Page 1 of 3

22-007.009

June 13, 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 – Connecticut Compliance Renewable Energy 

Certificate Class 1 Vintage 2034 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 129 new environmental futures and 21

new environmental options contracts for trading on Nodal Exchange beginning on or after

June 17, 2022. The contract specifications describing these new Exchange futures and 

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

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

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

accountability levels, and position limits for these contracts is attached to this letter as 

Exhibit C, which will be added to the Nodal Exchange Rulebook Appendix C - Reporting 

Levels, Accountability Levels and Position Limits.

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

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

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

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

as follows:

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

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

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

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

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

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

22-007.009

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 
Page 3 of 3

22-007.009

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

Senior Director Compliance

Attachments:

Exhibit A: June 17, 2022 Addition to Nodal Exchange Appendix A - Contract 

Specifications

Confidential Exhibit B: Deliverable Supply Analysis (Confidential Treatment 

Requested)

Exhibit C: June 17, 2022 Addition to Nodal Exchange Appendix C - Reporting Levels, 

Accountability Levels and Position Limit
22-007.009
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Exhibit A – Contract Specifications

(Rulebook Appendix A)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 1 Renewable Energy Certificates 

(“Massachusetts Class 1 REC”) where a REC is an electronic certificate 

issued by NEPOOL GIS for qualifying generation.

Contract Code MAO

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 Massachusetts Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Massachusetts Class 1 RECs eligible for delivery are those representing 

Class 1 renewable energy (defined in Massachusetts General Law c.25A, 

11F(c)) eligible to meet the Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under Massachusetts General Law c.25A 

11F and issued by NEPOOL GIS having a vintage or energy year 

designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 1 Renewable Energy Certificates 

(“Massachusetts Class 1 REC”) where a REC is an electronic certificate 

issued by NEPOOL GIS for qualifying generation.

Contract Code MAP

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 Massachusetts Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Massachusetts Class 1 RECs eligible for delivery are those representing 

Class 1 renewable energy (defined in Massachusetts General Law c.25A, 

11F(c)) eligible to meet the Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under Massachusetts General Law c.25A 

11F and issued by NEPOOL GIS having a vintage or energy year 

designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 1 Renewable Energy Certificates 

(“Massachusetts Class 1 REC”) where a REC is an electronic certificate 

issued by NEPOOL GIS for qualifying generation.

Contract Code MAQ

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 Massachusetts Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Massachusetts Class 1 RECs eligible for delivery are those representing 

Class 1 renewable energy (defined in Massachusetts General Law c.25A, 

11F(c)) eligible to meet the Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under Massachusetts General Law c.25A 

11F and issued by NEPOOL GIS having a vintage or energy year 

designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 1 Renewable Energy Certificates 

(“Massachusetts Class 1 REC”) where a REC is an electronic certificate 

issued by NEPOOL GIS for qualifying generation.

Contract Code MAR

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 Massachusetts Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Massachusetts Class 1 RECs eligible for delivery are those representing 

Class 1 renewable energy (defined in Massachusetts General Law c.25A, 

11F(c)) eligible to meet the Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under Massachusetts General Law c.25A 

11F and issued by NEPOOL GIS having a vintage or energy year 

designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 1 Renewable Energy Certificates 

(“Massachusetts Class 1 REC”) where a REC is an electronic certificate 

issued by NEPOOL GIS for qualifying generation.

Contract Code MAS

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 Massachusetts Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Massachusetts Class 1 RECs eligible for delivery are those representing 

Class 1 renewable energy (defined in Massachusetts General Law c.25A, 

11F(c)) eligible to meet the Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under Massachusetts General Law c.25A 

11F and issued by NEPOOL GIS having a vintage or energy year 

designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 1 Renewable Energy Certificate 

(“Maryland Tier I REC”) where a REC is an electronic certificate issued by 

PJM GATS for qualifying generation.

Contract Code MDO

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 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for 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 1 RECs eligible for delivery are those which are eligible to 

meet the Tier 1 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 1 Renewable Energy Certificate 

(“Maryland Tier I REC”) where a REC is an electronic certificate issued by 

PJM GATS for qualifying generation.

Contract Code MDP

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 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for 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 1 RECs eligible for delivery are those which are eligible to 

meet the Tier 1 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 1 Renewable Energy Certificate 

(“Maryland Tier I REC”) where a REC is an electronic certificate issued by 

PJM GATS for qualifying generation.

Contract Code MDQ

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 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for 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 1 RECs eligible for delivery are those which are eligible to 

meet the Tier 1 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 1 Renewable Energy Certificate 

(“Maryland Tier I REC”) where a REC is an electronic certificate issued by 

PJM GATS for qualifying generation.

Contract Code MDR

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 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for 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 1 RECs eligible for delivery are those which are eligible to 

meet the Tier 1 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Tier 1 Renewable Energy Certificate 

(“Maryland Tier I REC”) where a REC is an electronic certificate issued by 

PJM GATS for qualifying generation.

Contract Code MDS

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 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for 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 1 RECs eligible for delivery are those which are eligible to 

meet the Tier 1 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Renewable Energy Certificate Class 2 WTE Vintage 

2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 2 waste to energy (WTE) 

Renewable Energy Certificates (“Massachusetts Class 2 WTE REC”) where 

a REC is an electronic certificate issued by NEPOOL GIS for qualifying 

generation.

Contract Code MGJ

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 Massachusetts Class 2 WTE RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for July, August, October, November of the vintage year. 

January, February, April, May of the year following the vintage year. The 

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

listing cycle.

Deliverable Product

Massachusetts Class 2 WTE RECs eligible for delivery are those 

representing Class 2 waste to energy (WTE) renewable energy (defined in 

Massachusetts General Law c.25A, 11F(d)(7)) eligible to meet the Class 2 

requirement of the Renewable Energy Portfolio Standard promulgated 

under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract. Massachusetts Class 2 WTE 

RECs generated from sources other than waste-to-energy are not eligible 

for delivery.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Renewable Energy Certificate Class 2 WTE Vintage 

2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 2 waste to energy (WTE) 

Renewable Energy Certificates (“Massachusetts Class 2 WTE REC”) where 

a REC is an electronic certificate issued by NEPOOL GIS for qualifying 

generation.

Contract Code MGK

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 Massachusetts Class 2 WTE RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for July, August, October, November of the vintage year. 

January, February, April, May of the year following the vintage year. The 

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

listing cycle.

Deliverable Product

Massachusetts Class 2 WTE RECs eligible for delivery are those 

representing Class 2 waste to energy (WTE) renewable energy (defined in 

Massachusetts General Law c.25A, 11F(d)(7)) eligible to meet the Class 2 

requirement of the Renewable Energy Portfolio Standard promulgated 

under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract. Massachusetts Class 2 WTE 

RECs generated from sources other than waste-to-energy are not eligible 

for delivery.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Renewable Energy Certificate Class 2 WTE Vintage 

2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 2 waste to energy (WTE) 

Renewable Energy Certificates (“Massachusetts Class 2 WTE REC”) where 

a REC is an electronic certificate issued by NEPOOL GIS for qualifying 

generation.

Contract Code MGL

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 Massachusetts Class 2 WTE RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for July, August, October, November of the vintage year. 

January, February, April, May of the year following the vintage year. The 

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

listing cycle.

Deliverable Product

Massachusetts Class 2 WTE RECs eligible for delivery are those 

representing Class 2 waste to energy (WTE) renewable energy (defined in 

Massachusetts General Law c.25A, 11F(d)(7)) eligible to meet the Class 2 

requirement of the Renewable Energy Portfolio Standard promulgated 

under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract. Massachusetts Class 2 WTE 

RECs generated from sources other than waste-to-energy are not eligible 

for delivery.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Renewable Energy Certificate Class 2 WTE Vintage 

2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 2 waste to energy (WTE) 

Renewable Energy Certificates (“Massachusetts Class 2 WTE REC”) where 

a REC is an electronic certificate issued by NEPOOL GIS for qualifying 

generation.

Contract Code MGM

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 Massachusetts Class 2 WTE RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for July, August, October, November of the vintage year. 

January, February, April, May of the year following the vintage year. The 

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

listing cycle.

Deliverable Product

Massachusetts Class 2 WTE RECs eligible for delivery are those 

representing Class 2 waste to energy (WTE) renewable energy (defined in 

Massachusetts General Law c.25A, 11F(d)(7)) eligible to meet the Class 2 

requirement of the Renewable Energy Portfolio Standard promulgated 

under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract. Massachusetts Class 2 WTE 

RECs generated from sources other than waste-to-energy are not eligible 

for delivery.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts Renewable Energy Certificate Class 2 WTE Vintage 

2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Class 2 waste to energy (WTE) 

Renewable Energy Certificates (“Massachusetts Class 2 WTE REC”) where 

a REC is an electronic certificate issued by NEPOOL GIS for qualifying 

generation.

Contract Code MGN

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 Massachusetts Class 2 WTE RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for July, August, October, November of the vintage year. 

January, February, April, May of the year following the vintage year. The 

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

listing cycle.

Deliverable Product

Massachusetts Class 2 WTE RECs eligible for delivery are those 

representing Class 2 waste to energy (WTE) renewable energy (defined in 

Massachusetts General Law c.25A, 11F(d)(7)) eligible to meet the Class 2 

requirement of the Renewable Energy Portfolio Standard promulgated 

under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract. Massachusetts Class 2 WTE 

RECs generated from sources other than waste-to-energy are not eligible 

for delivery.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts CES-E Certificate Vintage 2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts CES-E Certificates (“Massachusetts 

CES-E”) where a CES-E is an electronic certificate issued by NEPOOL GIS 

for qualifying generation.

