All qualifying Day Ahead power contracts traded on ICE from 6 AM to 11:00 AM CPT on the day of publication are included.

Index Hub availability

ICE lists contracts for hundreds of power hubs. Trading activity in these markets is reported daily in the ICE Day Ahead Power Price Report published by ICE Data.

The variable nature of over-the-counter power trading can mean that not all of these hubs have price activity on each business day of the year. Consequently, in order to provide a consistent daily index for each hub, ICE Data only publishes index prices for those hubs where there has been sufficient trading activity. Ideally, a hub will display a minimum of 1 trade per day and an average of 3 trades per day during the prior 3 months before ICE Data will initiate an index for that hub.

For hubs trading less frequently, ICE Data produces an end of day report that provides a snapshot of closing bid, offer and trade price on ICE. The report is designed to enable customers to extract prices to calculate their own spot and forward price curves for mark-to-market purposes.

Publication Time

Unlike other index providers who publish their indices at the end of the current or the start of the next business day, when a trading company has already closed and valued its book, ICE Data publishes the ICE Day Ahead Indices at 1:30 pm CPT each trading day. The indices are volume-weighted average prices for all qualifying trades taking place during the Determination Period discussed above.

Calculation of the indices

ICE Data applies a consistent formula to the market date to determine index pricing:

I = Σ (P • V) / T

where:

I = Volumetric Weighted Average Index Price,

P = price or premium of individual transaction,

V = volume of individual transaction,

Σ(P•V) = sum of each transaction's price multiplied by its volume,

T = total volume of all qualifying transactions.

In addition to the price filters on the ICE trading platform in accordance with their Fair Trading initiative, the following types of trades are considered "non-qualifying", and are not included in the ICE Day indices:

• Trades done between two companies that are owned by the same parent company
• Price basis spread legs i.e. spread trades that are executed on a trading platform that subsequently are converted into two outright prices for trade reporting purposes
• Deals that have been consummated but then cancelled or altered by the counterparties before confirmation
• Trades where counterparties reverse a trade within two minutes of the previous transaction
• Option Trades Deals that fall outside of the given time period for each index

Published Data Available

The following data is published for each hub quoted:

• Location - as defined in the ICE Product Guide.
• High - the absolute high price for the period.
• Low - the absolute low price for the period.
• Index - weighted average price.
• Volume - total contracts traded for the period counting the sell side only.
• No. of Trades - number of trades confirmed through ICE and eConfirm that were used in the index calculation.
• No. of Companies - number of companies that participated in the index related transactions.

Historical Transactions

The ICE Day Ahead indices are based upon verifiable trade data from ICE. The underlying historical price data can be accessed via our subscription services

Audited calculations and methodology

We have developed and implemented policies, practices and controls to ensure the quality, consistency and availability of our indices. These activities are outlined an annual Report of Management on the Effectiveness of Controls over IntercontinentalExchange™ undertaken by PricewaterhouseCoopers LLP.