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Description

Physically delivered Maryland Tier 1 Renewable Energy Credit (“Maryland Tier 1 REC”) where a Maryland Tier 1 REC is an electronic certificate issued by PJM GATS for qualifying generation.

Market Specifications

Trading Screen Product Name

REC-MD Futures

Trading Screen Hub Name

REC-MD C1

Contract Symbol

MDE

Settlement Method

Physical delivery

Contract Size

100 MWh representing 100 Tier 1 RECs

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

1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December

Last Trading Day

Three Business Days prior to the last Business Day of the delivery month.

Deliverable Instruments

Maryland Tier 1 RECs eligible for delivery are those which are eligible to meet the Tier 1 renewable energy requirement (as defined in the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a vintage year designation that corresponds to the specified vintage of the expiring contract..

Registry

PJM GATS

MIC Code

IFED

Clearing Venues

ICEU

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Trading Hours

Codes