Commodities
Derivatives

Features

Financial derivative contracts are accepted for Trade Registration, i.e. they are settled in cash.

The underlying asset is the delivery of notional electricity, during all the relevant hours depending on the type of product, on the Polo español del Mercado Ibérico de Energía (MIBEL):

  • Base Load: Delivery of the underlying asset from the first hour of the day (0:00 to 00:59 hours) until the last hour of the day (23:00 to 23:59 hours) of all the days included in the delivery period. There will be one additional hour or one hour less for spring and autumn daylight saving time changes. It has a Flat Profile: all Relevant Hours compute the same.
  • Peak Load: Delivery of the underlying asset from the ninth hour of the day (08:00:00 to 08:59:00 hours) until the twentieth hour of the day (19:00 to 19:59 hours) of every Monday, Tuesday, Wednesday, Thursday and Friday included in the delivery period.It has a Flat Profile: all Relevant Hours compute the same.

The unit of registration is 1MW or 100KW (0.1MW).

The nominal/multiplier of the contract is determined in MWh, using the following formula:

For contracts with unit of registration 1 MW:

MW * No of contract days * No of product type relevant hours

For contracts with unit of registration 0.1 MW:

0.1 MW * No of contract days * No of product type relevant hours

For spring and autumn daylight saving time, there will be one additional hour (if day has 25 hours) or one hour less (if day has 23 hours).

The contract is priced in Euros per MWh, with two decimal places.

The registration period is between 08:30 and 19:00.

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