Page 1 of 3

23-013.18

May 15, 2023

VIA CFTC PORTAL

Commodity Futures Trading Commission

Attention: Chris Kirkpatrick, Secretary

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: CFTC Regulation 40.2(a) Certification: Notification of Product Offered for 

Trading on Nodal Exchange, LLC – Virginia Compliance Renewable Energy Certificate 

Vintage 2027 Future

Dear Mr. Kirkpatrick:

Nodal Exchange, LLC (“Nodal Exchange” or “Exchange”) is notifying the Commodity Futures 

Trading Commission (“CFTC” or “Commission”) that pursuant to Commission Regulation 

40.2(a), the Exchange is self-certifying the listing of 27 new environmental futures contracts 

for trading on Nodal Exchange beginning on or after May 26, 2023. The contract 

specifications describing these new Exchange futures contracts are attached to this letter as 

Exhibit A, to be added to the Nodal Exchange Rulebook Appendix A – Contract Specifications. 

The deliverable supply analysis has been segregated as Exhibit B, for which confidential 

treatment is requested. The reporting levels, accountability levels, and position limits for 

these contracts is attached to this letter as Exhibit C, which will be added to the Nodal 

Exchange Rulebook Appendix C - Reporting Levels, Accountability Levels and Position 

Limits.

Exchange management has assessed the Exchange’s contracts’ compliance with applicable 

provisions of the Commodity Exchange Act (“Act”), including the Commissions Regulations 

thereunder and the Core Principles. Regulatory compliance of Nodal Exchange’s futures and 

options contracts is mostly addressed in the Nodal Exchange Rulebook, concisely explained 

as follows:

Core Principle 2 - Compliance with the Rules: Trading in the Exchange’s contracts will be 

subject to the Nodal Exchange Rulebook in Section IV, describing trading procedures, and 

Section VI, which establishes trading codes of conduct, sound trading practices, and 

identifies prohibited trading behavior and abuses. In addition, trading behavior and activity 

will be subject to extensive monitoring and surveillance by the Exchange’s Division of Market 

Administration and Surveillance. The Exchange’s Compliance Department has the authority 
Page 2 of 3

23-013.18

to address disciplinary matters through investigation and enforcement procedures in 

accordance with Section VII of the Exchange Rulebook.

Core Principle 3 - Contracts not Readily Susceptible to Manipulation: A description of the 

underlying cash markets and deliverable supply analysis for the Exchange’s contracts was 

provided for the futures contracts, which demonstrates compliance that the Exchange’s new 

contracts are not readily susceptible to manipulation.

Core Principle 4 - Prevention of Market Disruption: Trading in the Exchange’s contracts will 

be subject to the Nodal Exchange Rulebook Section VI, which prohibits disruptive trading 

behavior and manipulation, subject to monitoring and surveillance by the Exchange’s 

Division of Market Administration and Surveillance.

Core Principle 5 - Position Limitations or Accountability: The spot-month speculative 

position limits for the Exchange’s contracts are set at less than 25% of the deliverable supply 

in the respective underlying market. In addition, the Exchange monitors and enforces

position accountability rules for individual single-month and all-months combined, which 

are also within 25% of deliverable supply. The new contract reporting levels, accountability 

levels and position limits are provided in attached Exhibit C, to be added to the Nodal 

Exchange Rulebook Appendix C – Reporting Levels, Position Accountability Levels and 

Position Limits.

Core Principle 7 - Availability of General Information: The Exchange will post general 

information, including the contract specifications for the new contracts, Exchange fees, and 

the Nodal Exchange Rulebook, on the Exchange’s website: www.nodalexchange.com.

Core Principle 8 - Daily publication of Trading Information: The Exchange will publish daily 

information on settlement prices, volume, open interest and opening and closing ranges for 

the Exchange’s actively traded contracts on its website.

Core Principle 9 - Execution of Transactions: The Exchange’s new contracts will be available 

on the Exchange’s electronic trading screen that is a central limit order book (“CLOB”). The 

CLOB provides the market with the ability to execute the Exchange’s contracts from the 

interaction of multiple bids and multiple offers within a predetermined, nondiscretionary 

automated trade matching and execution algorithm. 

Core Principle 10 - Trade Information: The CLOB will maintain all information with respect 

to each order and each consummated trade, as well as all other information relating to the 

trade environment that determines the matching and clearing of trades. As such, any order 

submitted to the CLOB can be tracked from the time it is entered into the system until the 

time that it is matched, canceled or otherwise removed.