Contract Code MIK

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 Massachusetts CES-E certificates

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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Massachusetts CES-E certificates eligible for delivery are those that meet 

the requirements of the Clean Energy Standard Expansion (CES-E) 

promulgated under 310 Code of Massachusetts Regulations (CMR) 7.75 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 25000 lots, Single Month Accountability Level: 25000 lots, All 

Month Accountability Level: 25000 lots
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts CES-E Certificate Vintage 2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts CES-E Certificates (“Massachusetts 

CES-E”) where a CES-E is an electronic certificate issued by NEPOOL GIS 

for qualifying generation.

Contract Code MIL

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 Massachusetts CES-E certificates

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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Massachusetts CES-E certificates eligible for delivery are those that meet 

the requirements of the Clean Energy Standard Expansion (CES-E) 

promulgated under 310 Code of Massachusetts Regulations (CMR) 7.75 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 25000 lots, Single Month Accountability Level: 25000 lots, All 

Month Accountability Level: 25000 lots
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts CES-E Certificate Vintage 2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts CES-E Certificates (“Massachusetts 

CES-E”) where a CES-E is an electronic certificate issued by NEPOOL GIS 

for qualifying generation.

Contract Code MIM

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 Massachusetts CES-E certificates

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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Massachusetts CES-E certificates eligible for delivery are those that meet 

the requirements of the Clean Energy Standard Expansion (CES-E) 

promulgated under 310 Code of Massachusetts Regulations (CMR) 7.75 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 25000 lots, Single Month Accountability Level: 25000 lots, All 

Month Accountability Level: 25000 lots
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Massachusetts CES-E Certificate Vintage 2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts CES-E Certificates (“Massachusetts 

CES-E”) where a CES-E is an electronic certificate issued by NEPOOL GIS 

for qualifying generation.

Contract Code MIN

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 Massachusetts CES-E certificates

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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Massachusetts CES-E certificates eligible for delivery are those that meet 

the requirements of the Clean Energy Standard Expansion (CES-E) 

promulgated under 310 Code of Massachusetts Regulations (CMR) 7.75 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 25000 lots, Single Month Accountability Level: 25000 lots, All 

Month Accountability Level: 25000 lots
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 1A Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class IA Renewable Energy Certificates (Maine 

Class IA REC) where a Maine Class IA REC is an electronic certificate 

issued by the NEPOOL GIS for qualifying generation.

Contract Code MMJ

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 Maine Class IA 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class IA RECs eligible for delivery are those representing Class IA 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §2) eligible to meet the Class IA requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 16600 lots, Single Month Accountability Level: 16600 lots, All 

Month Accountability Level: 16600 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 1A Vintage 2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class IA Renewable Energy Certificates (Maine 

Class IA REC) where a Maine Class IA REC is an electronic certificate 

issued by the NEPOOL GIS for qualifying generation.

Contract Code MMK

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 Maine Class IA 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class IA RECs eligible for delivery are those representing Class IA 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §2) eligible to meet the Class IA requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 16600 lots, Single Month Accountability Level: 16600 lots, All 

Month Accountability Level: 16600 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 1A Vintage 2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class IA Renewable Energy Certificates (Maine 

Class IA REC) where a Maine Class IA REC is an electronic certificate 

issued by the NEPOOL GIS for qualifying generation.

Contract Code MML

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 Maine Class IA 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class IA RECs eligible for delivery are those representing Class IA 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §2) eligible to meet the Class IA requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 16600 lots, Single Month Accountability Level: 16600 lots, All 

Month Accountability Level: 16600 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 1A Vintage 2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class IA Renewable Energy Certificates (Maine 

Class IA REC) where a Maine Class IA REC is an electronic certificate 

issued by the NEPOOL GIS for qualifying generation.

Contract Code MMM

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 Maine Class IA 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class IA RECs eligible for delivery are those representing Class IA 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §2) eligible to meet the Class IA requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 16600 lots, Single Month Accountability Level: 16600 lots, All 

Month Accountability Level: 16600 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 1A Vintage 2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class IA Renewable Energy Certificates (Maine 

Class IA REC) where a Maine Class IA REC is an electronic certificate 

issued by the NEPOOL GIS for qualifying generation.

Contract Code MMN

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 Maine Class IA 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class IA RECs eligible for delivery are those representing Class IA 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §2) eligible to meet the Class IA requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 16600 lots, Single Month Accountability Level: 16600 lots, All 

Month Accountability Level: 16600 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 2 Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class II Renewable Energy Certificates (Maine 

Class II REC) where a Maine Class II REC is an electronic certificate issued 

by the NEPOOL GIS for qualifying generation.

Contract Code MQJ

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 Maine Class II 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class II RECs eligible for delivery are those representing Class II 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §4) eligible to meet the Class II requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 30339 lots, Single Month Accountability Level: 30339 lots, All 

Month Accountability Level: 30339 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 2 Vintage 2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class II Renewable Energy Certificates (Maine 

Class II REC) where a Maine Class II REC is an electronic certificate issued 

by the NEPOOL GIS for qualifying generation.

Contract Code MQK

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 Maine Class II 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class II RECs eligible for delivery are those representing Class II 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §4) eligible to meet the Class II requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 30339 lots, Single Month Accountability Level: 30339 lots, All 

Month Accountability Level: 30339 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 2 Vintage 2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class II Renewable Energy Certificates (Maine 

Class II REC) where a Maine Class II REC is an electronic certificate issued 

by the NEPOOL GIS for qualifying generation.

Contract Code MQL

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 Maine Class II 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class II RECs eligible for delivery are those representing Class II 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §4) eligible to meet the Class II requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 30339 lots, Single Month Accountability Level: 30339 lots, All 

Month Accountability Level: 30339 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 2 Vintage 2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class II Renewable Energy Certificates (Maine 

Class II REC) where a Maine Class II REC is an electronic certificate issued 

by the NEPOOL GIS for qualifying generation.

Contract Code MQM

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 Maine Class II 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class II RECs eligible for delivery are those representing Class II 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §4) eligible to meet the Class II requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 30339 lots, Single Month Accountability Level: 30339 lots, All 

Month Accountability Level: 30339 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maine Renewable Energy Certificate Class 2 Vintage 2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maine Class II Renewable Energy Certificates (Maine 

Class II REC) where a Maine Class II REC is an electronic certificate issued 

by the NEPOOL GIS for qualifying generation.

Contract Code MQN

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 Maine Class II 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Maine Class II RECs eligible for delivery are those representing Class II 

renewable resources (defined in Code of Maine Rules (CMR) 65-407, 

c.311, §4) eligible to meet the Class II requirement of the Maine 

Renewable Resource Portfolio Requirement promulgated under Code of 

Maine Rules (CMR) 65-407, c.311 and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 30339 lots, Single Month Accountability Level: 30339 lots, All 

Month Accountability Level: 30339 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRL

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRM

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRN

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRQ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRR

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Maryland Solar Renewable Energy Certificate Vintage 2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits 

(“Maryland SREC”) where a SREC is an electronic certificate issued by PJM 

GATS for qualifying generation.

Contract Code MRS

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly from June of the vintage year through the following February, 

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 SRECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Solar Carve Out requirement of 

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 Reporting Year designation that corresponds 

to the specified Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 12000 lots, Single Month Accountability Level: 12000 lots, All 

Month Accountability Level: 12000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 

2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Class 1 Renewable Energy Certificates 

(“New Jersey Class 1 REC”) where a REC is an electronic certificate issued 

by the PJM Environmental Information System Generation Attribute 

Tracking System (“PJMGATS”) for qualifying generation.

Contract Code NJO

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 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

New Jersey Class 1 RECs eligible for delivery are those which are eligible 

to meet the Class I Renewable Energy minimum requirements specified in 

N.J.A.C. 14:8-2-3 under the New Jersey Renewable Energy Portfolio 

Standard promulgated under N.J.A.C.14:8 verified and qualified by the NJ 

Board of Public Utilities 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

22-007.009

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 Spot Month: 47500 lots, Single Month Accountability Level: 47500 lots, All 

Month Accountability Level: 47500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 

2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Class 1 Renewable Energy Certificates 

(“New Jersey Class 1 REC”) where a REC is an electronic certificate issued 

by the PJM Environmental Information System Generation Attribute 

Tracking System (“PJMGATS”) for qualifying generation.

Contract Code NJP

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 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

New Jersey Class 1 RECs eligible for delivery are those which are eligible 

to meet the Class I Renewable Energy minimum requirements specified in 

N.J.A.C. 14:8-2-3 under the New Jersey Renewable Energy Portfolio 

Standard promulgated under N.J.A.C.14:8 verified and qualified by the NJ 

Board of Public Utilities 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

22-007.009

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 Spot Month: 47500 lots, Single Month Accountability Level: 47500 lots, All 

Month Accountability Level: 47500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 

2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Class 1 Renewable Energy Certificates 

(“New Jersey Class 1 REC”) where a REC is an electronic certificate issued 

by the PJM Environmental Information System Generation Attribute 

Tracking System (“PJMGATS”) for qualifying generation.

Contract Code NJQ

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 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

New Jersey Class 1 RECs eligible for delivery are those which are eligible 

to meet the Class I Renewable Energy minimum requirements specified in 

N.J.A.C. 14:8-2-3 under the New Jersey Renewable Energy Portfolio 

Standard promulgated under N.J.A.C.14:8 verified and qualified by the NJ 

Board of Public Utilities 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

22-007.009

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 Spot Month: 47500 lots, Single Month Accountability Level: 47500 lots, All 

Month Accountability Level: 47500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 

2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Class 1 Renewable Energy Certificates 

(“New Jersey Class 1 REC”) where a REC is an electronic certificate issued 

by the PJM Environmental Information System Generation Attribute 

Tracking System (“PJMGATS”) for qualifying generation.

