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22-020.29

November 29, 2022

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 – Maryland Compliance Renewable Energy 

Certificate Tier 2 Vintage 2026 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 33 new environmental futures contracts 

for trading on Nodal Exchange beginning on or after December 5, 2022. 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 
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22-020.29

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 new contracts is 

provided in attached Exhibit B, 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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22-020.29

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

Director of Compliance

Attachments:

Exhibit A: December 5, 2022 Addition to Nodal Exchange Appendix A - Contract 

Specifications

Confidential Exhibit B: Deliverable Supply Analysis (Confidential Treatment 

Requested)

Exhibit C: December 5, 2022 Addition to Nodal Exchange Appendix C - Reporting 

Levels, Accountability Levels and Position Limits
Exhibit A – Contract Specifications

(Rulebook Appendix A)
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 2 Vintage 2026 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 2 Renewable Energy Certificate (“Maryland Tier 2 

REC”) where a REC is an electronic certificate issued by PJM GATS for qualifying 

generation.

Contract Code MHJ

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 Tier 2 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

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Maryland Tier 2 RECs eligible for delivery are those which are eligible to meet the 

Tier 2 renewable energy requirement (as defined in the Maryland Renewable Energy 

Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the 

Annotated Code of Maryland and issued by PJM GATS having a vintage or energy 

year designation that corresponds to the specified vintage 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.
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

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

Maryland Compliance Renewable Energy Certificate Tier 2 Vintage 2027 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 2 Renewable Energy Certificate (“Maryland Tier 2 

REC”) where a REC is an electronic certificate issued by PJM GATS for qualifying 

generation.

Contract Code MHK

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 Tier 2 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

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Maryland Tier 2 RECs eligible for delivery are those which are eligible to meet the 

Tier 2 renewable energy requirement (as defined in the Maryland Renewable Energy 

Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the 

Annotated Code of Maryland and issued by PJM GATS having a vintage or energy 

year designation that corresponds to the specified vintage 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.
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

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

Maryland Compliance Renewable Energy Certificate Tier 2 Vintage 2028 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 2 Renewable Energy Certificate (“Maryland Tier 2 

REC”) where a REC is an electronic certificate issued by PJM GATS for qualifying 

generation.

Contract Code MHL

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 Tier 2 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

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Maryland Tier 2 RECs eligible for delivery are those which are eligible to meet the 

Tier 2 renewable energy requirement (as defined in the Maryland Renewable Energy 

Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the 

Annotated Code of Maryland and issued by PJM GATS having a vintage or energy 

year designation that corresponds to the specified vintage 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.
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

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

Maryland Compliance Renewable Energy Certificate Tier 2 Vintage 2029 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 2 Renewable Energy Certificate (“Maryland Tier 2 

REC”) where a REC is an electronic certificate issued by PJM GATS for qualifying 

generation.

Contract Code MHM

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 Tier 2 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

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Maryland Tier 2 RECs eligible for delivery are those which are eligible to meet the 

Tier 2 renewable energy requirement (as defined in the Maryland Renewable Energy 

Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the 

Annotated Code of Maryland and issued by PJM GATS having a vintage or energy 

year designation that corresponds to the specified vintage 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.
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

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

Maryland Compliance Renewable Energy Certificate Tier 2 Vintage 2030 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 2 Renewable Energy Certificate (“Maryland Tier 2 

REC”) where a REC is an electronic certificate issued by PJM GATS for qualifying 

generation.

Contract Code MHN

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 Tier 2 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

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Maryland Tier 2 RECs eligible for delivery are those which are eligible to meet the 

Tier 2 renewable energy requirement (as defined in the Maryland Renewable Energy 

Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the 

Annotated Code of Maryland and issued by PJM GATS having a vintage or energy 

year designation that corresponds to the specified vintage 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.
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2022 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2023 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2024 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2025 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCI

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2026 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2027 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCK

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2028 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCL

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2029 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCM

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2030 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCN

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2031 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2032 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2033 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCQ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2034 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCR

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2035 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NCS

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through 

December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Front Half or FH, RECs acceptable for delivery 

are those that were issued for generation occurring in the first six calendar months 

of the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2022 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2023 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2024 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2025 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDI

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2026 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2027 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDK

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2028 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDL

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2029 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDM

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2030 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDN

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2031 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2032 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2033 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDQ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2034 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDR

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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

National Renewable Energy Certificates from CRS Listed Wind Energy 

Facilities Vintage 2035 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by either the ERCOT 

Renewables Registry, Western Renewable Energy Generation Information System 

(WREGIS), North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities which are listed with the Center for Resource Solutions (CRS) as an 

element of CRS’ administration of its Green-e® certification program.

