ICE Futures U.S.

Option on CAISO NP-15 Day-Ahead Peak Daily Fixed Price Future

Option on CAISO NP-15 Day-Ahead Peak Daily Fixed Price Future65898918

Description

A daily Option on the corresponding Contract Period of the CAISO NP-15 Day-Ahead Peak Daily Fixed Price Future.

Market Specifications

Trading Screen Product Name
Peak Daily Futures
Trading Screen Hub Name
NP15 DA
Commodity Code
DPN
Settlement Method
Exercise into Underlying Futures Contract
Contract Size
400 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 365 daily Contract Periods, excluding Sundays and NERC Holidays, or as otherwise determined by the Exchange
Last Trading Day
At the end of the Trading Session on the last Business Day prior to the Contract Period
Option Style
European
Exercise Method
Manual exercise or abandon is not permitted
Exercise Procedure
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules.
Exercise Day
For Contract Periods that fall on a Business Day, five Business Days following the Last Trading Day; for all other Contract Periods, four Business Days following the Last Trading Day.
Automatic Exercise Provisions
Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
REFERENCE PRICE A
ELECTRICITY-CAISO-NP15-DAY AHEAD
a) Ref Price A - Description
"ELECTRICITY-CAISO-NP15-DAY AHEAD" 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 the California ISO at http://oasis.caiso.com/mrioasis/logon.do under the headings "Prices: Locational Marginal Prices(LMP): P/APNode ID: TH_NP15_GEN-APND" 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
Average of LMPs for all hours ending 0700-2200 PPT
d) Ref Price A - Pricing calendar
CAISO
e) Ref Price A - Delivery Date
Contract Period
Strike Price Listing Provisions
A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments.
MIC Code
IFED
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM*
19:50 - 18:00
7:40 PM
19:40
London12:50 AM - 11:00 PM*
00:50 - 23:00
12:40 AM
00:40
Singapore7:50 AM - 6:00 AM*
07:50 - 06:00
7:40 AM
07:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Pwr West Daily
Physical
DPN
Logical
DPN
GMI(FC)
DN
R&N A.C.N.
OU43