Italian power monthly futures
Characteristic |
Description |
Underlying |
Baseload: one Megawatt (MW) supplied during the delivery month. |
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 |
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 |