Contract Code NJR

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 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

New Jersey Class 1 RECs eligible for delivery are those which are eligible 

to meet the Class I Renewable Energy minimum requirements specified in 

N.J.A.C. 14:8-2-3 under the New Jersey Renewable Energy Portfolio 

Standard promulgated under N.J.A.C.14:8 verified and qualified by the NJ 

Board of Public Utilities 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

22-007.009

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 Spot Month: 47500 lots, Single Month Accountability Level: 47500 lots, All 

Month Accountability Level: 47500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 

2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Class 1 Renewable Energy Certificates 

(“New Jersey Class 1 REC”) where a REC is an electronic certificate issued 

by the PJM Environmental Information System Generation Attribute 

Tracking System (“PJMGATS”) for qualifying generation.

Contract Code NJS

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 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

New Jersey Class 1 RECs eligible for delivery are those which are eligible 

to meet the Class I Renewable Energy minimum requirements specified in 

N.J.A.C. 14:8-2-3 under the New Jersey Renewable Energy Portfolio 

Standard promulgated under N.J.A.C.14:8 verified and qualified by the NJ 

Board of Public Utilities 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

22-007.009

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 Spot Month: 47500 lots, Single Month Accountability Level: 47500 lots, All 

Month Accountability Level: 47500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 

2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1 and Connecticut Class 1 portions of the Renewable Portfolio 

Standard programs.

Contract Code NPO

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts and Connecticut as specified. Massachusetts Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the 

Class I requirement of the Renewable Energy Portfolio Standard 

promulgated under Massachusetts General Law c.25A 11F and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract Connecticut Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) 

eligible to meet Class I requirement of the Renewable Energy Portfolio 

Standard promulgated under General Statutes of Connecticut (Title 16, c. 

283, §16-245a) and issued by NEPOOL GIS having a vintage or energy 

year designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 

2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1 and Connecticut Class 1 portions of the Renewable Portfolio 

Standard programs.

Contract Code NPP

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts and Connecticut as specified. Massachusetts Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the 

Class I requirement of the Renewable Energy Portfolio Standard 

promulgated under Massachusetts General Law c.25A 11F and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract Connecticut Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) 

eligible to meet Class I requirement of the Renewable Energy Portfolio 

Standard promulgated under General Statutes of Connecticut (Title 16, c. 

283, §16-245a) and issued by NEPOOL GIS having a vintage or energy 

year designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 

2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1 and Connecticut Class 1 portions of the Renewable Portfolio 

Standard programs.

Contract Code NPQ

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts and Connecticut as specified. Massachusetts Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the 

Class I requirement of the Renewable Energy Portfolio Standard 

promulgated under Massachusetts General Law c.25A 11F and issued by

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract Connecticut Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) 

eligible to meet Class I requirement of the Renewable Energy Portfolio 

Standard promulgated under General Statutes of Connecticut (Title 16, c. 

283, §16-245a) and issued by NEPOOL GIS having a vintage or energy 

year designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 

2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1 and Connecticut Class 1 portions of the Renewable Portfolio 

Standard programs.

Contract Code NPR

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts and Connecticut as specified. Massachusetts Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the 

Class I requirement of the Renewable Energy Portfolio Standard 

promulgated under Massachusetts General Law c.25A 11F and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract Connecticut Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) 

eligible to meet Class I requirement of the Renewable Energy Portfolio 

Standard promulgated under General Statutes of Connecticut (Title 16, c. 

283, §16-245a) and issued by NEPOOL GIS having a vintage or energy 

year designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 

2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1 and Connecticut Class 1 portions of the Renewable Portfolio 

Standard programs.

Contract Code NPS

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts and Connecticut as specified. Massachusetts Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the 

Class I requirement of the Renewable Energy Portfolio Standard 

promulgated under Massachusetts General Law c.25A 11F and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract Connecticut Class 1 RECs 

eligible for delivery are those representing Class 1 renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) 

eligible to meet Class I requirement of the Renewable Energy Portfolio 

Standard promulgated under General Statutes of Connecticut (Title 16, c. 

283, §16-245a) and issued by NEPOOL GIS having a vintage or energy 

year designation that corresponds to the specified vintage of the expiring 

contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 15000 lots, Single Month Accountability Level: 15000 lots, All 

Month Accountability Level: 15000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Solar Renewable Energy Certificate Vintage 2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Solar Renewable Energy Certificates 

(“New Jersey SREC”) where a SREC is an electronic certificate issued by 

the PJM Environmental Information System Generation Attribute Tracking 

System (“PJM GATS”) for qualifying generation.

Contract Code NSO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts beginning with September of the year prior to the 

vintage year, through August of two years after the Vintage year. The 

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

listing cycle for up to 4 years.

Deliverable Product

New Jersey SRECs eligible for delivery are those which are eligible to meet 

the SREC requirements specified in N.J.A.C. 14:8-2-3 under the New Jersey 

Renewable Energy Portfolio Standard promulgated under N.J.A.C. 14:8 

verified and qualified by the NJ Board of Public Utilities having an Energy 

Year designation that corresponds to the specified Energy Year of the 

expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

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 Spot Month: 20000 lots, Single Month Accountability Level: 20000 lots, All 

Month Accountability Level: 20000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Solar Renewable Energy Certificate Vintage 2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Solar Renewable Energy Certificates 

(“New Jersey SREC”) where a SREC is an electronic certificate issued by 

the PJM Environmental Information System Generation Attribute Tracking 

System (“PJM GATS”) for qualifying generation.

Contract Code NSP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts beginning with September of the year prior to the 

vintage year, through August of two years after the Vintage year. The 

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

listing cycle for up to 4 years.

Deliverable Product

New Jersey SRECs eligible for delivery are those which are eligible to meet 

the SREC requirements specified in N.J.A.C. 14:8-2-3 under the New Jersey 

Renewable Energy Portfolio Standard promulgated under N.J.A.C. 14:8 

verified and qualified by the NJ Board of Public Utilities having an Energy 

Year designation that corresponds to the specified Energy Year of the 

expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

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 Spot Month: 20000 lots, Single Month Accountability Level: 20000 lots, All 

Month Accountability Level: 20000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

New Jersey Solar Renewable Energy Certificate Vintage 2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Solar Renewable Energy Certificates 

(“New Jersey SREC”) where a SREC is an electronic certificate issued by 

the PJM Environmental Information System Generation Attribute Tracking 

System (“PJM GATS”) for qualifying generation.

Contract Code NSQ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts beginning with September of the year prior to the 

vintage year, through August of two years after the Vintage year. The 

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

listing cycle for up to 4 years.

Deliverable Product

New Jersey SRECs eligible for delivery are those which are eligible to meet 

the SREC requirements specified in N.J.A.C. 14:8-2-3 under the New Jersey 

Renewable Energy Portfolio Standard promulgated under N.J.A.C. 14:8 

verified and qualified by the NJ Board of Public Utilities having an Energy 

Year designation that corresponds to the specified Energy Year of the 

expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

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 Spot Month: 20000 lots, Single Month Accountability Level: 20000 lots, All 

Month Accountability Level: 20000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 

2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Tier 1 Alternative Energy Certificates 

(“Pennsylvania Tier I AEC”) where an AEC is an electronic certificate 

issued by PJMGATS for qualifying generation.

Contract Code PAO

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 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Tier 1 AECs eligible for delivery are those which are eligible 

to meet the Tier 1 renewable energy requirement in the state of 

Pennsylvania. The requirements are specified in Pennsylvania Statues 

Title 73 Chapter 18F 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 

2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Tier 1 Alternative Energy Certificates 

(“Pennsylvania Tier I AEC”) where an AEC is an electronic certificate 

issued by PJMGATS for qualifying generation.

Contract Code PAP

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 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Tier 1 AECs eligible for delivery are those which are eligible 

to meet the Tier 1 renewable energy requirement in the state of 

Pennsylvania. The requirements are specified in Pennsylvania Statues 

Title 73 Chapter 18F 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 

2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Tier 1 Alternative Energy Certificates 

(“Pennsylvania Tier I AEC”) where an AEC is an electronic certificate 

issued by PJMGATS for qualifying generation.

Contract Code PAQ

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 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Tier 1 AECs eligible for delivery are those which are eligible 

to meet the Tier 1 renewable energy requirement in the state of 

Pennsylvania. The requirements are specified in Pennsylvania Statues 

Title 73 Chapter 18F 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 

2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Tier 1 Alternative Energy Certificates 

(“Pennsylvania Tier I AEC”) where an AEC is an electronic certificate 

issued by PJMGATS for qualifying generation.

Contract Code PAR

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 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Tier 1 AECs eligible for delivery are those which are eligible 

to meet the Tier 1 renewable energy requirement in the state of 

Pennsylvania. The requirements are specified in Pennsylvania Statues 

Title 73 Chapter 18F 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 

2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Tier 1 Alternative Energy Certificates 

(“Pennsylvania Tier I AEC”) where an AEC is an electronic certificate 

issued by PJMGATS for qualifying generation.

