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| Trading Unit |
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| 40 megawatt hours (Mwh) times the number of peak days remaining in the contract month. There are between 19 and 23 peak days depending on the month. Depending on the number of peak days in the month, the number of megawatt hours will vary (between 760 Mwh and 920 Mwh). |
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| Price Quotation |
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| U.S. dollars and cents per Mwh. |
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| Minimum Price Fluctuation |
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| $0.05 per Mwh. |
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| Maximum Price Fluctuation |
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| No price limits. |
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| Trading Hours (All times are New York time) |
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| The contract is available for trading on the NYMEX ClearPort® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, with a 45-minute break each day between 5:15 PM and 6:00 PM. Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday. |
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| Trading Months |
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| 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. |
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| Peak Days and Hours |
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| Monday through Friday, excluding North American Electric Reliability Council (NERC) holidays. Peak hours are from 7:00 AM to 11:00 PM (the hour ending 0800 to the hour ending 2300) prevailing local time. Peak days are Monday through Friday, excluding North American Electric Reliability Council (NERC) holidays. |
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| Termination of Trading |
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| One business day before the last peak day of the month. |
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| Settlement |
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Financial, based on the arithmetic average of the PJM AEP Dayton hub real-time locational marginal price (LMP) for the peak hours of each day provided by PJM Interconnection LLC. At the close of trading each day, starting with the last business day of the month prior to the contract month, 40 Mwh (a day's equivalent) will be subtracted from the quantity of the contract for the balance of the contract month.
For peak days that are not also business days, cash-settlement will take place on the business day immediately preceding these days, separately, in chronological succession, if there is more than one such day in a row.
In the event a business day is not also a peak day, no cash-settlement will be performed on the business day before. Cash-settlement will be resumed on the business day that immediately precedes the next coincident peak day and business day. |
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| Trading Symbol |
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| VM |
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