Page 1 of 3

23-036.23

November 15, 2023

VIA CFTC PORTAL

Commodity Futures Trading Commission

Attention: Chris Kirkpatrick, Secretary

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

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

Nodal Exchange, LLC – ERCOT HB_SOUTH Monthly Real Time 7x16 Power Contract

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 23 new power futures contracts for trading on Nodal 

Exchange beginning on or after December 1, 2023. The contract specifications describing these new 

Exchange futures contracts are attached to this letter as Exhibit A, to be added to the Nodal Exchange 

Rulebook Appendix A – Contract Specifications. The deliverable supply analysis has been segregated 

as Exhibit B, for which confidential treatment is requested. The reporting levels, accountability 

levels, and position limits for these contracts are 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 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: Nodal Exchange’s new 

contracts settle to power prices published by PJM, CAISO and ERCOT. The PJM and CAISO markets 

are regulated by the Federal Energy Regulatory Commission (“FERC”) and the ERCOT markets are 

regulated by the Public Utility Commission of Texas (“PUCT”). The day ahead and real time markets 
Page 2 of 3

23-036.23

that generate the prices to which the Exchange contracts settle are directly related to the physical 

generation, and demand for, electricity as well as the physical capacity constraints of the grid. 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 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,
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23-036.23

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 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 Ken McCracken, Chief 

Regulatory Officer & General Counsel at 703-962-9835 or mccracken@nodalexchange.com.

Sincerely,

/s/ Max Markotic

Managing Director

Attachments:

Exhibit A: December 1, 2023, Addition to Nodal Exchange Appendix A - Contract 

Specifications

Confidential Exhibit B: Deliverable Supply Analysis (Confidential Treatment Requested)

Exhibit C: December 1, 2023, Addition to Nodal Exchange Appendix C - Reporting Levels, 

Accountability Levels and Position Limits
23-036.23

Exhibit A – Contract Specifications

(Rulebook Appendix A)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

PJM WESTERN HUB Monthly Real Time HE 10-17 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 10-17 (7x) Power, PJM WESTERN HUB, Real Time

Contract Code XAA

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 10-17, 7x hours within the month traded. The 

definition of HE 10-17, 7x is Hour Ending 1000 – 1700 Monday through Sunday, EPT, 

including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly LMP for all HE 10-17, 7x. These prices can be found at the following 

link or at successor location https://dataminer2.pjm.com/feed/rt_hrl_lmps

Final Settlement (Payment) 

Date The third business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

PJM WESTERN HUB Monthly Day Ahead HE 10-17 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 10-17 (7x) Power, PJM WESTERN HUB, Day Ahead

Contract Code XAB

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 10-17, 7x hours within the month traded. The 

definition of HE 10-17, 7x is Hour Ending 1000 – 1700 Monday through Sunday, EPT, 

including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 10-17, 7x. These prices can be found at the following 

link or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The third business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_NORTH Monthly Real Time HE 10-17 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 10-17 (7x) Power, ERCOT HB_NORTH, Real Time

Contract Code XAC

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 10-17, 7x hours within the month traded. The 

definition of HE 10-17, 7x is Hour Ending 1000 – 1700 Monday through Sunday, 

Central Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 10-17, 7x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_HOUSTON Monthly Real Time HE 10-17 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 10-17 (7x) Power, ERCOT HB_HOUSTON, Real 

Time

Contract Code XAD

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 10-17, 7x hours within the month traded. The 

definition of HE 10-17, 7x is Hour Ending 1000 – 1700 Monday through Sunday, 

Central Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 10-17, 7x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_WEST Monthly Real Time HE 10-17 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 10-17 (7x) Power, ERCOT HB_WEST, Real Time

Contract Code XAE

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 10-17, 7x hours within the month traded. The 

definition of HE 10-17, 7x is Hour Ending 1000 – 1700 Monday through Sunday, 

Central Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 10-17, 7x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_SOUTH Monthly Real Time HE 10-17 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 10-17 (7x) Power, ERCOT HB_SOUTH, Real Time

