- Trading Screen Product Name
- Off-Peak Daily Futures
- Trading Screen Hub Name
- PJM WH RT Off-Peak (8 Hour Option)
- Contract Symbol
OD8
- Settlement Method
Exercise into Underlying Futures Contract
- Contract Size
50 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, or as otherwise
determined by the Exchange
- Last Trading Day
At 11:59pm EPT on the calendar day following 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, will 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 second Clearing Organization business day
following the Last Trading Day
- REFERENCE PRICE A
ELECTRICITY-PJM-WESTERN HUB-REAL TIME
- a) Ref Price A - Description
"ELECTRICITY-PJM-WESTERN HUB-REAL TIME” 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-and-operations/energy.aspx under the
headings “Real-Time Energy Market Hourly LMP Files” or
any successor headings, that report prices effective on that
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 0100-0700, 2400 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 $0.05 increments.
- MIC Code
- IFED
- Clearing Venues
- ICEU