UK Peak Electricity Futures912


Contracts are for physical delivery of Electricity on a 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 Period/Strip
54-59 consecutive months.

6-7 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.

7-8 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.

Months, quarters and seasons are listed in parallel.
Expiration Date
Trading will cease at the close of business two Business Days prior to the first EFA calendar day of the delivery month, quarter, season, or calendar.
Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Hours
07:00 hours to 17:00 hours, Local London Time (LLT), Monday - Friday.
Trading Model
Continuous trading throughout trading hours
Trading Methods
Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Units of Trading
1 MWh of electricity per on-peak hour per on-peak day
Contract Size
1 MWh of electricity per on-peak hour per on-peak day per delivery period(ie month, quarter, season or year.)

Delivery Period MWh
March (1 less hour clock change): 25 days x 12 hours (-1 hr) = 299 MWh
Feb (leap year): 20 days x 12 hours = 240 MWh
Jan, Feb, Apr, May, Jul, Aug, Nov: 20 days x 12 hours = 240 MWh
Jun, Sep, Dec: 25 days x 12 hours = 300 MWh
Oct (1 extra hour clock change): 20 days x 12 hours (+1 hr) = 241 MWh
Minimum Trading Size
5 lots = 5 MWh per on-peak hour per on-peak day
Minimum Block Order
50 lots = 50 MWh per on-peak hour per on-peak day
The contract price is in Sterling and in pounds and pence per MWh
Minimum Price Flux
1 pence per MWh
Maximum Price Flux
There are no limits.
Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
Settlement Price
The weighted average price of trades during a fifteen-minute settlement period from 16:00:00 to 16:15:00, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price
Position Limits
Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Initial Margin
Calculated on all open contracts, initial margin is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin
All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate.
Delivery/Settlement Basis
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.

The EDSP will be the Settlement Price on the day the contract expires.
Other Information
EFA Calendar - EFA blocks have an anchor point of 31/12/01 starting with 4,4,5 week cycles. Month contracts are based on the number of days in an EFA month, namely 28 days in January, February, April, May, July, August, October and November; 35 days in March, June, September, December. December 2015 is an exception and will have 42 days.
MIC Code
Clearing Venue

Trading Hours

New York2:00 AM - 12:00 PM
02:00 - 12:00
1:45 AM
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
Singapore2:00 PM - 12:00 AM*
14:00 - 00:00
1:45 PM

*Next Day

NOTE: DST in the US will be different than BST time. See Circular 15030 and the associated attachment for temporary trading hours changes.


Clearing Admin Name
R&N A.C.N.