Trading Hours Day; 10.00am - 4.00pm
Last Trade Date The last Business day of the Contract quarter
Settlement Date The fourth Business Day after the Last Trade Date of the contract quarter
Cash Settlement The Cash Settlement Price is calculated as (a - (300 x b))/c, where:

a = the sum of all AEMO base load half hourly spot prices for the region in the Contract Quarter greater than $300.00

b = the total number of AEMO base load half hour spot prices for the region in the Contract Quarter greater than $300.00

c = the total number of base load half hour spot prices for the region in the Contract Quarter Rounded to the nearest cent. A provisional Cash Settlement Price will be declared on the first Business Day after Last Trade Date of the Contract and shall be later confirmed on the third Business Day after Last Trade Date.

Notes[edit]

References[edit]