Contract Code XAF

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 10-17, 7x hours within the month traded. The 

definition of HE 10-17, 7x is Hour Ending 1000 – 1700 Monday through Sunday, 

Central Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 10-17, 7x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_NORTH Monthly Real Time HE 18-22 (5x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 18-22 (5x) Power, ERCOT HB_NORTH, Real Time

Contract Code XBA

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 18-22, 5x hours within the month traded. The 

definition of HE 18-22, 5x is Hour Ending 1800 – 2200 Monday through Friday, 

Central Prevailing Time (CPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 18-22, 5x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_HOUSTON Monthly Real Time HE 18-22 (5x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 18-22 (5x) Power, ERCOT HB_HOUSTON, Real 

Time

Contract Code XBB

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 18-22, 5x hours within the month traded. The 

definition of HE 18-22, 5x is Hour Ending 1800 – 2200 Monday through Friday, 

Central Prevailing Time (CPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 18-22, 5x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_WEST Monthly Real Time HE 18-22 (5x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 18-22 (5x) Power, ERCOT HB_WEST, Real Time

Contract Code XBC

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 18-22, 5x hours within the month traded. The 

definition of HE 18-22, 5x is Hour Ending 1800 – 2200 Monday through Friday, 

Central Prevailing Time (CPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 18-22, 5x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_SOUTH Monthly Real Time HE 18-22 (5x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 18-22 (5x) Power, ERCOT HB_SOUTH, Real Time

Contract Code XBD

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 18-22, 5x hours within the month traded. The 

definition of HE 18-22, 5x is Hour Ending 1800 – 2200 Monday through Friday, 

Central Prevailing Time (CPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 18-22, 5x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_NORTH Monthly Real Time HE 7-11 (5x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 7-11 (5x) Power, ERCOT HB_NORTH, Real Time

Contract Code XBE

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 07-11, 5x hours within the month traded. The 

definition of HE 07-11, 5x is Hour Ending 0700 – 1100 Monday through Friday, 

Central Prevailing Time (CPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all HE 07-11, 5x. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

CAISO TH_NP15_GEN-APND Monthly Day Ahead HE 7-8 and 17-22 (6x) Power 

Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 7 - 8 and 17 - 22 (6x) Power, CAISO 

TH_NP15_GEN-APND, Day Ahead

Contract Code XCA

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 7-8 and 17-22, 6x hours within the month traded. 

The definition of HE 7-8 and 17-22, 6x is Hour Ending 0700 – 0800 and 1700 - 2200 

Monday through Saturday, Pacific Prevailing Time (PPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 7-8 and 17-22, 6x. These price files can be found at the 

following link or at successor location. http://oasis.caiso.com/mrtuoasis/SingleZip?resultformat=6&queryname=PRC_LMP&market_run_id=DA 

M&grp_type=ALL&startdate=<yyyymmdd>&enddate=<yyyymmdd>

Final Settlement (Payment) 

Date The fourth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

CAISO TH_SP15_GEN-APND Monthly Day Ahead HE 7-8 and 17-22 (6x) Power 

Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 7 - 8 and 17 - 22 (6x) Power, CAISO TH_SP15_GENAPND, Day Ahead

Contract Code XCB

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 7-8 and 17-22, 6x hours within the month traded. 

The definition of HE 7-8 and 17-22, 6x is Hour Ending 0700 – 0800 and 1700 - 2200 

Monday through Saturday, Pacific Prevailing Time (PPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 7-8 and 17-22, 6x. These price files can be found at the 

following link or at successor location. http://oasis.caiso.com/mrtuoasis/SingleZip?resultformat=6&queryname=PRC_LMP&market_run_id=DA 

M&grp_type=ALL&startdate=<yyyymmdd>&enddate=<yyyymmdd>

Final Settlement (Payment) 

Date The fourth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

CAISO TH_NP15_GEN-APND Monthly Day Ahead HE 9-16 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 9 - 16 (7x) Power, CAISO TH_NP15_GEN-APND, 

Day Ahead

Contract Code XCD

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 9-16, 7x hours within the month traded. The 

definition of HE 9-16, 7x is Hour Ending 0900 – 1600 Monday through Sunday, Pacific 