Contract Code PAS

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 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Tier 1 AECs eligible for delivery are those which are eligible 

to meet the Tier 1 renewable energy requirement in the state of 

Pennsylvania. The requirements are specified in Pennsylvania Statues 

Title 73 Chapter 18F 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 22500 lots, Single Month Accountability Level: 22500 lots, All 

Month Accountability Level: 22500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2031 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 and Tier 1 Renewable Energy Certificates 

(“Class 1 RECs”) where a REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System 

(“PJM GATS”) for generation simultaneously qualifying for the 

Pennsylvania, New Jersey and Maryland Class 1 portions of the Renewable 

Portfolio Standard programs.

Contract Code PMO

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 Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Deliverable Product

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

Class 1 requirements in each of the states of Pennsylvania, New Jersey and 

Maryland where; the Pennsylvania requirements are specified in 

Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements 

are specified in N.J.A.C. 14:8-2-3; and the Maryland requirements are 

specified in Maryland Annotated Code, Public Utility Companies Article, § 

7-701 – 7-713 and in the Code of Maryland Regulations as implemented 

through Title 20, Subtitle 61.Class 1 RECs acceptable for delivery are those 

having a vintage year designation that corresponds to the specified 

vintage year of the expiring contract. Applicable to the Maryland vintageyear designation only and only for the expiry months of January through 

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

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

that is one year earlier.

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

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2032 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 and Tier 1 Renewable Energy Certificates 

(“Class 1 RECs”) where a REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System 

(“PJM GATS”) for generation simultaneously qualifying for the 

Pennsylvania, New Jersey and Maryland Class 1 portions of the Renewable 

Portfolio Standard programs.

Contract Code PMP

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 Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Deliverable Product

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

Class 1 requirements in each of the states of Pennsylvania, New Jersey and 

Maryland where; the Pennsylvania requirements are specified in 

Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements 

are specified in N.J.A.C. 14:8-2-3; and the Maryland requirements are 

specified in Maryland Annotated Code, Public Utility Companies Article, § 

7-701 – 7-713 and in the Code of Maryland Regulations as implemented 

through Title 20, Subtitle 61.Class 1 RECs acceptable for delivery are those 

having a vintage year designation that corresponds to the specified 

vintage year of the expiring contract. Applicable to the Maryland vintageyear designation only and only for the expiry months of January through 

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

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

that is one year earlier.

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

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2033 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 and Tier 1 Renewable Energy Certificates 

(“Class 1 RECs”) where a REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System 

(“PJM GATS”) for generation simultaneously qualifying for the 

Pennsylvania, New Jersey and Maryland Class 1 portions of the Renewable 

Portfolio Standard programs.

Contract Code PMQ

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 Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Deliverable Product

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

Class 1 requirements in each of the states of Pennsylvania, New Jersey and 

Maryland where; the Pennsylvania requirements are specified in 

Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements 

are specified in N.J.A.C. 14:8-2-3; and the Maryland requirements are 

specified in Maryland Annotated Code, Public Utility Companies Article, § 

7-701 – 7-713 and in the Code of Maryland Regulations as implemented 

through Title 20, Subtitle 61.Class 1 RECs acceptable for delivery are those 

having a vintage year designation that corresponds to the specified 

vintage year of the expiring contract. Applicable to the Maryland vintageyear designation only and only for the expiry months of January through 

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

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

that is one year earlier.

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

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2034 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 and Tier 1 Renewable Energy Certificates 

(“Class 1 RECs”) where a REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System 

(“PJM GATS”) for generation simultaneously qualifying for the 

Pennsylvania, New Jersey and Maryland Class 1 portions of the Renewable 

Portfolio Standard programs.

Contract Code PMR

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 Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Deliverable Product

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

Class 1 requirements in each of the states of Pennsylvania, New Jersey and 

Maryland where; the Pennsylvania requirements are specified in 

Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements 

are specified in N.J.A.C. 14:8-2-3; and the Maryland requirements are 

specified in Maryland Annotated Code, Public Utility Companies Article, § 

7-701 – 7-713 and in the Code of Maryland Regulations as implemented 

through Title 20, Subtitle 61.Class 1 RECs acceptable for delivery are those 

having a vintage year designation that corresponds to the specified 

vintage year of the expiring contract. Applicable to the Maryland vintageyear designation only and only for the expiry months of January through 

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

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

that is one year earlier.

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

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2035 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 and Tier 1 Renewable Energy Certificates 

(“Class 1 RECs”) where a REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System 

(“PJM GATS”) for generation simultaneously qualifying for the 

Pennsylvania, New Jersey and Maryland Class 1 portions of the Renewable 

Portfolio Standard programs.

Contract Code PMS

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 Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Deliverable Product

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

Class 1 requirements in each of the states of Pennsylvania, New Jersey and 

Maryland where; the Pennsylvania requirements are specified in 

Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements 

are specified in N.J.A.C. 14:8-2-3; and the Maryland requirements are 

specified in Maryland Annotated Code, Public Utility Companies Article, § 

7-701 – 7-713 and in the Code of Maryland Regulations as implemented 

through Title 20, Subtitle 61.Class 1 RECs acceptable for delivery are those 

having a vintage year designation that corresponds to the specified 

vintage year of the expiring contract. Applicable to the Maryland vintageyear designation only and only for the expiry months of January through 

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

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

that is one year earlier.

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

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

data, and extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Solar Alternative Energy Certificate Vintage 2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Solar Alternative Energy Credit 

(“Pennsylvania Solar AEC”) where a Solar AEC is an electronic certificate 

issued by PJM GATS for qualifying generation.

Contract Code PSO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Tier 1 Alternative Energy Credit 

requirement of the Alternative Energy Portfolio Standard promulgated 

under Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM 

GATS having an Energy Year designation that corresponds to the specified 

Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Solar Alternative Energy Certificate Vintage 2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Solar Alternative Energy Credit 

(“Pennsylvania Solar AEC”) where a Solar AEC is an electronic certificate 

issued by PJM GATS for qualifying generation.

Contract Code PSP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Tier 1 Alternative Energy Credit 

requirement of the Alternative Energy Portfolio Standard promulgated 

under Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM 

GATS having an Energy Year designation that corresponds to the specified 

Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Solar Alternative Energy Certificate Vintage 2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Solar Alternative Energy Credit 

(“Pennsylvania Solar AEC”) where a Solar AEC is an electronic certificate 

issued by PJM GATS for qualifying generation.

Contract Code PSQ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Tier 1 Alternative Energy Credit 

requirement of the Alternative Energy Portfolio Standard promulgated 

under Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM 

GATS having an Energy Year designation that corresponds to the specified 

Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Solar Alternative Energy Certificate Vintage 2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Solar Alternative Energy Credit 

(“Pennsylvania Solar AEC”) where a Solar AEC is an electronic certificate 

issued by PJM GATS for qualifying generation.

Contract Code PSR

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Tier 1 Alternative Energy Credit 

requirement of the Alternative Energy Portfolio Standard promulgated 

under Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM 

GATS having an Energy Year designation that corresponds to the specified 

Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Pennsylvania Solar Alternative Energy Certificate Vintage 2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Solar Alternative Energy Credit 

(“Pennsylvania Solar AEC”) where a Solar AEC is an electronic certificate 

issued by PJM GATS for qualifying generation.

Contract Code PSS

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price 

Precision $0.01 per MWh

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

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

delivery month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two 

additional years. The exchange may list any other calendar month 

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

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Tier 1 Alternative Energy Credit 

requirement of the Alternative Energy Portfolio Standard promulgated 

under Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM 

GATS having an Energy Year designation that corresponds to the specified 

Energy Year of the expiring contract.

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

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

data, and extrapolation to traded contracts, as appropriate

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

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 

2031 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 1 Renewable Energy Certificates 

(“Connecticut Class 1 REC”) where a Connecticut Class 1 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code RCO

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 Connecticut Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(26)) eligible to meet Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 17500 lots, Single Month Accountability Level: 17500 lots, All 

Month Accountability Level: 17500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 

2032 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 1 Renewable Energy Certificates 

(“Connecticut Class 1 REC”) where a Connecticut Class 1 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code RCP

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 Connecticut Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(26)) eligible to meet Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 17500 lots, Single Month Accountability Level: 17500 lots, All 

Month Accountability Level: 17500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 

2033 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 1 Renewable Energy Certificates 

(“Connecticut Class 1 REC”) where a Connecticut Class 1 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code RCQ

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 Connecticut Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(26)) eligible to meet Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 17500 lots, Single Month Accountability Level: 17500 lots, All 

Month Accountability Level: 17500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 

2034 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 1 Renewable Energy Certificates 

(“Connecticut Class 1 REC”) where a Connecticut Class 1 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code RCR

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 Connecticut Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(26)) eligible to meet Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 17500 lots, Single Month Accountability Level: 17500 lots, All 

Month Accountability Level: 17500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 

2035 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 1 Renewable Energy Certificates 

(“Connecticut Class 1 REC”) where a Connecticut Class 1 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code RCS

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 Connecticut Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(26)) eligible to meet Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 17500 lots, Single Month Accountability Level: 17500 lots, All 

Month Accountability Level: 17500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 3 Vintage 

2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 3 Renewable Energy Certificates 

(“Connecticut Class 3 REC”) where a Connecticut Class 3 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code REJ

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 Connecticut Class 3 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 3 RECs eligible for delivery are those representing Class 

3 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(38)) eligible to meet Class 3 requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 2000 lots, Single Month Accountability Level: 2000 lots, All 

Month Accountability Level: 2000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 3 Vintage 

2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 3 Renewable Energy Certificates 

(“Connecticut Class 3 REC”) where a Connecticut Class 3 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code REK

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 Connecticut Class 3 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 3 RECs eligible for delivery are those representing Class 

3 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(38)) eligible to meet Class 3 requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 2000 lots, Single Month Accountability Level: 2000 lots, All 

Month Accountability Level: 2000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 3 Vintage 

2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 3 Renewable Energy Certificates 

(“Connecticut Class 3 REC”) where a Connecticut Class 3 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code REL

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 Connecticut Class 3 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 3 RECs eligible for delivery are those representing Class 

3 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(38)) eligible to meet Class 3 requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 2000 lots, Single Month Accountability Level: 2000 lots, All 

Month Accountability Level: 2000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 3 Vintage 

2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 3 Renewable Energy Certificates 

(“Connecticut Class 3 REC”) where a Connecticut Class 3 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code REM

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 Connecticut Class 3 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 3 RECs eligible for delivery are those representing Class 

3 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(38)) eligible to meet Class 3 requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 2000 lots, Single Month Accountability Level: 2000 lots, All 

Month Accountability Level: 2000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Connecticut Compliance Renewable Energy Certificate Class 3 Vintage 

2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Connecticut Class 3 Renewable Energy Certificates 

(“Connecticut Class 3 REC”) where a Connecticut Class 3 REC is an 

electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Code REN

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 Connecticut Class 3 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

Connecticut Class 3 RECs eligible for delivery are those representing Class 

3 renewable energy (defined in General Statutes of Connecticut, Title 16, c. 

