Italian power monthly futures

Characteristic

Description

Underlying

Baseload: one Megawatt (MW) supplied during the delivery month.
Peakload: one Megawatt (MW) supplied from 8.00am to 8.00pm CET during the delivery month, excluding Saturday and Sunday

Trading hours

 Continuous trading: 9.00am - 5.30pm CET

Settlement

Cash settled.

Option for physical delivery: the third trading day preceding the beginning of the delivery period the clients of the markets of the “Gestore dei Mercati Energetici S.p.A.” (GME) may send to the clearing house a request for a physical delivery of the electricity instead of the cash settlement. The request needs to be approved by GME

Quotation

€/MWh

Tick size (in €/MWh)

On-book trading: 0.01
Orders to execute Negotiated Transactions: 0.01

Contract size

Future price x number of hours in the delivery period

Tradable expiries

The first 3 monthly expiries

Expiry day

Last day of the delivery month

Last trading day

Last trading day before the start of the delivery period

Settlement day

The first clearing day after the last day of the delivery period, if the last day of the delivery period is a trading day. The second clearing day after the last day of the delivery period, if the last day of the delivery period is a non-trading day. In both cases, the settlement is always performed the day after the settlement price communication

Final settlement price

The arithmetic mean of the hourly PUNs of the delivery month, rounded to two decimal digits. The price will be rounded upward in case the third decimal digit is equal to 5

Strategies

FLEXCO

Unusual Contract Size

Where contracts have been affected by recent corporate actions resulting in currently tradable contracts being of a non-standard contract size, this information can be found in the document on this page.


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