Prevailing Time (PPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 9-16, 7x. These price files can be found at the following

link or at successor location. http://oasis.caiso.com/mrtuoasis/SingleZip?resultformat=6&queryname=PRC_LMP&market_run_id=DA 

M&grp_type=ALL&startdate=<yyyymmdd>&enddate=<yyyymmdd>

Final Settlement (Payment) 

Date The fourth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

CAISO TH_SP15_GEN-APND Monthly Day Ahead HE 9-16 (7x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 9 - 16 (7x) Power, CAISO TH_SP15_GEN-APND, 

Day Ahead

Contract Code XCE

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 9-16, 7x hours within the month traded. The 

definition of HE 9-16, 7x is Hour Ending 0900 – 1600 Monday through Sunday, Pacific 

Prevailing Time (PPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 9-16, 7x. These price files can be found at the following

link or at successor location. http://oasis.caiso.com/mrtuoasis/SingleZip?resultformat=6&queryname=PRC_LMP&market_run_id=DA 

M&grp_type=ALL&startdate=<yyyymmdd>&enddate=<yyyymmdd>

Final Settlement (Payment) 

Date The fourth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

CAISO TH_NP15_GEN-APND Monthly Day Ahead HE 9-16 (6x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 9 - 16 (6x) Power, CAISO TH_NP15_GEN-APND, 

Day Ahead

Contract Code XCF

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 9-16, 6x hours within the month traded. The 

definition of HE 9-16, 6x is Hour Ending 0900 – 1600 Monday through Saturday, 

Pacific Prevailing Time (PPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 9-16, 6x. These price files can be found at the following

link or at successor location. http://oasis.caiso.com/mrtuoasis/SingleZip?resultformat=6&queryname=PRC_LMP&market_run_id=DA 

M&grp_type=ALL&startdate=<yyyymmdd>&enddate=<yyyymmdd>

Final Settlement (Payment) 

Date The fourth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

CAISO TH_SP15_GEN-APND Monthly Day Ahead HE 9-16 (6x) Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial HE 9 - 16 (6x) Power, CAISO TH_SP15_GEN-APND, 

Day Ahead

Contract Code XCG

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of HE 9-16, 6x hours within the month traded. The 

definition of HE 9-16, 6x is Hour Ending 0900 – 1600 Monday through Saturday, 

Pacific Prevailing Time (PPT), excluding NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all HE 9-16, 6x. These price files can be found at the following

link or at successor location. http://oasis.caiso.com/mrtuoasis/SingleZip?resultformat=6&queryname=PRC_LMP&market_run_id=DA 

M&grp_type=ALL&startdate=<yyyymmdd>&enddate=<yyyymmdd>

Final Settlement (Payment) 

Date The fourth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

PJM WESTERN HUB Monthly Real Time 7x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x16 Power, PJM WESTERN HUB, Real Time

Contract Code XDA

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x16 hours within the month traded. The definition of 

7x16 hours is Hour Ending (HE) 0800 – 2300 Monday through Sunday, EPT, including 

NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly LMP for all 7x16 hours. These prices can be found at the following 

link or at successor location https://dataminer2.pjm.com/feed/rt_hrl_lmps

Final Settlement (Payment) 

Date The third business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

PJM WESTERN HUB Monthly Day Ahead 7x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x16 Power, PJM WESTERN HUB, Day Ahead

Contract Code XDB

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x16 hours within the month traded. The definition of 

7x16 hours is Hour Ending (HE) 0800 – 2300 Monday through Sunday, EPT, including 

NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day Last business day of the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x16 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The third business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_NORTH Monthly Real Time 7x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x16 Power, ERCOT HB_NORTH, Real Time

Contract Code XDC

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x16 hours within the month traded. The definition of 

7x16 hours is Hour Ending (HE) 0700 – 2200 Monday through Sunday, Central 

Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all 7x16 hours. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_HOUSTON Monthly Real Time 7x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x16 Power, ERCOT HB_HOUSTON, Real Time

Contract Code XDD

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x16 hours within the month traded. The definition of 