277, §16- 1(38)) eligible to meet Class 3 requirement of the Renewable 

Energy Portfolio Standard promulgated under General Statutes of 

Connecticut (Title 16, c. 283, §16- 245a) and issued by NEPOOL GIS 

having a vintage or energy year designation that corresponds to the 

specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

22-007.009

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 Spot Month: 2000 lots, Single Month Accountability Level: 2000 lots, All 

Month Accountability Level: 2000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

District of Columbia Renewable Energy Certificate Tier 1 Vintage 2027 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered District of Columbia Tier 1 Renewable Energy 

Certificate(“District of Columbia Tier I REC”) where a REC is an electronic 

certificate issued by PJM GATS for qualifying generation.

Contract Code WDK

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 1 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

District of Columbia Tier 1 RECs eligible for delivery are those which are 

eligible to meet the Tier 1 renewable energy requirements specified in 

D.C. Official Code §34- 1431 (15) under the District of Columbia 

Renewable Portfolio Standard promulgated under D.C. Official Code § 34-

1432 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

District of Columbia Renewable Energy Certificate Tier 1 Vintage 2028 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered District of Columbia Tier 1 Renewable Energy 

Certificate(“District of Columbia Tier I REC”) where a REC is an electronic 

certificate issued by PJM GATS for qualifying generation.

Contract Code WDL

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 1 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

District of Columbia Tier 1 RECs eligible for delivery are those which are 

eligible to meet the Tier 1 renewable energy requirements specified in 

D.C. Official Code §34- 1431 (15) under the District of Columbia 

Renewable Portfolio Standard promulgated under D.C. Official Code § 34-

1432 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

District of Columbia Renewable Energy Certificate Tier 1 Vintage 2029 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered District of Columbia Tier 1 Renewable Energy 

Certificate(“District of Columbia Tier I REC”) where a REC is an electronic 

certificate issued by PJM GATS for qualifying generation.

Contract Code WDM

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 1 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

District of Columbia Tier 1 RECs eligible for delivery are those which are 

eligible to meet the Tier 1 renewable energy requirements specified in 

D.C. Official Code §34- 1431 (15) under the District of Columbia 

Renewable Portfolio Standard promulgated under D.C. Official Code § 34-

1432 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

District of Columbia Renewable Energy Certificate Tier 1 Vintage 2030 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered District of Columbia Tier 1 Renewable Energy 

Certificate(“District of Columbia Tier I REC”) where a REC is an electronic 

certificate issued by PJM GATS for qualifying generation.

Contract Code WDN

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 1 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

District of Columbia Tier 1 RECs eligible for delivery are those which are 

eligible to meet the Tier 1 renewable energy requirements specified in 

D.C. Official Code §34- 1431 (15) under the District of Columbia 

Renewable Portfolio Standard promulgated under D.C. Official Code § 34-

1432 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.

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)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Position Limit Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions allowances where each is 

an allowance issued by the California Air Resources Board or a linked 

program ("California Carbon Allowance") representing one metric ton of 

CO2 equivalent under California Assembly Bill 32 "California Global 

Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade 

Program".

Contract Code WSJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price 

Precision $0.01 per California Carbon Allowance

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 for the current year, plus an additional 3 years, 

beginning with March of 2023. The exchange may list any other calendar 

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

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to 

the contract size delivered through the California Compliance Instrument 

Tracking System Services (CITSS). California Carbon Allowances 

acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and 

Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified 

vintage-year. If the specified vintage year allowances do not exist in the 

CITSS at contract expiry, allowances of any prior vintage year or 

allowances of the earliest vintage year available in the CITSS shall be 

delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

data, and extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions allowances where each is 

an allowance issued by the California Air Resources Board or a linked 

program ("California Carbon Allowance") representing one metric ton of 

CO2 equivalent under California Assembly Bill 32 "California Global 

Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade 

Program".

Contract Code WSK

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price 

Precision $0.01 per California Carbon Allowance

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 for the current year, plus an additional 3 years, 

beginning with March of 2024. The exchange may list any other calendar 

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

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to 

the contract size delivered through the California Compliance Instrument 

Tracking System Services (CITSS). California Carbon Allowances 

acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and 

Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified 

vintage-year. If the specified vintage year allowances do not exist in the 

CITSS at contract expiry, allowances of any prior vintage year or 

allowances of the earliest vintage year available in the CITSS shall be 

delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

data, and extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions allowances where each is 

an allowance issued by the California Air Resources Board or a linked 

program ("California Carbon Allowance") representing one metric ton of 

CO2 equivalent under California Assembly Bill 32 "California Global 

Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade 

Program".

Contract Code WSL

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price 

Precision $0.01 per California Carbon Allowance

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 for the current year, plus an additional 3 years, 

beginning with March of 2025. The exchange may list any other calendar 

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

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to 

the contract size delivered through the California Compliance Instrument 

Tracking System Services (CITSS). California Carbon Allowances 

acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and 

Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified 

vintage-year. If the specified vintage year allowances do not exist in the 

CITSS at contract expiry, allowances of any prior vintage year or 

allowances of the earliest vintage year available in the CITSS shall be 

delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

data, and extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions allowances where each is 

an allowance issued by the California Air Resources Board or a linked 

program ("California Carbon Allowance") representing one metric ton of 

CO2 equivalent under California Assembly Bill 32 "California Global 

Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade 

Program".

Contract Code WSM

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price 

Precision $0.01 per California Carbon Allowance

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 for the current year, plus an additional 3 years, 

beginning with March of 2026. The exchange may list any other calendar 

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

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to 

the contract size delivered through the California Compliance Instrument 

Tracking System Services (CITSS). California Carbon Allowances 

acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and 

Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified 

vintage-year. If the specified vintage year allowances do not exist in the 

CITSS at contract expiry, allowances of any prior vintage year or 

allowances of the earliest vintage year available in the CITSS shall be 

delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

data, and extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions allowances where each is 

an allowance issued by the California Air Resources Board or a linked 

program ("California Carbon Allowance") representing one metric ton of 

CO2 equivalent under California Assembly Bill 32 "California Global 

Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade 

Program".

Contract Code WSN

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price 

Precision $0.01 per California Carbon Allowance

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 for the current year, plus an additional 3 years, 

beginning with March of 2027. The exchange may list any other calendar 

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

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to 

the contract size delivered through the California Compliance Instrument 

Tracking System Services (CITSS). California Carbon Allowances 

acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and 

Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified 

vintage-year. If the specified vintage year allowances do not exist in the 

CITSS at contract expiry, allowances of any prior vintage year or 

allowances of the earliest vintage year available in the CITSS shall be 

delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

data, and extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2022 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQF

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to 

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2023 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQG

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2024 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQH

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to 

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2025 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQI

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQJ

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to 

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2027 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQK

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2028 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQL

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to 

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2029 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQM

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

NEPOOL Quad Qualified Renewable Energy Certificate Class 1 Vintage 

2030 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Class 1 Renewable Energy Certificates (“Class 1 

RECs”) where a REC is an electronic certificate issued by the NEPOOL GIS 

system for generation simultaneously qualifying for the Massachusetts 

Class 1, Connecticut Class 1, New Hampshire Class 1, and Rhode Island 

New portions of the Renewable Portfolio Standard programs.

Contract Code NQN

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 Class 1 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

July, August, October, November of the vintage year. January, February, 

April, May of the year following the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle for up 

to 10 years.

Deliverable Product

RECs eligible for delivery are those that simultaneously qualify in 

Massachusetts, Connecticut, New Hampshire and Rhode Island as 

specified. Massachusetts Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in Massachusetts General 

Law c.25A, 11F(c)) eligible to meet the Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under Massachusetts 

General Law c.25A 11F and issued by NEPOOL GIS having a vintage or 

energy year designation that corresponds to the specified vintage of the 

expiring contract. Connecticut Class 1 RECs eligible for delivery are those 

representing Class 1 renewable energy (defined in General Statutes of 

Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I 

requirement of the Renewable Energy Portfolio Standard promulgated 

under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract. New 

Hampshire Class 1 RECs eligible for delivery are those representing Class 

1 renewable energy (defined in New Hampshire RSA 362-F:4, I) eligible to 

meet Class 1 requirement of the Electric Renewable Portfolio Standard 

promulgated under New Hampshire RSA 362-F (excluding Useful Thermal 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Energy as defined in New Hampshire RSA 362-F:2, XV-a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds 

to the specified vintage of the expiring contract. Rhode Island New RECs 

eligible for delivery are those representing New renewable energy 

resources specified in Rhode Island General Laws (RI Gen L) § 39-26-5 (as 

defined in RI Gen L § 39-26-2 (15)) eligible to meet the new renewable 

energy resources requirement of the Rhode Island Renewable Energy 

Standard promulgated under Rhode Island General Law Chapter 39-26 

and issued by NEPOOL GIS having a vintage or energy year designation 

that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 10000 lots, Single Month Accountability Level: 10000 lots, All 

Month Accountability Level: 10000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Renewable Natural Gas Certificate Future

ITEM SPECIFICATION

Contract Description

Physically delivered electronic Renewable Thermal Certificates (RTCsTM) 

issued by the Midwest Renewable Energy Tracking System (M-RETS®) 

for qualifying renewable natural gas (RNG) or biomethane injection into a 

distribution or interstate natural gas pipeline in the United States.