Core Principle 11 - Financial Integrity of Transactions: The Exchange has entered into a 

clearing arrangement with Nodal Clear, a derivatives clearing organization subject to Part 
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23-013.18

39 of the Commission Regulations. The new contracts executed on the CLOB or as a block 

trade will be subject to the Exchange Rulebook provisions for submission to Nodal Clear for 

clearing as described in Section V. 

Core Principle 12 - Protection of Markets and Market Participants: Section VI of the Nodal 

Exchange Rulebook protects the market and market participants from abusive, disruptive, 

fraudulent, noncompetitive and unfair conduct and trade practices. The new contracts are 

subject to these rules that apply to all transactions in the Exchange’s contracts.

Core Principle 13 - Disciplinary Procedures: Section VII of the Nodal Exchange Rulebook

describes the disciplinary procedures of the Exchange that authorize the Exchange to 

discipline, suspend, or expel anyone on the Exchange that violates these rules. 

Core Principle 14 - Dispute Resolution: Section VIII of the Nodal Exchange Rulebook

establishes rules concerning alternative dispute resolution, which provide for the resolution 

of disputes between or among Exchange users through the NFA arbitration program. Under 

Section VIII, arbitration is available for all disputes, controversies or claims among all 

Exchange users relating to Exchange activities. 

Pursuant to Section 5c(c) of the Act and the Commission’s Regulation 40.2(a), the Exchange 

certifies that the Exchange’s new futures and options contracts to be listed comply with the 

Act and the Commission’s Regulations thereunder.

Nodal Exchange certifies that this submission has been concurrently posted on the Nodal 

Exchange website at www.nodalexchange.com.

If you have any question or need additional information regarding the above, please 

contact the undersigned at 703-962-9853 or markotic@nodalexchange.com or Anita 

Herrera, Chief Regulatory Officer & General Counsel at 703-962-9835 or 

Herrera@nodalexchange.com.

Sincerely,

/s/ Max Markotic

Managing Director

Attachments:

Exhibit A: May 26, 2023 Addition to Nodal Exchange Appendix A - Contract 

Specifications

Confidential Exhibit B: Deliverable Supply Analysis (Confidential Treatment 

Requested)

Exhibit C: May 26, 2023 Addition to Nodal Exchange Appendix C - Reporting Levels, 

Accountability Levels and Position Limits
23-013.18

Exhibit A – Contract Specifications

(Rulebook Appendix A)
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2023 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment)

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2024 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJH

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2025 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJI

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2026 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJJ

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2027 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJK

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2028 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJL

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2029 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJM

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2030 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJN

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2031 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJO

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2032 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJP

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2033 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJQ

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2034 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJR

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

PJM Quad-Qualified Renewable Energy Certificates Class 1 Vintage 2035 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Tier 1 and Class 1 Renewable Energy Certificates where a REC is 

an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (“PJM GATS”) for generation simultaneously 

qualifying for the Virginia Renewable Portfolio Standard program, Pennsylvania and 

Maryland Tier 1 portions of the Renewable Portfolio Standard, and New Jersey Class 

1 portion of the Renewable Portfolio Standard programs (“Class 1 RECs”).

Contract Code PJS

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

RECs eligible for delivery are those which are eligible to meet the Class 1 

requirements in each of the states of Pennsylvania, New Jersey, Maryland, and 

Virginia where; Pennsylvania requirements are specified in Pennsylvania Statutes 

Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; 

and the Maryland requirements are specified in Maryland Annotated Code, Public 

Utility Companies Article, § 7-701 – 7-713 and in the Code of Maryland Regulations 

as implemented through Title 20, Subtitle 61; and the Virginia requirements are 

specified in the RPS Statute §56-585.5 of the Code of Virginia. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract. Applicable to the 

Maryland and Virginia vintage-year designation only, and only for the expiry months 

of January through July, sellers have the option to deliver a vintage designation that 

corresponds to the specified vintage year of the expiring contract or one that is one 

year earlier.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2023 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2024 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIH

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2025 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VII

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIJ

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIK

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIL

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIM

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIN

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIO

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIP

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIQ

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIR

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

Virginia Compliance Renewable Energy Certificate Vintage 2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Virginia Renewable Energy Certificates (“Virginia REC”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Code VIS

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Virginia RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with January of the vintage year, through September of 

five years after the Vintage year. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Virginia RECs eligible for delivery are those which are eligible to meet the Renewable 

Energy requirements specified in the Renewable Portfolio Standard Statute §56-

585.5 under the Code of Virginia, verified and qualified by the Virginia State 

Corporation Commission and the Division of Public Utility Regulation. 

