- Trading Screen Product Name
- Peak Futures (1 MW)
- Trading Screen Hub Name
- PJM PPL DA
- Contract Symbol
PPP
- Settlement Method
Exercise into Underlying Futures Contract
- Contract Size
1 MW
- 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 24 consecutive monthly Contract Periods, or as otherwise
determined by the Exchange
- Last Trading Day
At 2:30pm EPT on the second Business Day prior to the first
calendar day of the Contract Period
- Option Style
American
- Exercise Procedure
Manual on any Business Day; Automatic on Last Trading Day
Clearing Members shall provide exercise and abandon instructions
to the Clearing Organization in accordance with Clearing
Organization Rules.
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-PJM-PPL-DAY AHEAD
- a) Ref Price A - Description
“ELECTRICITY-PJM-PPL-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: PPL” 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 Intervals
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