Contracts are for physical delivery of Electricity on a continuous baseload basis, i.e. 23:00 - 22:59 LLT Monday - Sunday, through National Grid, the transmissions system operator in the UK. Delivery is made equally each hour throughout the delivery period
|Trading Period/Strip||54-59 consecutive month contracts.
6-7 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
7-8 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
Months, quarters and seasons are listed in parallel.
|Expiration Date||Trading will cease at the close of business two Business Days prior to the first EFA calendar day of the delivery month, quarter, season, or calendar.|
|Contract Security||ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.|
|Trading Hours||07:00 hours to 17:00 hours, Local London Time (LLT), Monday -
|Trading Model||Continuous trading throughout trading hours|
|Trading Methods||Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.|
|Units of Trading||1 MWh of electricity per hour per day|
|Contract Size||1 MWh of electricity per hour per day per delivery period (ie
month, quarter, season or year.)
|Minimum Trading Size||5 lots = 5 MWh per hour per day|
|Minimum Block Order||50 lots = 50 MWh per hour per day|
|Quotation||The contract price is in Sterling and in pounds and pence per MWh|
|Minimum Price Flux||1 pence per MWh|
|Maximum Price Flux||There are no limits.|
|Tick Value||[Edit this field]|
|Settlement Price||The weighted average price of trades during a fifteen-minute settlement period from 16:00:00 to 16:15:00, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price|
|Position Limits||Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.|
|Initial Margin||Calculated on all open contracts, initial margin is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.|
|Daily Margin||All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate.|
|Delivery/Settlement Basis||Delivery is fulfilled by the debit of electricity from the Energy
Account of one party and the credit of electricity to the Energy
Account of the other party for every half hour settlement period of
the delivery month. Delivery is effected by the submission (and
acceptance with no subsequent rejection) of Energy Contract Volume
Notifications by an Energy Contract Volume Notification Agent to an
Energy Contract Volume Aggregation Agent on behalf of the two
delivery parties. A Clearing Member, as defined in the ICE Clear
Europe Clearing Rules, with a contract open at cessation of trading
for that month must deliver the number of lots open at a rate of 1
MW during each settlement period of the first and each subsequent
day of the delivery month.
The EDSP will be the Settlement Price on the day the contract expires.
|Other Information||EFA Calendar - EFA blocks have an anchor point of 31/12/01 starting with 4,4,5 week cycles. Month contracts are based on the number of days in an EFA month, namely 28 days in January, February, April, May, July, August, October and November; 35 days in March, June, September, December. December 2015 is an exception and will have 42 days.|
NOTE: DST in the US will be different than BST time. See Circular 12138 for temporary trading hours changes.
Clearing Admin NameIPE Baseld. EFA