ICE PJM Western Hub Real-Time Peak (800 MWh) Fixed Price

A monthly cash settled Exchange Futures Contract based upon the mathematical average of daily prices calculated by averaging the peak hourly electricity prices published by PJM for the location specified in Reference Price A.
PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Future	PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Future 	PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Future 	PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Future
Trading Screen Product Name 	Peak Futures 	Peak Futures 	Peak Futures
Trading Screen Hub Name 	PJM WH RT (800 MWh) 	PJM WH RT (800 MWh) 	PJM WH RT (800 MWh)
Contract Symbol 	PJM 	PJM 	PJM
Settlement Method 	Cash settlement 	Cash settlement 	Cash settlement
Contract Size 	800 MWh 	800 MWh 	800 MWh
Currency 	USD 	USD 	USD
Minimum Price Fluctuation 	The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle 	Up to 110 consecutive monthly Contract Periods 	Up to 110 consecutive monthly Contract Periods 	Up to 110 consecutive monthly Contract Periods
Last Trading Day 	The last Business Day of the Contract Period 	The last Business Day of the Contract Period 	The last Business Day of the Contract Period
Final Settlement 	Average of Reference Price A Prices 	Average of Reference Price A Prices 	Average of Reference Price A Prices
REFERENCE PRICE A 	ELECTRICITY-PJM-WESTERN HUB-REAL TIME 	ELECTRICITY-PJM-WESTERN HUB-REAL TIME 	ELECTRICITY-PJM-WESTERN HUB-REAL TIME
a) Ref Price A - Description 	"ELECTRICITY-PJM-WESTERN HUB-REAL TIME" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets/energy-market/real-time.html, under the headings "Daily Real-Time LMP: Daily Real-Time Locational Marginal Pricing Files: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing Date.	"ELECTRICITY-PJM-WESTERN HUB-REAL TIME" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets/energy-market/real-time.html, under the headings "Daily Real-Time LMP: Daily Real-Time Locational Marginal Pricing Files: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing Date.	"ELECTRICITY-PJM-WESTERN HUB-REAL TIME" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by the PJM at http://www.pjm.com/markets/energy-market/real-time.html, under the headings "Daily Real-Time LMP: Daily Real-Time Locational Marginal Pricing Files: WESTERN HUB" or any successor headings, that reports prices effective on that Pricing Date.
b) Ref Price A - Pricing Date 	Each Monday through Friday, excluding NERC holidays, that prices are reported for the Delivery Date 	Each Monday through Friday, excluding NERC holidays, that prices are reported for the Delivery Date 	Each Monday through Friday, excluding NERC holidays, that prices are reported for the Delivery Date
c) Ref Price A - Specified Price 	Average of LMPs for all hours ending 0800-2300 EPT 	Average of LMPs for all hours ending 0800-2300 EPT 	Average of LMPs for all hours ending 0800-2300 EPT
d) Ref Price A - Pricing calendar 	PJM 	PJM 	PJM
e) Ref Price A - Delivery Date 	Contract Period 	Contract Period 	Contract Period
Final Payment Date 	The second Clearing Organization business day following the Last Trading Day 	The second Clearing Organization business day following the Last Trading Day 	The second Clearing Organization business day following the Last Trading Day
MIC Code 	IFED 	IFED 	IFED
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM*
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM*
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	8:50 AM - 7:00 AM*
08:50 - 07:00 	8:40 AM
08:40
Trading Hours 	*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday
Codes 	Clearing Admin Name 	Pwr East Mini 	Pwr East Mini
Codes 	Physical 	PJM 	PJM
Codes 	Logical 	PJM 	PJM
Codes 	GMI (FC) 	PJ 	PJ
Codes 	ION A.C.N. 	O934 	O934
PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Options	PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Options 	PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Options 	PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Options
Trading Screen Product Name 	Peak Futures 	Peak Futures 	Peak Futures
Trading Screen Hub Name 	PJM WH RT (800 MWh) 	PJM WH RT (800 MWh) 	PJM WH RT (800 MWh)
Contract Symbol 	PJM 	PJM 	PJM
Settlement Method 	Exercise into Underlying Futures Contract 	Exercise into Underlying Futures Contract 	Exercise into Underlying Futures Contract
Contract Size 	800 MWh 	800 MWh 	800 MWh
Currency 	USD 	USD 	USD
Minimum Price Fluctuation 	The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle 	Up to 50 consecutive monthly Contract Periods 	Up to 50 consecutive monthly Contract Periods 	Up to 50 consecutive monthly Contract Periods
Last Trading Day 	At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract Period 	At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract Period 	At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract Period
Option Style 	American 	American 	American
Exercise 	Manual; Automatic on Last Trading Day
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules.
Options which are "in the money", with respect to Reference Price A, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is manual on any Business Day, Automatic on Last Trading Day	Manual; Automatic on Last Trading Day
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules.
Options which are "in the money", with respect to Reference Price A, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is manual on any Business Day, Automatic on Last Trading Day	Manual; Automatic on Last Trading Day
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules.
Options which are "in the money", with respect to Reference Price A, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is manual on any Business Day, Automatic on Last Trading Day
REFERENCE PRICE A 	ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE 	ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE 	ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE
a) Ref Price A - Description 	"ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM Western Hub Real-Time Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE on that Pricing Date.	"ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM Western Hub Real-Time Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE on that Pricing Date.	"ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM Western Hub Real-Time Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE on that Pricing Date.
b) Ref Price A - Pricing Date 	Two Business Days prior to the first calendar day of the Contract Period 	Two Business Days prior to the first calendar day of the Contract Period 	Two Business Days prior to the first calendar day of the Contract Period
c) Ref Price A - Specified Price 	Settlement Price 	Settlement Price 	Settlement Price
d) Ref Price A - Pricing calendar 	ICE 	ICE 	ICE
e) Ref Price A - Delivery Date 	Contract Period 	Contract Period 	Contract Period
Strike Price Listing Provisions 	A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments. 	A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments. 	A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments.
MIC Code 	IFED 	IFED 	IFED
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM*
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM*
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	8:50 AM - 7:00 AM*
08:50 - 07:00 	8:40 AM
08:40
Trading Hours 	*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday
Codes 	Clearing Admin Name 	Pwr East Term 	Pwr East Term
Codes 	Physical 	PJM 	PJM
Codes 	Logical 	PJM 	PJM
Codes 	GMI (FC) 	PJM 	PJM
Codes 	ION A.C.N. 	O934 	O934
== Notes ==
==References==
==Resources==
ICE PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Product Spec
ICE Option on PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Product Spec
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