Contract Code RTC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Dekatherm (dth) representing 1,000 RTCs

Currency US Dollars

Minimum Tick $0.01 per dth

Settlement Price 

Precision $0.01 per dth

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

Quarterly contracts for the current year plus two additional years and 

annual December contracts for up to an additional 3 years. 

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

standard listing cycle.

Deliverable Product

Renewable Thermal Certificates (RTCs) eligible to be delivered must be 

issued by the Midwest Renewable Energy Tracking System (M-RETS®) 

for renewable natural gas or biomethane injection into a distribution or 

interstate natural gas pipeline in the United States for volumes equal to 

the contract size. 

To be recognized as renewable natural gas for the purpose of M-RETS 

registration and deliverability into this contract, the biomethane must be 

produced from the anaerobic decomposition of organic material, including 

co-digestion at a landfill, livestock manure digester or wastewater 

treatment plant; or, produced from the non-combustion thermal 

conversion of any of the following materials: 

(1) Agricultural crop residues. 

(2) Bark, lawn, yard, and garden clippings. 

(3) Leaves, silvicultural residue, and tree and brush prunings. 

(4) Wood, wood chips, and wood waste. 

(5) Nonrecyclable pulp or nonrecyclable paper materials. 

(6) Livestock waste. 

(7) Municipal sewage sludge or biosolids 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Eligibility for delivery of RNG-based RTCs from anaerobic decomposition 

(including co-digestion) at landfills, livestock manure digesters and 

wastewater facilities is automatic. 

For RNG RTCs produced from the non-combustion thermal conversion of 

biomass, eligible volumes must be accompanied by a carbon intensity 

report registered with M-RETS confirming a lifecycle carbon intensity of 

no more than 40 gCo2e/MJ at the point of injection into the distribution or 

interstate pipeline system. Acceptable models include GHG Genius, 

California Air Resources Board’s Low Carbon Fuel Standard CA-GREET 

and Argonne National Laboratory’s GREET. 

Eligible RNG-based RTCs for delivery must be verified by an Independent 

Reporting Entity that is registered with M-RETS and authorized by the 

Exchange based on verified volumes of RNG injected into the distribution 

or interstate pipeline system using revenue grade meters. 

Consistent with the definition included in Center for Resource Solutions’ 

(CRS) Green-e® Renewable Fuel Standard, the eligible generation year of 

the RNG deliverable into this contract is determined by the transaction 

year of the RTCs where the transaction year is the year of the expiring 

contract.

Registry 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 Spot Month: 700 lots, Single Month Accountability Level: 700 lots, All 

Month Accountability Level: 700 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered Renewable Energy Certificates from CRS Listed 

Wind Energy Facilities - Vintage 2021 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by 

Western Renewable Energy Generation Information System (WREGIS) 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 WME

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMF

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMG

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMH

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMI

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMJ

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMK

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WML

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMM

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WMN

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered Renewable Energy Certificates from CRS Listed 

Wind Energy Facilities - Vintage 2021 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Renewable Energy Certificates (REC) issued by 

Western Renewable Energy Generation Information System (WREGIS) 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 WNE

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNF

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNG

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNH

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNI

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNJ

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNK

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNL

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNM

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

WREGIS Registered 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 

Western Renewable Energy Generation Information System (WREGIS) 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 WNN

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 WREGIS 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. 

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 Western Renewable Energy Generation Information System (WREGIS)
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Certified Emission Reduction -2013+ Future

ITEM SPECIFICATION

Contract Description

Physically delivered futures contract for Certified Emission Reduction 

(CER) units issued by the Clean Development Mechanism (CDM) 

Executive Board following independent verification of emission 

reductions achieved by a registered CDM project.

Contract Code CE3

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

Quarterly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Deliverable Product

Certified Emission Reduction (CER) units eligible to be delivered are those 

issued by the Clean Development Mechanism (CDM) Executive Board 

following independent verification of emission reductions achieved by a 

registered CDM project. 

CERs not eligible for delivery include those issued to Afforestation and 

Reforestation activities, including temporary CERs (tCERs) and long-term 

CERs (lCERs). 

CERs eligible for delivery must be from projects that have a registration 

date in 2013 and later. Registration date is the date on which a CDM 

project activity is formally accepted by the CDM Board. Registration is 

defined in the Glossary of Terms for the Clean Development Mechanism. 

Eligible vintage year reductions include 2013 through 2020.

Registry Transfer of eligible CERs is made from account(s) in a national or CDM 

registry to national registry account(s).

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 30000 lots, Single Month Accountability Level: 30000 lots, All 

Month Accountability Level: 30000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Certified Emission Reduction -2016+ Future

ITEM SPECIFICATION

Contract Description

Physically delivered futures contract for Certified Emission Reduction 

(CER) units issued by the Clean Development Mechanism (CDM) 

Executive Board following independent verification of emission 

reductions achieved by a registered CDM project which satisfy the Eligible 

Emissions Units criteria of the United Nations International Civil Aviation 

Organization (ICAO) Carbon Offsetting and Reduction Scheme for 

International Aviation (CORSIA).

Contract Code CE6

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

Quarterly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Deliverable Product

Certified Emission Reduction (CER) units eligible to be delivered are those 

issued by the Clean Development Mechanism (CDM) Executive Board 

following independent verification of emission reductions achieved by a 

registered CDM project which satisfy the ICAO’s CORSIA Eligible 

Emissions Units criteria and any subsequent amendments. 

CERs not eligible for delivery include those issued to Afforestation and 

Reforestation activities, including temporary CERs (tCERs) and long-term 

CERs (lCERs). 

CERs eligible for delivery must be issued to activities that started their 

first Crediting Period from 1 January 2016, where the first Crediting 

Period is specified at the time of Registration. Crediting Period and 

Registration are defined in the Glossary of Terms for the Clean 

Development Mechanism. 

Eligible vintage year reductions include 2016 through 2020.

Registry Transfer of eligible CERs is made from account(s) in a national or CDM 

registry account to national registry account(s).
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 4000 lots, Single Month Accountability Level: 4000 lots, All 

Month Accountability Level: 4000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Certified Emission Reduction -Commitment Period 2 Future

ITEM SPECIFICATION

Contract Description

Physically delivered futures contract for Certified Emission Reduction 

(CER) units issued by the Clean Development Mechanism (CDM) 

Executive Board following independent verification of emission 

reductions achieved by a registered CDM project.

Contract Code CER

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

Quarterly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Deliverable Product

Certified Emission Reduction (CER) units eligible to be delivered are those 

issued by the Clean Development Mechanism (CDM) Executive Board 

following independent verification of emission reductions achieved by a 

registered CDM project. 

CERs not eligible for delivery are those generated from afforestation or 

reforestation activities (LULUCF) as well as Industrial Gas Projects 

(HFC23 and N2O from adipic acid production) banned through European 

Commission Regulation (EU) No 550/2011. 

CERs from hydroelectric projects exceeding 20 MW are not eligible for 

delivery unless they meet the requirements of Directive 2003/87/EC 

European Parliament and as amended by Directive 2009/29/EC. The 

exchange shall maintain a list of hydroelectric projects exceeding 20MW 

that meet these criteria. 

Eligible vintage year reductions are 2013 through 2020.

Registry Transfer of eligible CERs is made from account(s) in a national or CDM 

registry to national registry account(s).

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

data, and extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

Delivery

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

with information identifying the Participants with delivery obligations for 

the purpose of issuing Tender and invoice notices in accordance with 

Section IX (Physical Delivery and Settlement) of the Nodal Clear Rulebook.

Final Settlement 

(Payment) Date

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

delivery of the underlying instruments (if the delivery confirmation is 

available by 11:30am on the third Business Day after the Last Trading 

Day, the payment will be made on the same day during the Midday Margin 

Cycle; if it is available after 11:30am, the payment will be made on the 

next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 50000 lots, Single Month Accountability Level: 50000 lots, All 

Month Accountability Level: 50000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2017 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2018 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2019 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2020 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2021 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2022 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2023 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations beginning with December of 2023 and the following 

two years. Annual December contracts for up to an additional 7 years. The 

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

listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2024 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations beginning with December of 2024 and the following 

two years. Annual December contracts for up to an additional 7 years. The 

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

listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2025 Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAI

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations beginning with December of 2025 and the following 

two years. Annual December contracts for up to an additional 7 years. The 

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

listing cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those of the stated vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reductions (VERs or Offsets) from 

nature-based projects eligible under the rules of the Verra Climate, 

Community and Biodiversity Standards (CCB) Gold certification, where an 

offset is an electronic certificate registered in the Verra registry.

