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Description

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

Market Specifications

Trading Screen Product Name

Off-Peak Futures (1 MW)

Trading Screen Hub Name

PJM Western Hub RT 7x8 Fixed Price Future

Contract Symbol

PW8

Settlement Method

Cash settlement

Contract Size

1 MW

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 50 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day

The last Business Day of the Contract Period

Final Settlement

Reference Price A

REFERENCE PRICE A

ELECTRICITY-PJM-WESTERN HUB-REAL TIME

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 PJM at http://www.pjm.com/markets-and-operations/energy/real-time/lmp.aspx, under the headings "Daily Real-Time LMP: WESTERN HUB " or any successor headings, that reports prices effective on that Pricing Date.

b) Pricing Date

Each day that prices are reported for the Delivery Date

c) Specified Price

Average of LMPs for all hours ending 0100-0700, 2400 EPT

d) Pricing Calendar

PJM

e) Delivery Date

Contract Period

Final Payment Date

The second Clearing Organization business day following the Last Trading Day

MIC Code

IFED

Clearing Venues

ICEU

Trading Hours

Codes