Option on PJM Western Hub Day-Ahead Peak Daily Fixed Price Future53213882
ICE Futures U.S.
Option on PJM Western Hub Day-Ahead Peak Daily Fixed Price Future
Description
A daily Option on the corresponding Contract Period of the PJM Western Hub Day-Ahead Peak Daily Fixed Price Future
Market Specifications
- Trading Screen Product Name
- Peak Futures
- Trading Screen Hub Name
- PJM WH DA (Daily)
- Contract Symbol
- PDA
- Settlement Method
- Exercise into Underlying Futures Contract
- Contract Size
- 800 MWh
- 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 365 consecutive daily Contract Periods, excluding Saturdays, Sundays and NERC Holidays, or as otherwise determined by the Exchange.
- Last Trading Day
- At the end of the Trading Session on the last Business Day prior to the Contract Period
- Option Style
- European
- Exercise Procedure
- Automatic Only
Manual exercise or abandon is not permitted
Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is the third Clearing Organization business day following the Last Trading Day - REFERENCE PRICE A
- ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD
- a) Ref Price A - Description
- “ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD” 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/energy-market/day-ahead.html, under the Headings “Daily Day-Ahead Locational Marginal Pricing(LMP): LMP Day-Ahead Data: WESTERN HUB” or any successor headings, that reports Prices effective on the Pricing Date
- b) Ref Price A - Pricing Date
- Each day 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
- Strike Price Intervals
- 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 $0.25 increments
- MIC Code
- IFED
- Clearing Venues
- ICEU
Related Products
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
- O-Pwr East Daily
- Physical
- PDA
- Logical
- PDA
- GMI (FC)
- YA
- ION A.C.N.
- Symbol Code
- PDA