PJM Northern Illinois Hub Day-Ahead Off-Peak Calendar-Month 5 MW Futures Contract Specs

Futures

Contract Unit	5 MWh Clears in multiples of the number of off-peak hours in the contract month.
Price Quotation	U.S. dollars and cents per MWh
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation	0.05 x 5 MW x # off-peak hours/month
Product Code	CME Globex: L3L CME ClearPort: L3 Clearing: L3
Listed Contracts	Monthly contracts listed for 72 consecutive months
Settlement Method	Deliverable
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 Northern Illinois Hub Day-Ahead 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 153.09 and will not be subject to any further adjustment.
Termination Of Trading	On the second to last business day of the month prior to the contract month, each L3/L3L open position converts into a strip of PJM Northern Illinois Hub Day Ahead Off-Peak Calendar-Day 5 MW Futures - PNO/POL in the originally specified 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 Corporation holidays.
Settlement Procedures	Delivery under the PJM Northern Illinois Hub Off-Peak Calendar-Month Day-Ahead LMP Swap 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 153
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing

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