RECs acceptable for delivery are those having a vintage year designation that 

corresponds to the specified vintage year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price

Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

California Carbon Offset 0 with Direct Environmental Benefits (DEBS) Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions credits where each is a certificate 

issued by the California Air Resources Board (“CARB”) or linked program (“California 

Carbon Offset,” or "CCO") representing one metric ton equivalent of greenhouse gas 

(“GHG”) reduction or avoidance emissions of any air pollutant with Direct 

Environmental Benefit (“DEBS”) to the State of California (the “State”) or the 

reduction or avoidance of any pollutant that could have an adverse impact on waters 

of the state achieved under California Assembly Bill 398 (Chapter 135, Statutes of 

2017) and its associated regulations, rules and amendments, all together known as 

the "California Cap and Trade Program".

Contract Code WTD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Offsets

Currency US Dollars

Minimum Tick $0.01 per California Carbon Offset

Settlement Price Precision $0.01 per California Carbon Offset

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly expirations for the current year, and the following two years. Annual 

December contracts for an additional 10 years. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Deliverable Product

The deliverable instruments are California Carbon Offsets with Direct Environmental 

Benefits to the State of California (DEBS) equal to the contract size delivered through 

the California Compliance Instrument Tracking System Services (CITSS). 

CCOs with DEBS acceptable for delivery are those issued by the California Air 

Resources Board representing one metric ton equivalent of greenhouse gas 

reduction or avoidance emissions enhancement achieved under California Assembly 

Bill 398 "Chapter 135, Statutes of 2017" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade Program". Any 

individual offset or series of offsets acceptable for delivery are those that are beyond 

the risk of invalidation, specifically where the Last Delivery Date of the futures 

contract is greater than the Invalidation Timeframe added to the Start of Invalidation 

Period (i.e.: Last Delivery Date > Invalidation Timeframe + Start of Invalidation 

Timeframe) as stated on the CARB’s website at the time of delivery.

Registry Compliance Instrument Tracking System Services (CITSS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

23-013.18

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit US Dollars
Nodal Exchange, LLC Rulebook Appendix C: Reporting Levels, Accountability Levels and Position Limits

 

Physical

Commodity Code

Contract Name Reporting Level Spot Month

Position Limit (lots)

Single Month

Accountability Level

(lots)

All Month

Accountability Level

(lots)

Aggregation

Group*

CFTC Referenced

Contract

PJG PJM Quad-Qual REC Class 1 V23 Future 25 42500 42500 42500 0

PJH PJM Quad-Qual REC Class 1 V24 Future 25 42500 42500 42500 0

PJI PJM Quad-Qual REC Class 1 V25 Future 25 42500 42500 42500 0

PJJ PJM Quad-Qual REC Class 1 V26 Future 25 42500 42500 42500 0

PJK PJM Quad-Qual REC Class 1 V27 Future 25 42500 42500 42500 0

PJL PJM Quad-Qual REC Class 1 V28 Future 25 42500 42500 42500 0

PJM PJM Quad-Qual REC Class 1 V29 Future 25 42500 42500 42500 0

PJN PJM Quad-Qual REC Class 1 V30 Future 25 42500 42500 42500 0

PJO PJM Quad-Qual REC Class 1 V31 Future 25 42500 42500 42500 0

PJP PJM Quad-Qual REC Class 1 V32 Future 25 42500 42500 42500 0

PJQ PJM Quad-Qual REC Class 1 V33 Future 25 42500 42500 42500 0

PJR PJM Quad-Qual REC Class 1 V34 Future 25 42500 42500 42500 0

PJS PJM Quad-Qual REC Class 1 V35 Future 25 42500 42500 42500 0

VIG VA REC V23 Future 25 45000 45000 45000 0

VIH VA REC V24 Future 25 45000 45000 45000 0

VII VA REC V25 Future 25 45000 45000 45000 0

VIJ VA REC V26 Future 25 45000 45000 45000 0

VIK VA REC V27 Future 25 45000 45000 45000 0

VIL VA REC V28 Future 25 45000 45000 45000 0

VIM VA REC V29 Future 25 45000 45000 45000 0

VIN VA REC V30 Future 25 45000 45000 45000 0

VIO VA REC V31 Future 25 45000 45000 45000 0

VIP VA REC V32 Future 25 45000 45000 45000 0

VIQ VA REC V33 Future 25 45000 45000 45000 0

VIR VA REC V34 Future 25 45000 45000 45000 0

VIS VA REC V35 Future 25 45000 45000 45000 0

WTD CA Carbon Offset 0 DEBS Future 25 2000 2000 2000 0