GERMAN POWER QUARTERLY FUTURES
Characteristic |
Description |
Underlying |
Electricity |
Trading hours |
9:00 am - 5:40 pm |
Quotations |
Power futures contracts are quoted in €/MWh. |
Delivery period |
The quarters January-March, April-June, July-September and October-December. |
Delivery rate |
1 MegaWatt (MW) |
Volume |
Number of MWh that are the subject of the contract, which is equal to the number of hours included in the delivery period for baseload futures and the number of hours between 08:00 and 20:00 Monday to Friday in the delivery period for peakload futures. |
Contract value |
The value of the contract is determined by the product of the futures price and of its volume |
Tick |
0.01 €/MWh |
Traded contracts |
Next four quarters |
Last trading day |
Fourth trading day before the beginning of the delivery period. |
Daily closing price |
The daily closing price is established by Cassa di Compensazione e Garanzia. |
Settlement |
Quarterly futures cascade into monthly futures. The front month only follows the settlement procedure established for monthly futures. |
Cascading |
At the end of the last trading day all open positions shall be replaced by equivalent positions of the same profile (baseload or peakload) in the three monthly futures with delivery periods equal to the calendar months included in its delivery period. |
Negotiable strategies |
Location spread |