Contract Code NDS

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year 

through December of the year following the vintage year. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Deliverable Product

RECs delivered must be issued by and delivered within either the ERCOT Renewables 

Registry, Western Renewable Energy Generation Information System (WREGIS), 

North American Renewables RegistryTM (NAR), or Midwest 

Renewable Energy Tracking System (M-RETS®) for qualifying wind energy production 

from facilities located in the 50 U.S. states that have a Tracking Attestation form on 

file with the Center for Resource Solutions (“CRS Listed”) in connection with CRS’s 

administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any 

Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. For more information about Tracking Attestation forms and 

Green-e® certification, please visit the Green-e® website at www.green-e.org. To 

confirm that a facility has an active Tracking Attestation form on file, please contact 

the Center for Resource Solutions at verification@green-e.org. 
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

For contracts which are designated as Back Half or BH, RECs acceptable for delivery 

are those that were issued for generation occurring in the last six calendar months of 

the specified vintage year.

Registry

Any of the following registries: ERCOT Renewables Registry, Western Renewable 

Energy Generation Information System (WREGIS), North American Renewables 

RegistryTM (NAR), or Midwest Renewable Energy Tracking System (M-RETS®)

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, 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

MHJ MD REC Tier 2 V26 Future 25 10000 10000 10000 0

MHK MD REC Tier 2 V27 Future 25 10000 10000 10000 0

MHL MD REC Tier 2 V28 Future 25 10000 10000 10000 0

MHM MD REC Tier 2 V29 Future 25 10000 10000 10000 0

MHN MD REC Tier 2 V30 Future 25 10000 10000 10000 0

NCF National CRS Wind REC V22 Front Half Future 25 15000 15000 15000 0

NCG National CRS Wind REC V23 Front Half Future 25 15000 15000 15000 0

NCH National CRS Wind REC V24 Front Half Future 25 15000 15000 15000 0

NCI National CRS Wind REC V25 Front Half Future 25 15000 15000 15000 0

NCJ National CRS Wind REC V26 Front Half Future 25 15000 15000 15000 0

NCK National CRS Wind REC V27 Front Half Future 25 15000 15000 15000 0

NCL National CRS Wind REC V28 Front Half Future 25 15000 15000 15000 0

NCM National CRS Wind REC V29 Front Half Future 25 15000 15000 15000 0

NCN National CRS Wind REC V30 Front Half Future 25 15000 15000 15000 0

NCO National CRS Wind REC V31 Front Half Future 25 15000 15000 15000 0

NCP National CRS Wind REC V32 Front Half Future 25 15000 15000 15000 0

NCQ National CRS Wind REC V33 Front Half Future 25 15000 15000 15000 0

NCR National CRS Wind REC V34 Front Half Future 25 15000 15000 15000 0

NCS National CRS Wind REC V35 Front Half Future 25 15000 15000 15000 0

NDF National CRS Wind REC V22 Back Half Future 25 15000 15000 15000 0

NDG National CRS Wind REC V23 Back Half Future 25 15000 15000 15000 0

NDH National CRS Wind REC V24 Back Half Future 25 15000 15000 15000 0

NDI National CRS Wind REC V25 Back Half Future 25 15000 15000 15000 0

NDJ National CRS Wind REC V26 Back Half Future 25 15000 15000 15000 0

NDK National CRS Wind REC V27 Back Half Future 25 15000 15000 15000 0

NDL National CRS Wind REC V28 Back Half Future 25 15000 15000 15000 0

NDM National CRS Wind REC V29 Back Half Future 25 15000 15000 15000 0

NDN National CRS Wind REC V30 Back Half Future 25 15000 15000 15000 0

NDO National CRS Wind REC V31 Back Half Future 25 15000 15000 15000 0

NDP National CRS Wind REC V32 Back Half Future 25 15000 15000 15000 0

NDQ National CRS Wind REC V33 Back Half Future 25 15000 15000 15000 0

NDR National CRS Wind REC V34 Back Half Future 25 15000 15000 15000 0

NDS National CRS Wind REC V35 Back Half Future 25 15000 15000 15000 0

WBG Washington Carbon Allowance V23 Future 25 10000 10000 10000 0

WBH Washington Carbon Allowance V24 Future 25 10000 10000 10000 0

WBI Washington Carbon Allowance V25 Future 25 10000 10000 10000 0

WBJ Washington Carbon Allowance V26 Future 25 10000 10000 10000 0