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PJM Off-Peak Calendar-Month LMP Futures Contract Specs

Contract Unit 2.5 megawatt hours (Mwh) times the number of off-peak hours in the contract month.
Price Quotation The contract quantity is based on 2.5 Megawatts (MW) multiplied by total off-peak hours in the contract month. The contract quantity is expressed in Megawatt Hours (MWH). Each futures contract shall be valued as the contract quantity multiplied by the settlement price.
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (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. New York time/ET (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)
Minimum Price Fluctuation $0.05 per MWh 
Product Code CME Globex: AJP
CME ClearPort: JP
Clearing: JP
Listed Contracts All months through and including December 2018.
Settlement Method Financially Settled
Floating Price The Floating Price will be determined for each contract month. The Floating Price will be equal to the arithmetic average of the PJM Western Hub Real Time LMP provided by PJM Interconnection, LLC for all off-peak hours in the contract month. For settlement of this contract, the prices provided by PJM will be considered final on the payment day stated in Rule 635a.09 and will not be subject to any further adjustment.
Termination Of Trading CME Globex: Trading on CME Globex shall cease at 23:59 local time of the independent system operator/regional transmission organization on the last calendar day of the month preceding the contract month. If that time is not within CME Globex regular trading hours, trading on CME Globex shall cease at the normal termination time (i.e., 16:15 CT) on the nearest business day on or before the last calendar day of the month preceding the contract month.
CME ClearPort: Trading shall cease on the last business day of the contract month.
Days Or Hours Off-Peak shall mean Monday through Friday Hour Ending (HE) 0100-0700 and 2400 Eastern Prevailing Time (EPT) Saturday-Sunday HE 0100-2400 EPT including North American Electric Reliability Council holidays and excluding any hour lost or gained by transition into or out of Daylight Saving Time
Settlement Procedures 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.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 635A
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing