Monthly power futures

Electricity

 9:00 am - 5:40 pm

Power futures contracts are quoted in €/MWh.

Calendar month

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.

The value of the contract is determined by the product of the futures price and of its volume.

0.01 €/MWh

Next three calendar months.

Last trading day before the beginning of the delivery period.

The daily closing price is established by Cassa di Compensazione e Garanzia.

Settlement is paid in cash  by “Cassa di Compensazione e Garanzia” on the first “CC&G open day” following the last day of the delivery period. If the last day of the delivery period is not an open day for the market, settlement is made on the second “CC&G open day” following the last day of the delivery period. 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.

The settlement price of the contract shall be equal to the arithmetic mean of the Single National Price (“Prezzo Unico Nazionale” - PUN) in the delivery month for baseload contracts, while it shall be equal to the arithmetic mean of PUN between 08:00 and 20:00 Monday to Friday during the delivery month for peakload contracts.
The Single National Price for the purchase of electricity in Italy is calculated for each hour of the following day on the basis of the results of the trading on the Day-Ahead Market managed by Gestore del Mercato Elettrico S.p.A

None

Margin table