Commodities
Derivatives

Nominal in MWh

For each combination base/peak and term, a nominal or multiplier is associated, depending on the number of hours of the delivery period (for example: quarterly base 90 days with a 23 hour day, quarterly base 91 days with 24 hours, quarterly base 92 days with 24 hours, etc).

The number of hours depends on: the term of the contract, the calendar and the relevant hours of each contract. For example, for base and Mini contracts we have: 

Base nominal contracts
Delivery Period Specific Period Days Nominal (MWh) Nominal Mini(MWh)
Week Whole - Without time change 7 168 16.8
Whole - March with time change 7 167 16.7
Whole - October with time change 7 169 16.9
Weekend - Without time change 2 48 4.8
Weekend - March with time change 2 47 4.7
Weekend - October with time change 2 49 4.9
Month February 28 672 67.2
February (leap year) 29 696 69.6
January, May, July, August and December 31 744 74.4
April, June, September and November 30 720 72.0
March 31 743 74.3
October 31 745 74.5
Quarter First 90 2,159 215.9
First (leap year) 91 2,183 218.3
Second 91 2,184 218.4
Third 92 2,208 220.8
Fourth 92 2,209 220.9
Year Normal 365 8,760 876.0
Leap year 366 8,784 878.4

Logically, contracts with the same delivery period (for example annual swaps and futures) have the same nominal.

Peak nominal contracts
Delivery Period Specific Period Days Nominal (MWh)
Week Business days 5 60

The nominal for peak monthly, quarterly and annual contracts will depend on the number of days in the delivery period that are not Saturdays and Sundays.

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