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Description

Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the Trading Hub Europe (THE) Virtual Trading Point, operated by Trading Hub Europe GmbH (THE). Delivery is made equally each hour throughout the delivery period from 06:00 (CET) on the first day of the month until 06:00 (CET) on the first day of the next month.

Market Specifications

Trading Screen Product Name

German THE Futures

Trading Screen Hub Name

THE

Contract Symbol

GNM

Contract Series

Up to 156 consecutive month contracts, or as otherwise determined by ICE Endex. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. 

Contract Size

1 MW x days in the contract period (i.e. month, quarter, season or year) x 23, 24 or 25 hours (summer / wintertime)

Unit of Trading

1 MW

Minimum Trading Size

Futures: 5 lots = 5 MW
Exchange for Physical (EFP): 1 lot = 1 MW
Exchange for Swap (EFS): 1 lot = 1 MW
Block Order: 1 lot = 1 MW

Price Quotation

The contract price is in Euros and Euro cents per MWh 

Minimum Price Fluctuation

0.5 Euro Cent per MWh (€ 0.005/MWh)

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Flux

Last Trading Day

Trading will cease at the close of business two UK Business Days prior to the first calendar day of the delivery month, quarter, season, or calendar.

Settlement Method

Physical Delivery 

Exchange Delivery Settlement Price

Will be the end of day Settlement Price on the Last Trading Day of the contract. 

Delivery Terms

Matching Acquiring and Disposing Trade Nominations (buyer from ICEU, seller to ICEU) are input by ICE to THE via Edig@s before 13:00 (CET) on each business day prior to the commencement of the delivery period. Delivery takes place in kilowatt-hours per hour. 

Exchange Rulebook

ICE Endex Market Rulebook

MIC Code

NDEX

Clearing Venues

ICEU

Related Products

• Dutch TTF Natural Gas Futures

Trading Hours

Codes