Contract Code NAT

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Deliverable Product

Physically delivered verified emission reductions (VERs or Offsets) which 

satisfy Verra’s nature-based project protocols and the Climate, 

Community and Biodiversity Standard (CCB). Acceptable offsets must 

satisfy at least one of the Gold Level criteria of the CCBA standards 

checklist: GL1- Climate Change Adaptation Benefits, GL2- Exceptional 

Community Benefits, or GL3- Exceptional Biodiversity Benefits. 

Eligible vintages for delivery are those from 2016 and later. Where an 

offset vintage period spans more than one calendar year, the vintage of 

the offset is defined by the start year of the vintage period.

Registry Verra Registry

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 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

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 Spot Month: 7800 lots, Single Month Accountability Level: 7800 lots, All 

Month Accountability Level: 7800 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Carbon Removal Future

ITEM SPECIFICATION

Contract Description

Physically delivered futures contract for carbon removal units issued to 

projects which remove and sequester atmospheric carbon dioxide. 

Eligible projects include those from agriculture, forestry, and other land 

uses, as well as certain technological based projects which capture, 

remove and/or destroy greenhouse gas in the atmosphere.

Contract Code RMV

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Deliverable Product

Removal units eligible to be delivered are those issued to projects using a 

qualifying carbon removal methodology. Qualifying project methodologies 

include those for removal activities focused on nature-based and 

technology-based solutions. At the time of delivery, removal units eligible 

for delivery must be generated from a project using a methodology that is 

listed by the exchange. Prospective methodologies which generate 

removal units and are identified as removal units by the eligible registry 

are deliverable into this contract: 

Verra Registry: 

1. AR-ACM0001 

2. AR-ACM0002 

3. AR-ACM0003 

4. AR-AM0002 

5. AR-AM0003 

6. AR-AM0005 

7. AR-AM0007 

8. AR-AM0014 

9. AR-AMS0001 

10. AR-AMS0002 

11. AR-AMS0003 
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

ITEM SPECIFICATION

12. AR-AMS0004 

13. AR-AMS0005 

14. AR-AMS0006 

15. AR-AMS0007 

Gold Standard Impact Registry: 

1. Afforestation/Reforestation GHG Emissions Reduction & 

Sequestration Methodology V1.0 

American Carbon Registry: 

1. Afforestation and Reforestation of Degraded Lands 

Removal units eligible to be delivered are those issued uniquely for 

carbon removal activities within the project. Volumes issued for 

comingled project activities which are not uniquely allocated to the 

removal portion of the project are not eligible for delivery. 

Eligible vintages for delivery are those of the 2016 vintage and later. 

Where an offset vintage period spans more than one calendar year, the 

vintage of the offset is defined by the start year of the vintage period.

Registry One or more of the following registries: Verra Registry, Gold Standard 

Impact Registry, and American Carbon Registry.

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 Spot Month: 2200 lots, Single Month Accountability Level: 2200 lots, All 

Month Accountability Level: 2200 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - CORSIA-Eligible Future

ITEM SPECIFICATION

Contract Description

Physically delivered verified emission reduction (VER or Offset) which 

satisfy the Eligible Emissions Units criteria of the United Nations 

International Civil Aviation Organization (ICAO) Carbon Offsetting and 

Reduction Scheme for International Aviation (CORSIA), where a VER is an 

electronic certificate registered in the registry of the following programs: 

American Carbon Registry, Climate Action Reserve, The Gold Standard 

and Verra.

Contract Code VER

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 Metric Tons (MTs) representing 1,000 Offsets

Currency US Dollars

Minimum Tick $0.01 per MT

Settlement Price 

Precision $0.01 per MT

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

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

delivery month)

Contract Series

Monthly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Deliverable Product

Physically delivered verified emission reduction (VER or Offset) which 

satisfy the Eligible Emissions Units criteria of the United Nations 

International Civil Aviation Organization (ICAO) Carbon Offsetting and 

Reduction Scheme for International Aviation (CORSIA), where a VER is an 

electronic certificate registered in one or more registry of the following 

programs: American Carbon Registry, Climate Action Reserve, The Gold 

Standard and Verra.

Registry

One or more of the following registries: American Carbon Registry, 

Climate Action Reserve, The Gold Standard Impact Registry and Verra 

Registry

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

22-007.009

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 Spot Month: 9000 lots, Single Month Accountability Level: 9000 lots, All 

Month Accountability Level: 9000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2017 Future

Option Style European

Underlying Contract NAA

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2018 Future

Option Style European

Underlying Contract NAB

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2019 Future

Option Style European

Underlying Contract NAC

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2020 Future

Option Style European

Underlying Contract NAD

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2021 Future

Option Style European

Underlying Contract NAE

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2022 Future

Option Style European

Underlying Contract NAF

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for 2022 and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2023 Future

Option Style European

Underlying Contract NAG

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations beginning with December of 2023 and the following 

two years. Annual December contracts for up to an additional 7 years. The 

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

listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2024 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2024 Future

Option Style European

Underlying Contract NAH

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations beginning with December of 2024 and the following 

two years. Annual December contracts for up to an additional 7 years. The 

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

listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Vintage 2025 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Vintage 2025 Future

Option Style European

Underlying Contract NAI

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations beginning with December of 2025 and the following 

two years. Annual December contracts for up to an additional 7 years. The 

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

listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 3750 lots, Single Month Accountability Level: 3750 lots, All 

Month Accountability Level: 3750 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - Nature-Based Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- Nature-Based Future

Option Style European

Underlying Contract NAT

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange 

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

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 7800 lots, Single Month Accountability Level: 7800 lots, All 

Month Accountability Level: 7800 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2031 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified 

Renewable Energy Certificates Class 1 Vintage 2031 Future

Option Style European

Underlying Contract PMO

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price 

Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2032 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified 

Renewable Energy Certificates Class 1 Vintage 2032 Future

Option Style European

Underlying Contract PMP

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price 

Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2033 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified 

Renewable Energy Certificates Class 1 Vintage 2033 Future

Option Style European

Underlying Contract PMQ

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price 

Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2034 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified 

Renewable Energy Certificates Class 1 Vintage 2034 Future

Option Style European

Underlying Contract PMR

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price 

Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2035 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified 

Renewable Energy Certificates Class 1 Vintage 2035 Future

Option Style European

Underlying Contract PMS

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price 

Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

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

year, through September of two years after the Vintage year. The 

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

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42500 lots, Single Month Accountability Level: 42500 lots, All 

Month Accountability Level: 42500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

Verified Emission Reduction - CORSIA-Eligible Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Verified Emission Reduction 

- CORSIA-Eligible Future

Option Style European

Underlying Contract VER

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price 

Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly expirations for the current year and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange

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

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 9000 lots, Single Month Accountability Level: 9000 lots, All 

Month Accountability Level: 9000 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2026 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon 

Allowance Specific Vintage 2026 Future

Option Style European

Underlying Contract WSJ

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price 

Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, 

beginning with March of 2023. The exchange may list any other calendar 

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

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2027 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon 

Allowance Specific Vintage 2027 Future

Option Style European

Underlying Contract WSK

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price 

Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, 

beginning with March of 2024. The exchange may list any other calendar 

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

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2028 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon 

Allowance Specific Vintage 2028 Future

Option Style European

Underlying Contract WSL

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price 

Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, 

beginning with March of 2025. The exchange may list any other calendar 

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

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2029 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon 

Allowance Specific Vintage 2029 Future

Option Style European

Underlying Contract WSM

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price 

Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, 

beginning with March of 2026. The exchange may list any other calendar 

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

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

22-007.009

California Carbon Allowance Specific Vintage 2030 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon 

Allowance Specific Vintage 2030 Future

Option Style European

Underlying Contract WSN

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

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below 

the at-the- money Strike Price. The at-the-money strike price is the closest 

interval nearest to the previous day’s Settlement Price of the Underlying 

Contract. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price 

Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where 

the 15th calendar day is not a Business Day, the Last Trading Day shall be 

the first Business Day following the 15th calendar day of the delivery 

month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, 

beginning with March of 2027. The exchange may list any other calendar 

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

Premium The premium on the Option is paid from the buyer to the seller on the 

next settlement cycle following the Transaction

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

data, and extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day 

unless the Exchange is notified by 5:30 pm EPT on the Last Trading Day 

(1) to allow the In-the-Money Options to expire without exercise or (2) to 

exercise expiring Out-of-the-Money Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4500 lots, Single Month Accountability Level: 4500 lots, All 

Month Accountability Level: 4500 lots. Weighted by Option delta and 

combined with Underlying Contract position.

