Option On PJM Western Hub Real-Time Off-Peak Daily Fixed Price Future57250523
ICE Futures U.S.
Option On PJM Western Hub Real-Time Off-Peak Daily Fixed Price Future
Description
A daily Option on the corresponding Contract Period of the PJM Western Hub Real-Time Off-Peak Daily Fixed Price Future
Market Specifications
- 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 Data Miner 2,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
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 | 7:50 AM - 6:00 AM* 07:50 - 06:00 | 7:40 AM 07:40 |
*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes
- Clearing Admin Name
- O-Pwr EastOPDaily
- Physical
- OD8
- Logical
- ODP
- GMI (FC)
- B=
- ION A.C.N.
- Symbol Code
- OD8