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ISO New England Mass Hub 5 MW Peak Calendar-Month Day-Ahead LMP Futures Contract Specs

Contract Unit 80 Megawatt hours (MWh) (5 MW per peak hour).
Price Quotation The contract quantity shall be 80 Megawatt Hours (MWH) and is based on 5 megawatts for peak daily hours.
Transaction sizes for trading in any delivery month shall be restricted to whole number multiples of the number of peak days in the month.
Each futures contract shall be valued at the contract quantity multiplied by the settlement price.
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation $0.05 per MWh
Product Code CME Globex: AU6
CME ClearPort: U6
Clearing: U6
Listed Contracts The current year plus the next five calendar years. A new calendar year will be added following the termination of trading in the December contract of the current year.
Settlement Method Deliverable
Floating Price The Floating Price for each contract month will be equal to the arithmetic average of the ISO New England Internal Hub Day-Ahead LMP for peak hours provided by ISO New England for the contract month. For settlement of this contract, the prices provided by ISO New England will be considered final on the payment date stated in Rule 800.10 and will not be subject to any further adjustment.
Termination Of Trading Trading terminates on the second to last business day of the month before the contract month. At that time, a position in ISO New England Mass Hub 5 MW Peak Calendar-Month Day-Ahead LMP Futures (U6) converts to a strip of ISO New England Mass Hub Day-Ahead Peak Calendar-Day 5 MW Futures (CE)  in the originally specified contract month. For example, in a twenty-two (22) peak-day month, a position of twenty-two (22) ISO New England Mass Hub 5 MW Peak Calendar-Month Day-Ahead LMP Futures (U6) converts at the termination of trading to a position of one (1) ISO New England Mass Hub Day-Ahead Peak Calendar-Day 5 MW Futures (CE) per peak day in the originally specified contract month.
Days Or Hours “Peak day” shall mean a Monday through Friday, excluding North American Electric Reliability Corporation holidays.

From Hour Ending (HE) 0800 Eastern Prevailing Time (EPT) through HE 2300 EPT
Settlement Procedures Delivery under the ISO New England Mass Hub 5 MW Peak Calendar-Month Day-Ahead LMP Futures 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.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 800
Block Minimum Block Minimum Thresholds
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