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

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 16 peak hours x # peak days/month
Product Code CME Globex: N9L
CME ClearPort: N9
Clearing: N9
Listed Contracts Monthly contracts listed for the current year and the next 5 calendar years. List monthly contracts for a new calendar year following the termination of trading in the December contract of the current year.
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 Western Hub Real Time LMP provided by PJM Interconnection, LLC (PJM) for all off-peak hours in the contract month. 
Termination Of Trading On the second to last business day of the month prior to the contract month, each N9/N9L open position into a strip of PJM Western Hub Real-Time Off-Peak Calendar-Day 5 MW Futures - WOR/WOL 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 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.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 177
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing