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ICE Futures Europe

UK Peak Electricity Future (Gregorian)

Description

Contracts are for physical delivery of Electricity on a continuous peakload basis, i.e. 07:00 - 19:00 LLT Monday - Friday, through National Grid, the transmissions system operator in the UK. Delivery is made equally each hour throughout the delivery period.

Market Specifications

Trading Screen Product Name
UK Peak Electricity Futures (Gregorian)
Trading Screen Hub Name
UK Grid
Contract Symbol
UPL
Contract Series
Up to 156 consecutive month contracts, or as otherwise determined by the Exchange. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip.
Contract Size
1 MW x week days in the contract period (i.e. month, quarter or season) x 12 hours
Unit of Trading
1 MW
Minimum Trading Size
Futures: 3 lots = 3 MWh per hour per day.
Block Order: 1 lots = 1 MWh per hour per day.
Price Quotation
1 pence per MWh (£0.01/MWh)
Minimum Price Fluctuation
1 pence per MWh (£0.01/MWh)
Tick Value
Contract Size x Minimum Trade Size x Minimum Price Fluctuation
Last Trading Day
Trading will cease at the close of business 2 Business Days prior to the start of the delivery period.
Settlement Method
Pysical Delivery.
Delivery/Settlement Terms
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.
Exchange Rulebook
MIC Code
IFEU
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York3:00 AM - 1:00 PM
03:00 - 13:00
2:45 AM
02:45
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
06:45
Singapore3:00 PM - 1:00 AM
15:00 - 01:00
2:45 PM
14:45

Codes

Clearing Admin Name
UK Peak Greg
Physical
UPL
Logical
UPL
GMI (FC)
Z3
ION A.C.N.
Symbol Code
UPL