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ICE Futures U.S.

Average Price Option on PJM Western Hub Day-Ahead Peak (1 MW) Fixed Price Future

Description

A monthly Option that settles against the average Day-Ahead Peak LMPs for the contract period

Market Specifications

Trading Screen Product Name
Peak Futures APO (1 MW)
Trading Screen Hub Name
PJM WH DA
Contract Symbol
PJF
Settlement Method
Exercise into Underlying Futures Contract (“PJC”)
Contract Size
1 MW
Currency
USD
Maximum 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 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange
Last Trading Day
At the end of the Trading Session on the Business Day prior to the last Business Day of the Contract Period
Option Style
European
Exercise Procedure
Automatic Only

Manual exercise or abandon is not permitted

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.

Exercise Day: The third Clearing Organization business day following the Last Trading Day
REFERENCE PRICE A
ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD
a) Ref Price A - Description
“ELECTRICITY-PJM-WESTERN HUB-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 PJM at http://pjm.com/markets-and-operations/energy/day-ahead/lmpda.aspx , under the Headings “Daily Day-Ahead Locational Marginal Pricing(LMP): LMP Day-Ahead Data: WESTERN HUB” or any successor headings, that reports Prices effective on the Pricing Date
b) Ref Price A - Pricing Date
Each Monday through Friday, excluding NERC holidays, that prices are reported for the Delivery Date
c) Ref Price A - Specified Price
Average of LMPs for all hours ending 0800-2300 EPT
d) Ref Price A - Pricing calendar
PJM
e) Ref Price A - Delivery Date
Contract Period
Strike Price Listing
A minimum of ten Strike Prices in increments of $0.50 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 5:10 PM ET; Closed on Saturday

Codes

Clearing Admin Name
O-Pwr East Mini
Physical
PJF
Logical
PJC
GMI (FC)
JZ
ION A.C.N.
Symbol Code
PJF