- Trading Screen Product Name
- UK Spark Spr (NBP)
- Trading Screen Hub Name
- UK Grid/NBP
- Contract Symbol
UBL / M
- Unit of Trading
1 MWh per hour per day
- Contract Size
The minimum UK Spark Spread quantity is 3 lots (made up of 3 lots
of UK Base Electricity Futures (Gregorian) and 5 lots of UK Natural
Gas Futures. The UK Spark Spread trades in 3 lot increments.
UK Natural Gas (traded in multiples of a 1,000 therms per day) is
converted into MWh using a conversion factor of 0.0293071 (1 therm
= 29.3071 kilowatt hours).
To convert UK Natural Gas from pence per therm into Sterling and
pence per MWh simply divide the price of natural gas by 2.93071.
The price of the UK Spark Spread assumes a fuel efficiency of
49.13%. The cost of fuel is calculated by dividing the price of gas
by 0.4913.
- Currency
GBP
- Trading Price Quotation
Pound Sterling and pence per MW
- Minimum Price Fluctuation
0.01 pence/MWh
- Maximum Price Fluctuation
There are no limits
- Tick Size
Contract Size x Minimum Trade Size x Minimum Price Flux
- Last Trading Day
Trading will cease at the close of business two Business Days prior
to the first calendar day of the delivery period of the underlying
UK Natural Gas Futures and UK Base Electricity Future (Gregorian)
contracts.
- Final Settlement
Trading a position in the UK Spark Spread results in two separate
positions in the underlying futures legs i.e. a long (short)
position in the ICE UK Natural Gas Futures and a short (long)
position in the ICE UK Base Electricity (Gregorian) Futures.
The settlement of each leg will be the respective expiry of the
ICE UK Natural Gas Futures and ICE UK Base Electricity (Gregorian)
Futures contracts as made public by ICE Futures Europe.
- Contract Series
Up to 6 consecutive months, 6 consecutive quarters, 6 consecutive
seasons.
Quarters are strips of three individual and consecutive months.
Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or
Oct-Dec.
Seasons are strips of six individual and consecutive months.
Seasons always comprise a strip of Apr-Sep or Oct-Mar.
- Contract Security
The Clearing House guarantees financial performance of all ICE
Futures contracts registered with it by its clearing members. All
ICE Futures Member companies are either members of the Clearing
House or have a clearing agreement with a Member who is a member of
the Clearing House
- Business Days
London Business Days (Gregorian Calendar)
- MIC Code
- IFEU
- Clearing Venues
- ICEU