Average Price Option on PJM Western Hub Real-Time Peak (1 MW) Fixed Price Future65898926
ICE Futures U.S.
Average Price Option on PJM Western Hub Real-Time Peak (1 MW) Fixed Price Future
Description
A monthly Option that settles against the average Real-Time Peak LMPs for the contract period
Market Specifications
- Trading Screen Product Name
- Peak Futures APO (1 MW)
- Trading Screen Hub Name
- PJM WH RT
- Contract Symbol
- PJG
- Settlement Method
- Exercise into Underlying Futures Contract (“PMI”)
- Contract Size
- 1 MW
- Currency
- USD
- Maximum 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 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange
- Last Trading Day
- At the end of the Trading Session on the last Business Day of 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, 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: The third 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 http://pjm.com/markets-and-operations/energy/real-time/lmp.aspx , under the Headings “Daily Real-Time Locational Marginal Pricing(LMP): LMP Real-Time Data: WESTERN HUB” or any successor headings, that reports Prices effective on the Pricing Date
- b) Ref Price A - Pricing Date
- Each Monday through Friday, excluding NERC holidays, that prices are reported for the Delivery Date
- c) Ref Price A - Specified Price
- Average of LMPs for all hours ending 0800-2300 EPT
- d) Ref Price A - Pricing calendar
- PJM
- e) Ref Price A - Delivery Date
- Contract Period
- Strike Price Listing
- A minimum of ten Strike Prices in increments of $0.50 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 | 8:50 AM - 7:00 AM* 08:50 - 07:00 | 8:40 AM 08:40 |
*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday
Codes
- Clearing Admin Name
- O-Pwr East Mini
- Physical
- PJG
- Logical
- PMI
- GMI (FC)
- ION A.C.N.
- Symbol Code
- PJG