55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-114

July 18, 2023

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Amendments to the Listing Cycles for Certain ICE Futures U.S. Futures and Options Contracts

Submission Pursuant to Section 5c(c)(1) of the Act and Regulation 40.6(a) 

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)1 of the Commodity Exchange Act, as amended (the “Act”) and Commodity Futures 

Trading Commission (“Commission”) Regulation 40.6(a), ICE Futures U.S., Inc. (“Exchange”) hereby certifies 

amendments to the terms and conditions of various Exchange futures and option on futures contracts. The amendments 

to the terms and conditions, as provided in Chapter 18 of the Exchange Rulebook, increase the listing cycle for certain 

daily Financial Power futures and option on futures contracts from a minimum of 38 daily contract periods to 365 

daily contract periods, or as otherwise determined by the Exchange. The amendments allow the Exchange necessary 

flexibility in managing its markets and provide clarity to market participants active in the daily Financial Power 

markets. The remainder of the products’ terms and conditions are unchanged at this time. The amendments to the 

terms and conditions will take effect on August 2, 2023, or no sooner than 10 business days after receipt of this 

submission by the Commission. The amendments to the Exchange contracts’ terms and conditions are provided as 

Exhibit A.

Certifications

The Exchange is not aware of any opposing views to the amendments and certifies that the amendments to 

product’s terms and conditions and Exchange rulebook comply with the requirements of the Act and the rules and 

regulations promulgated thereunder. The Exchange has reviewed the designated contract market core principles 

("Core Principles") as set forth in the Act and has determined that the amendments comply with the following relevant 

Core Principles:

COMPLIANCE WITH RULES

The amended terms and conditions are provided as an attachment to this submission, will be provided in the 

Exchange’s rulebook, and will be enforced by the Exchange. In addition, trading of the Exchange’s contracts

is subject to all relevant Exchange rules which are enforced by the Market Regulation Department. 
The Exchange certifies that, concurrent with this filing, a copy of this submission was posted on the 

Exchange’s website and may be accessed at (https://www.theice.com/futures-us/regulation). If you have any 

questions or need further information, please contact me at 312-836-6745 or at patrick.swartzer@theice.com.

Sincerely,

Patrick Swartzer

Director

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

[Additions are underlined and deletions have been struck through]

Rule 18.B.119 CAISO NP-15 Day-Ahead Peak Daily Fixed Price Future

Contract Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of 

peak hourly electricity prices published by CAISO for the location specified in Reference Price A.

Contract Symbol: DPN

Settlement Method: Cash settlement

Contract Size: 400 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to [70]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the Contract Period

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-CAISO-NP15-DAY AHEAD

a) Description: "ELECTRICITY-CAISO-NP15-DAY AHEAD" means that the price for a Pricing 

Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, 

stated in U.S. Dollars, published by the California ISO at 

http://oasis.caiso.com/mrioasis/logon.do, under the headings "Prices: Locational Marginal 

Prices (LMP): P/APNode ID: TH_NP15_GEN-APND: Market: DAM" that reports prices 

effective on that Pricing Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of LMPs for all hours ending 0700-2200 PPT

d) Pricing Calendar: CAISO

e) Delivery Date: Contract Period

Final Payment Date: The fifth Clearing Organization business day following the Last Trading Day
Rule 18.B.139 MISO Indiana Hub Day-Ahead Peak Daily Fixed Price Future

Contract Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of 

peak hourly electricity prices published by MISO for the location specified in Reference Price A.

Contract Symbol: MDA

Settlement Method: Cash settlement

Contract Size: 800 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up To [38]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the Contract Period

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-MISO-INDIANA HUB-DAY AHEAD

a) Description: "ELECTRICITY-MISO-INDIANA HUB-DAY AHEAD" means that the price for a 

Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery 

Date, stated in U.S. Dollars, published by the MISO at 

https://www.midwestiso.org/Library/MarketReports/Pages/MarketReports.aspx, under the headings 

"Library: Market Reports" or any successor headings, that reports prices effective on that Pricing Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of LMPs for all hours ending 0800-2300 EPT

d) Pricing Calendar: MISO

e) Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day
Rule 18.B.127 ERCOT North 345 KV Hub Day-Ahead Peak Daily Fixed Price Future

Contract Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of 

peak hourly electricity prices published by ERCOT for the location specified in Reference Price A.

