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Description

A financially settled monthly futures contract based upon the PUN Index GME® of each 15-minute Market Time Unit (“MTU”) between 00:00 (CET) and 24:00 (CET) for the purchase of electricity in Italy, as published by Gestore dei Mercati Energetici (“GME”), for each day throughout the contract delivery period.

Market Specifications

Trading Screen Product Name

Italian Power Financial Base Futures

Trading Screen Hub Name

Italian Grid

Contract Symbol

IPB

Contract Series

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

Contract Size

1 MW per day in the contract period (i.e. month, quarter or year) x 23, 24 or 25 hours (summer or winter time).

Unit of Trading

1 MW

Minimum Trading Size

Futures: 1 lots = 1 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

1 Euro Cent per MWh (€0.01/MWh)

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Flux

Last Trading Day

Trading will cease at the close of business one Business Day prior to the last calendar day of the contract delivery period. 
Quarter, season and calendar contracts will cease trading at the close of business one Business Days prior to the first calendar day of the quarter, season or calendar year.

Settlement Method

Financially Settled 

Cash Settlement Price

The cash settlement price of the contract is equal to the arithmetic mean of the PUN Index GME® of each 15-minute Market Time Unit (“MTU”) between 00:00 (CET) and 24:00 (CET) for the purchase of electricity in Italy, as published by Gestore dei Mercati Energetici (“GME”), for each day throughout the contract period.

Exchange Rulebook

ICE Endex Market Rulebook

MIC Code

NDEX

Clearing Venues

ICEU

Trading Hours

Codes