Margin Unit US Dollars
Exhibit C

Nodal Exchange, LLC Rulebook Appendix C: Reporting Levels, Accountability Levels and Position Limits

22-007.009

Physical 

Commodity 

Code

Contract Name Reporting 

Level

Spot Month 

Position Limit 

(Lots)

Spot Month 

Accountability 

Level (Lots)

Single Month 

Accountability 

Level (Lots)

All Month 

Accountability 

Level (Lots)

Aggregation 

Group*

CE3 CER 2013+ Future 25 30000 30000 30000

CE6 CER 2016+ Future 25 4000 4000 4000

CER CER Commitment Period 2 Future 25 50000 50000 50000

GERE GER Future 25 30000 30000 30000

MAO MA REC Class 1 V31 Future 25 15000 15000 15000

MAP MA REC Class 1 V32 Future 25 15000 15000 15000

MAQ MA REC Class 1 V33 Future 25 15000 15000 15000

MAR MA REC Class 1 V34 Future 25 15000 15000 15000

MAS MA REC Class 1 V35 Future 25 15000 15000 15000

MDO MD REC Tier 1 V31 Future 25 22500 22500 22500

MDP MD REC Tier 1 V32 Future 25 22500 22500 22500

MDQ MD REC Tier 1 V33 Future 25 22500 22500 22500

MDR MD REC Tier 1 V34 Future 25 22500 22500 22500

MDS MD REC Tier 1 V35 Future 25 22500 22500 22500

MGJ MA REC Class 2 WTE V26 Future 25 4000 4000 4000

MGK MA REC Class 2 WTE V27 Future 25 4000 4000 4000

MGL MA REC Class 2 WTE V28 Future 25 4000 4000 4000

MGM MA REC Class 2 WTE V29 Future 25 4000 4000 4000

MGN MA REC Class 2 WTE V30 Future 25 4000 4000 4000

MIK MA CES-E V27 Future 25 25000 25000 25000

MIL MA CES-E V28 Future 25 25000 25000 25000

MIM MA CES-E V29 Future 25 25000 25000 25000

MIN MA CES-E V30 Future 25 25000 25000 25000

MMJ ME REC Class 1A V26 Future 25 16600 16600 16600

MMK ME REC Class 1A V27 Future 25 16600 16600 16600

MML ME REC Class 1A V28 Future 25 16600 16600 16600

MMM ME REC Class 1A V29 Future 25 16600 16600 16600

MMN ME REC Class 1A V30 Future 25 16600 16600 16600

MQJ ME REC Class 2 V26 Future 25 30339 30339 30339

MQK ME REC Class 2 V27 Future 25 30339 30339 30339

MQL ME REC Class 2 V28 Future 25 30339 30339 30339

MQM ME REC Class 2 V29 Future 25 30339 30339 30339

MQN ME REC Class 2 V30 Future 25 30339 30339 30339

MRL MD SREC V28 Future 25 12000 12000 12000

MRM MD SREC V29 Future 25 12000 12000 12000

MRN MD SREC V30 Future 25 12000 12000 12000

MRO MD SREC V31 Future 25 12000 12000 12000

MRP MD SREC V32 Future 25 12000 12000 12000

MRQ MD SREC V33 Future 25 12000 12000 12000

MRR MD SREC V34 Future 25 12000 12000 12000

MRS MD SREC V35 Future 25 12000 12000 12000

NAA VER Nature Based V17 Future 25 3750 3750 3750

NAB VER Nature Based V18 Future 25 3750 3750 3750

NAC VER Nature Based V19 Future 25 3750 3750 3750

NAD VER Nature Based V20 Future 25 3750 3750 3750

NAE VER Nature Based V21 Future 25 3750 3750 3750

NAF VER Nature Based V22 Future 25 3750 3750 3750

NAG VER Nature Based V23 Future 25 3750 3750 3750

NAH VER Nature Based V24 Future 25 3750 3750 3750

NAI VER Nature Based V25 Future 25 3750 3750 3750

NAT VER Nature Based Future 25 7800 7800 7800

NJO NJ REC Class 1 V31 Future 25 47500 47500 47500

NJP NJ REC Class 1 V32 Future 25 47500 47500 47500

NJQ NJ REC Class 1 V33 Future 25 47500 47500 47500

NJR NJ REC Class 1 V34 Future 25 47500 47500 47500

NJS NJ REC Class 1 V35 Future 25 47500 47500 47500

NPO NP Dual-Qual REC Class 1 V31 Future 25 15000 15000 15000

NPP NP Dual-Qual REC Class 1 V32 Future 25 15000 15000 15000

NPQ NP Dual-Qual REC Class 1 V33 Future 25 15000 15000 15000

NPR NP Dual-Qual REC Class 1 V34 Future 25 15000 15000 15000

NPS NP Dual-Qual REC Class 1 V35 Future 25 15000 15000 15000

NQF NP Quad-Qual REC Class 1 V22 Future 25 10000 10000 10000

NQG NP Quad-Qual REC Class 1 V23 Future 25 10000 10000 10000

NQH NP Quad-Qual REC Class 1 V24 Future 25 10000 10000 10000

NQI NP Quad-Qual REC Class 1 V25 Future 25 10000 10000 10000

NQJ NP Quad-Qual REC Class 1 V26 Future 25 10000 10000 10000

NQK NP Quad-Qual REC Class 1 V27 Future 25 10000 10000 10000

NQL NP Quad-Qual REC Class 1 V28 Future 25 10000 10000 10000
Exhibit C

Nodal Exchange, LLC Rulebook Appendix C: Reporting Levels, Accountability Levels and Position Limits

22-007.009

Physical 

Commodity 

Code

Contract Name Reporting 

Level

Spot Month 

Position Limit 

(Lots)

Spot Month 

Accountability 

Level (Lots)

Single Month 

Accountability 

Level (Lots)

All Month 

Accountability 

Level (Lots)

Aggregation 

Group*

NQM NP Quad-Qual REC Class 1 V29 Future 25 10000 10000 10000

NQN NP Quad-Qual REC Class 1 V30 Future 25 10000 10000 10000

NSO NJ SREC V31 Future 25 20000 20000 20000

NSP NJ SREC V32 Future 25 20000 20000 20000

NSQ NJ SREC V33 Future 25 20000 20000 20000

PAO PA AEC Tier 1 V31 Future 25 22500 22500 22500

PAP PA AEC Tier 1 V32 Future 25 22500 22500 22500

PAQ PA AEC Tier 1 V33 Future 25 22500 22500 22500

PAR PA AEC Tier 1 V34 Future 25 22500 22500 22500

PAS PA AEC Tier 1 V35 Future 25 22500 22500 22500

PMO PJM Tri-Qual REC Class 1 V31 Future 25 42500 42500 42500

PMP PJM Tri-Qual REC Class 1 V32 Future 25 42500 42500 42500

PMQ PJM Tri-Qual REC Class 1 V33 Future 25 42500 42500 42500

PMR PJM Tri-Qual REC Class 1 V34 Future 25 42500 42500 42500

PMS PJM Tri-Qual REC Class 1 V35 Future 25 42500 42500 42500

PSO PA SAEC V31 Future 25 10000 10000 10000

PSP PA SAEC V32 Future 25 10000 10000 10000

PSQ PA SAEC V33 Future 25 10000 10000 10000

PSR PA SAEC V34 Future 25 10000 10000 10000

PSS PA SAEC V35 Future 25 10000 10000 10000

RCO CT REC Class 1 V31 Future 25 17500 17500 17500

RCP CT REC Class 1 V32 Future 25 17500 17500 17500

RCQ CT REC Class 1 V33 Future 25 17500 17500 17500

RCR CT REC Class 1 V34 Future 25 17500 17500 17500

RCS CT REC Class 1 V35 Future 25 17500 17500 17500

REJ CT REC Class 3 V26 Future 25 2000 2000 2000

REK CT REC Class 3 V27 Future 25 2000 2000 2000

REL CT REC Class 3 V28 Future 25 2000 2000 2000

REM CT REC Class 3 V29 Future 25 2000 2000 2000

REN CT REC Class 3 V30 Future 25 2000 2000 2000

RMV Carbon Removal Future 25 2200 2200 2200

RTC Renewable Natural Gas Certificate Future 25 700 700 700

VER VER CORSIA Eligible Future 25 9000 9000 9000

WDK DC REC Tier 1 V27 Future 25 4000 4000 4000

WDL DC REC Tier 1 V28 Future 25 4000 4000 4000

WDM DC REC Tier 1 V29 Future 25 4000 4000 4000

WDN DC REC Tier 1 V30 Future 25 4000 4000 4000

WME WREGIS REC CRS Wind V21 Front Half Future 25 4500 4500 4500

WMF WREGIS REC CRS Wind V22 Front Half Future 25 4500 4500 4500

WMG WREGIS REC CRS Wind V23 Front Half Future 25 4500 4500 4500

WMH WREGIS REC CRS Wind V24 Front Half Future 25 4500 4500 4500

WMI WREGIS REC CRS Wind V25 Front Half Future 25 4500 4500 4500

WMJ WREGIS REC CRS Wind V26 Front Half Future 25 4500 4500 4500

WMK WREGIS REC CRS Wind V27 Front Half Future 25 4500 4500 4500

WML WREGIS REC CRS Wind V28 Front Half Future 25 4500 4500 4500

WMM WREGIS REC CRS Wind V29 Front Half Future 25 4500 4500 4500

WMN WREGIS REC CRS Wind V30 Front Half Future 25 4500 4500 4500

WNE WREGIS REC CRS Wind V21 Back Half Future 25 4500 4500 4500

WNF WREGIS REC CRS Wind V22 Back Half Future 25 4500 4500 4500

WNG WREGIS REC CRS Wind V23 Back Half Future 25 4500 4500 4500

WNH WREGIS REC CRS Wind V24 Back Half Future 25 4500 4500 4500

WNI WREGIS REC CRS Wind V25 Back Half Future 25 4500 4500 4500

WNJ WREGIS REC CRS Wind V26 Back Half Future 25 4500 4500 4500

WNK WREGIS REC CRS Wind V27 Back Half Future 25 4500 4500 4500

WNL WREGIS REC CRS Wind V28 Back Half Future 25 4500 4500 4500

WNM WREGIS REC CRS Wind V29 Back Half Future 25 4500 4500 4500

WNN WREGIS REC CRS Wind V30 Back Half Future 25 4500 4500 4500

WSJ CCA Specific V26 Future 25 4500 4500 4500

WSK CCA Specific V27 Future 25 4500 4500 4500

WSL CCA Specific V28 Future 25 4500 4500 4500

WSM CCA Specific V29 Future 25 4500 4500 4500

WSN CCA Specific V30 Future 25 4500 4500 4500