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PJM Western Hub Real-Time Off-Peak Calendar-Month 5 MW Futures Contract Specs

Product Symbol

CME Globex: N9L
CME ClearPort/Open Outcry: N9

Venue CME Globex, CME ClearPort, 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 5 Megawatts hours (MWh)
Price Quotation The contract quantity shall be 5 Megawatts hours (MWh). Transaction sizes for trading in any delivery month shall be restricted to whole number multiples of the number of off-peak hours in the month.
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 PJM Western Hub Real Time LMP provided by PJM Interconnection, LLC (PJM) 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 177.09 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 and Open Outcry: 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 PJM Western Hub Real-Time Off-Peak Calendar-Month 5 MW 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.
Off Peak Hours & Off Peak Days 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 Corporation holidays.
Position Limits NYMEX Position Limits
Rulebook Chapter 177
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.