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Description

An Option on a basket of yearly Contract Periods, January-December, of the Underlying Future Contract. For purposes of this Exchange Option, the term “One Time Option” shall mean that the Option will exercise into each of the Contract Periods of the Underlying Futures Contract in the basket using a single reference price, as defined in Reference Price A

Market Specifications

Trading Screen Product Name

Peak Futures

Trading Screen Hub Name

PJM WH RT Cal 1x

Contract Symbol

P1X

Settlement Method

Exercise into Underlying Futures Contract

Contract Size

1 lot is equivalent to 1 MW per peak hour of the applicable calendar year

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 4 consecutive January-December yearly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day

At 2:30pm EPT on the second Friday prior to the first calendar day of the first Contract Period in the basket

Option Style

European

Exercise Procedure

Automatic Only

Manual exercise or abandon is not permitted

At Exercise Time, options which are “in the money”, with respect to the weighted average of the Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one for each contract month in the Contract period, with a contract price equal to the Strike Price. The weighted average shall be determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by its Weighting Factor to determine the weighted prices, summing the weighted prices, and then dividing that sum by the sum of the Weighting Factors. For purposes of this Exchange Option, the “Weighting Factor” shall mean a number equal to the number of Pricing Days in the Contract Period of the Underlying Futures Contract. Each Contract Period in the basket will have its own Weighting Factor. If the option is “out of the money”, then it expires automatically

Exercise Day is the Last Trading Day

REFERENCE PRICE A

ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE

a) Ref Price A - Description

"ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM Western Hub Real-Time Peak Fixed Price Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE on that Pricing Date.

b) Ref Price A - Pricing Date

Second to Last Friday in December preceding the Contract Period

c) Ref Price A - Specified Price

Settlement Price

d) Ref Price A - Pricing calendar

ICE

e) Ref Price A - Delivery Date

Each Contract Period in the basket

Strike Price Listing

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

• PJM Western Hub Real-Time Peak (1 MW) Fixed Price Future
• PJM Western Hub Real-Time Off-Peak Fixed Price Future
• PJM Western Hub Day-Ahead Peak Fixed Price Future
• Option on PJM Western Hub Real-Time Peak (1 MW) Fixed Price Future
• PJM Western Hub Day-Ahead Off-Peak Fixed Price Future
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Trading Hours

Codes