Nodal Exchange

Contracts & Trading

Contracts

Nodal Exchange offers futures contracts for on-peak and off-peak power at commercially significant hubs, zones, and nodes in the following electric markets: ISO-NE, NYISO, PJM, MISO, ERCOT, and CAISO. As other regions in the United States and Canada move to a nodal market structure, Nodal Exchange will extend its platform to these market regions. Nodal Exchange also offers a Henry Hub natural gas contract.

Contract Parameters:

  • Location (hub, zone, or node)
  • On-peak or Off-peak (power contracts only)
  • Monthly term
    • Power: Available expiries vary by location - current month plus 68 months on over 90 locations and at least current month plus 12 months on all other locations
    • Natural gas: 68 month series beginning with prompt month
  • Unit of trading
    • Power: 1 MW x hrs/month
    • Natural gas: 2,500 MMBtu per month
  • Commodity
    • Day Ahead Locational Marginal Price (LMP) of power: available for most locations
    • Real Time LMP of power: available for select locations
    • Energy component of LMP: available for PJM, NYISO, ISO-NE and MISO
    • Energy + Congestion component of LMP: available for select locations
    • Natural gas: available for Henry Hub

Trading

Nodal Exchange Services include both the central limit order book Nodal LiveTrade and Nodal BlockTrade.

Nodal LiveTrade

Nodal LiveTrade is a central limit order book with a live trading screen where Participants may submit orders to transact. Click here for the Trading Platform Lot Size

Order Types include:

  • Outright Power at a location (hub, zone or node)
  • Natural Gas at Henry Hub
  • Locational spread between two locations
  • Day Ahead / Real Time power settlement spread (DART)
  • Aggregate time periods (strips)
  • Combinations of the above

Nodal BlockTrade

Nodal BlockTrade provides Participants with the ability to clear their block trades of Nodal Exchange's futures contracts for power and natural gas. Participants and their brokers can use the Nodal BlockTrade service to submit block trades for clearing by LCH.Clearnet, which occurs during trading hours.