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Description

A daily cash settled Exchange Futures Contract based upon the mathematical average of off-peak hourly electricity prices published by ICE for the location specified in Reference Price A.

Market Specifications

Trading Screen Product Name

Off-Peak Futures

Trading Screen Hub Name

Palo DA Off-Peak (Daily 5 MWh)

Contract Symbol

VDR

Settlement Method

Cash settlement

Contract Size

5 MWh

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 365 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day

The last Business Day prior to the Contract Period

Final Settlement

Reference Price A

REFERENCE PRICE A

ELECTRICITY-PALO VERDE OFF-PEAK-ICE

a) Ref Price A - Description

"ELECTRICITY-PALO VERDE OFF-PEAK-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWH of on-Off-Peak electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by ICE at www.theice.com, under the headings "Day Ahead Power: ICE Daily Indices: Hub: Palo Verde Off-Peak: Wtd Avg Index" or any successor headings, that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date

Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price

Avg

d) Ref Price A - Pricing calendar

ICE

e) Ref Price A - Delivery Date

Contract Period

Final Payment Date

The third Clearing Organization business day following the Last Trading Day

MIC Code

IFED

Clearing Venues

ICEU

Trading Hours

Codes