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Yearly power futures


The table shows the characteristic of yearly power futures:

Characteristic

Description

Underlying

Electricity

Trading hours

 9:00 am - 5:40pm

Quotations

Power futures contracts are quoted in €/MWh.

Delivery period

Calendar year

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

On every trading day there are at least one baseload and one peakload expiries. Starting from the first trading day of September each year, a second annual baseload expiry is traded until the last trading day of December.

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

Yearly  futures cascade into quarterly and monthly futures. The front month only follows the settlement procedure established for monthly futures.

Cascading

At the end of the last trading day the open positions shall be replaced by equivalent positions of the same profile (baseload or peakload) in the three monthly futures with delivery periods January, February, March and quarterly futures with delivery periods April-June, July-September and October-December.

Position limits

None

Margin

Margin table

Last update:  April 29 2009 - 15:50


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