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ICE Futures U.S.

Maryland Compliance Renewable Energy Credit Tier 1 Future

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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
The last weekday of December is not considered a Business Day, unless otherwise determined and announced by the Exchange.
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.) Parties seeking to deliver RECs from black liquor or products derived from black liquor must provide to the buyer in such form as determined by the Exchange: (1) a copy of the pre-June 1, 2021 commercial contact under which such RECs were, created, bought or sold to facilitate retirement of such RECs as Maryland Tier 1 RECs; and (2) an attestation, agreement and warranty.
Registry
PJM GATS
MIC Code
IFED
Clearing Venues
ICEU

Related Products

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM*
19:50 - 18:00		7:40 PM
19:40
London12:50 AM - 11:00 PM*
00:50 - 23:00		12:40 AM
00:40
Singapore7:50 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
REC-MD C1
Physical
MDE
Logical
MDE
GMI (FC)
JK
ION A.C.N.
Symbol Code
MDE