Contract Symbol: NDA

Settlement Method: Cash settlement

Contract Size: 16 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to [45]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the Contract Period

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-ERCOT-NORTH 345KV HUB-DAY AHEAD

a) Description: “ELECTRICITY-ERCOT-NORTH 345KV HUB-DAY AHEAD” means that the price 

for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery 

Date, stated in U.S. Dollars, published by the ERCOT at 

http://www.ercot.com/content/cdr/html/dam_spp for that Pricing Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of SPPs for all hours ending 0700-2200 CPT

d) Pricing Calendar: ERCOT

e) Delivery Date: Contract Period

Final Payment Date: The seventh Clearing Organization business day following the Last Trading Day
18.B.299 ERCOT North 345KV Day-Ahead Peak Daily 80 MWh Fixed Price Future

Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of peak hourly 

electricity prices published by ERCOT for the location specified in Reference Price A.

Contract Symbol: NDB

Settlement Method: Cash settlement

Contract Size: 80 MWh

Currency: USD

Min Price Flux: The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation 

may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to [45]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the Contract Period

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-ERCOT-HOUSTON 345KV DAY-AHEAD TIME

a) Description: "ELECTRICITY-ERCOT-NORTH 345KV DAY AHEAD" means that the price for a 

Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, 

stated in U.S. Dollars, published by the ERCOT at http://www.ercot.com/content/cdr/html/dam_spp

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of SPPs for all hours ending 0700-2200 CPT

d) Pricing calendar: ERCOT

e) Delivery Date: Contract Period

Final Payment Date: For Contract Periods that fall on a Business Day, seven Business Days following the Last 

Trading Day; for all other Contract Periods, six Business Days following the Last Trading Day.
Rule 18.B.155 PJM Western Hub Day-Ahead Peak Daily Fixed Price Future

Contract Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of 

peak hourly electricity prices published by PJM for the location specified in Reference Price A.

Contract Symbol: PDA

Settlement Method: Cash settlement

Contract Size: 800 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up To [38]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the Contract Period

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD

a) Description: "ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD" means that the price for a 

Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery 

Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets/energy-market/dayahead.html, under the headings "Daily Day-Ahead Locational Marginal Pricing (LMP): LMP DayAhead Data: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing 

Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of LMPs for all hours ending 0800-2300 EPT

d) Pricing Calendar: PJM

e) Delivery Date: Contract Period

Final Payment Date: For Contract Periods that fall on a Business Day, three Business Days following the Last 

Trading Day; for all other Contract Periods, two Business Days following the Last Trading Day.
Rule 18.B.190 PJM Western Hub Day-Ahead Off-Peak Daily Fixed Price Future

Contract Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of 

off-peak hourly electricity prices published by PJM for the location specified in Reference Price A.

Contract Symbol: PDO

Settlement Method: Cash settlement

Contract Size: 50 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: [38]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD

a) Description: "ELECTRICITY-PJM-WESTERN HUB-DAY AHEAD" means that the price for a 

Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery 

Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets/energy-market/dayahead.html, under the headings "Daily Day-Ahead Locational Marginal Pricing (LMP): LMP DayAhead Data: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing 

Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of LMPs for all hours ending 0100-0700, 2400 EPT

d) Pricing Calendar: PJM

e) Delivery Date: Contract Period 

Final Payment Date: The second Clearing Organization business day following the Last Trading Day
Rule 18.B.156 PJM Western Hub Real-Time Peak Daily Fixed Price Future

Contract Description: A daily cash settled Exchange Futures Contract based upon the mathematical average of 

peak hourly electricity prices published by PJM for the location specified in Reference Price A.

