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Description

Single Expiry Option on the UK Base Electricity Futures (Gregorian) contract. At expiry, a UK Base Electricity 1x Season option will expire equally into the six underlying months of UK Base Electricity Futures (Gregorian) which makes up that season.

Market Specifications

Trading Screen Product Name

UK Base Electricity Futures (Gregorian) Season 1x

Trading Screen Hub Name

UK Grid

Contract Symbol

UBS

Contract Series

Up to 26 consecutive season contracts, or as otherwise determined and announced by the Exchange.

Contract Size

1 MW per day in contract period (i.e., season) x 23, 24 or 25 hours (summer or winter time). 

Unit of Trading

1 MW

Minimum Trading Size

Options: 1 lot = 1 MW
Exchange for Physical (EFP): 1 lot = 1MW
Exchange for Swap (EFS): 1 lot = 1MW
Block Order: 1 lot = 1MW

Price Quotation

The contract price is in Pounds and pence per MWh

Minimum Price Fluctuation

One pence per MWh (£0.01/MWh)

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Fluctuation

Strike Price Increments

A minimum of 10 strike prices in increments of £1.00 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. ICE Futures Europe may add one or more strike prices nearest to the last price listed as necessary. 

Expiration Date

Trading will cease when the intraday settlement price of the underlying futures contract is set, five calendar days before the start of the contract month. If that day is a non-business day or non-UK business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will occur on the preceding business day.

Option Style

European Style

Option Premium

Futures Style

Exercise Procedure

Expires into a corresponding UK Base Electricity Futures (Gregorian) contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. 
At-The-Money and Out-of-The-Money options will expire worthless.
Members will have up to one hour after the cessation of trading on the option expiry day to manually abandon or exercise an option.

MIC Code

IFEU

Clearing Venues

ICEU

Trading Hours

Codes