7x16 hours is Hour Ending (HE) 0700 – 2200 Monday through Sunday, Central 

Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all 7x16 hours. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_WEST Monthly Real Time 7x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x16 Power, ERCOT HB_WEST, Real Time

Contract Code XDE

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x16 hours within the month traded. The definition of 

7x16 hours is Hour Ending (HE) 0700 – 2200 Monday through Sunday, Central 

Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all 7x16 hours. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-036.23

ERCOT HB_SOUTH Monthly Real Time 7x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x16 Power, ERCOT HB_SOUTH, Real Time

Contract Code XDF

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x16 hours within the month traded. The definition of 

7x16 hours is Hour Ending (HE) 0700 – 2200 Monday through Sunday, Central 

Prevailing Time (CPT), including NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The first business day of the month following the contract period

Contract Series Current calendar year plus up to 12 full calendar years

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Final Settlement Date. The final settlement price is the average of the 

Real Time hourly 15-minute Settlement Point Prices for all 7x16 hours. These price 

files can be found at the following link or at successor location. 

https://www.ercot.com/content/cdr/html/real_time_spp.htmlERCOT correction 

prices are found at a different location, and are currently posted at: 

https://www.ercot.com/mp/data-products/data-product-details?id=NP4-197-M

Final Settlement (Payment) 

Date The sixth business day following the last calendar day of the month

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

C-Limits_and_Levels.PDF
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

XAA PJM.WESTERN HUB_month_7x HE 10-17_rtp 25 9517 9517 114204 390 0

XAB PJM.WESTERN HUB_month_7x HE 10 17_dap 25 9517 9517 114204 233 0

XAC ERCOT.HB_NORTH_month_7x HE 10-17_rtp 25 7143 7143 85716 393 0

XAD ERCOT.HB_HOUSTON_month_7x HE 10-17_rtp 25 5197 5197 62364 394 0

XAE ERCOT.HB_WEST_month_7x HE 10-17_rtp 25 2058 2058 24696 391 0

XAF ERCOT.HB_SOUTH_month_7x HE 10-17_rtp 25 2694 2694 32328 392 0

XBA ERCOT.HB_NORTH_month_5x HE 18-22_rtp 25 7143 7143 85716 393 0

XBB ERCOT.HB_HOUSTON_month_5x HE 18-22_rtp 25 5197 5197 62364 394 0

XBC ERCOT.HB_WEST_month_5x HE 18-22_rtp 25 2058 2058 24696 391 0

XBD ERCOT.HB_SOUTH_month_5x HE 18-22_rtp 25 2694 2694 32328 392 0

XBE ERCOT.HB_NORTH_month_5x HE 07-11_rtp 25 7143 7143 85716 393 0

XCA CAISO.TH_NP15_GEN-APND_month_6x HE 07-08 & 17-22_dap 25 4762 4762 57144 215 0

XCB CAISO.TH_SP15_GEN-APND_month_6x HE 07-08 & 17-22_dap 25 7301 7301 87612 217 0

XCD CAISO.TH_NP15_GEN-APND_month_7x HE 09-16_dap 25 4762 4762 57144 215 0

XCE CAISO.TH_SP15_GEN-APND_month_7x HE 09-16_dap 25 7301 7301 87612 217 0

XCF CAISO.TH_NP15_GEN-APND_month_6x HE 09-16_dap 25 4762 4762 57144 215 0

XCG CAISO.TH_SP15_GEN-APND_month_6x HE 09-16_dap 25 7301 7301 87612 217 0

XDA PJM.WESTERN HUB_month_7x16_rtp 25 9517 9517 114204 390 0

XDB PJM.WESTERN HUB_month_7x16_dap 25 9517 9517 114204 233 0

XDC ERCOT.HB_NORTH_month_7x16_rtp 25 7143 7143 85716 393 0

XDD ERCOT.HB_HOUSTON_month_7x16_rtp 25 5197 5197 62364 394 0

XDE ERCOT.HB_WEST_month_7x16_rtp 25 2058 2058 24696 391 0

XDF ERCOT.HB_SOUTH_month_7x16_rtp 25 2694 2694 32328 392 0