Contract Symbol: PDP

Settlement Method: Cash settlement

Contract Size: 800 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up To [38]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: For Monday through Friday Contract Periods, excluding NERC holidays, if the following 

calendar day is a Business Day, the Business Day following the Contract Period with a closing time of 11:00pm 

EPT the night before; If the following calendar day is not a Business Day, the Business Day equal to the Contract 

Period with a closing time equal to the end of the Trading Session;

For each Saturday, Sunday, and NERC holiday Contract Period, the last Business Day prior to the Contract Period 

with a closing time equal to the end of the Trading Session.

Final Settlement: Reference Price A

Reference Price A: ELECTRICITY-PJM-WESTERN HUB-REAL TIME

a) Description: "ELECTRICITY-PJM-WESTERN HUB-REAL TIME" means that the price for a 

Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery 

Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets/energy-market/realtime.html, under the headings "Daily Real-Time LMP: Daily Real-Time Locational Marginal Pricing 

Files: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of LMPs for all hours ending 0800-2300 EPT

d) Pricing Calendar: PJM

e) Delivery Date: Contract Period

Final Payment Date: For Contract Periods that fall on a Business Day where the following calendar day is also a 

Business Day, one Business Day following the Last Trading Day; for all other Contract Periods, two Business Days 

following the Last Trading Day.
18.E.129 Option on MISO Indiana Hub Day-Ahead Peak Daily Fixed Price Future

Description: A daily Option on the corresponding Contract Period of the MISO Indiana Hub Day-Ahead Peak 

Daily Fixed Price Future

Contract Symbol: MDA

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 800 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to [38]365 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At the end of the Trading Session on the Last Business Day prior to the Contract Period

Options Style: European

Exercise Method: Automatic Only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The third Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-MISO-INDIANA HUB-DAY AHEAD

a) Ref Price A - Description: “ELECTRICITY-MISO-INDIANA HUB AHEAD” means that the price for a 

Pricing Date will be that day’s Specified Price per MWh of electricity for Delivery on the Delivery Date, 

stated in U.S. Dollars, published by the MISO at https://www.misoenergy.org/markets-andoperations/market-reports, under the Headings “Day-Ahead Pricing”or any successor headings, that reports 

Prices effective on the Pricing Date

b) Ref Price A - Pricing Date: Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price: Average of LMPs for all hours ending 0800-2300 EPT

d) Ref Price A - Pricing calendar: MISO

e) Ref Price A - Delivery Date: Contract Period

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.50 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED

Clearing Venue: ICEU
18.E.065 Option on ERCOT North 345KV Day-Ahead Peak Daily 80 MWh Fixed Price Future

Contract Description: A daily Option on the corresponding Contract Period of the ERCOT North 345 KV Hub 

Day-Ahead Peak Daily 80 MWh Fixed Price Future.

Contract Symbol: NDB

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 80 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be one cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to [45]365 consecutive daily Contract Periods, excluding Saturdays, Sundays and NERC 

Holidays, or as otherwise determined by the Exchange.

Last Trading Day: At the end of the Trading Session on the last Business Day prior to the Contract Period

Option Style: European

Exercise Method: Automatic Only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The sixth Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

Reference Price A: ELECTRICITY-ERCOT-NORTH 345KV HUB-DAY AHEAD

a) Description: "ELECTRICITY-ERCOT-NORTH 345KV DAY AHEAD" means that the price for a 

Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, 

stated in U.S. Dollars, published by the ERCOT at http://www.ercot.com/content/cdr/html/dam_spp

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Average of SPPs for all hours ending 0700-2200 CPT

d) Pricing calendar: ERCOT

e) Delivery Date: Contract Period

Strike Price Listing: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments

[REMAINDER OF RULEBOOK UNCHANGED]