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ISO New England Mass Hub Day-Ahead Peak Calendar-Month 2.5 MW Futures Contract Specs

Product Symbol CME Globex: NIL
CME ClearPort/Open Outcry: NI
Venue CME Globex, CME ClearPort and Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Unit 40 Megawatt hours (MWh) (2.5 MW per peak hour).
Price Quotation The contract quantity is based on 2.5 megawatts per hour for each peak hour of the contract month. The daily total is 40 Megawatt Hours (MWH). One contract shall equal the daily total multiplied by the number of peak days in the contract month. Each futures contract shall be valued as the contract quantity multiplied by the settlement price.
Minimum Fluctuation $0.05
Floating Price The Floating Price will be determined for each contract month. The Floating Price will be equal to the arithmetic average of the hourly day-ahead Locational Marginal Prices (LMP) for ISO New England (ISO-NE) Internal Hub, ISO-NE Location I.D. 4000, published by ISO-NE for all peak hours in the contract month. For settlement of this contract, the prices provided by ISO-NE will be considered final on the payment day stated in Rule 756.10 and will not be subject to any further adjustment.
Termination of Trading CME Globex: Trading on CME Globex shall cease on the last business day of the month prior to the contract month.
CME ClearPort and Open Ouctry: Trading shall cease on the last business day of the contract month.
Listed Contracts CME Globex: 36 consecutive months
CME ClearPort and Open Ouctry: 72 consecutive months
Settlement Type Financial
Final Settlement Delivery under the contract shall be by cash settlement. Final settlement, following termination of trading for a contract month, will be based on the Floating Price. The final settlement price will be the Floating Price calculated for each contract month.
Peak Days "Peak day" shall mean a Monday through Friday, excluding North American Electric Reliability Corporation holidays.
Peak Hours From Hour Ending (HE) 0800 Eastern Prevailing Time (EPT) through HE 2300 EPT.
Position Limits NYMEX Position Limits
Rulebook Chapter 756
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.