Quarterly Base $300 Cap Products
Monday 27 Sep 2004
Underlying Commodity
Electrical energy bought and sold in the New South Wales, Victoria, South Australian and Queensland wholesale pool markerts conducted by the Australian Energy Market Operator (AEMO) or its successor.
Contract Unit
1 Megawatt of electrical energy per hour on a Base Load profile. Where the base load profile is defined as the National Electricity Market (NEM) base load period from 0:00 hours Monday to 24:00 hours Sunday over the duration of the Contract Quarter.
Price Quotation
Prices are quoted in Australian dollars per Megawatt hour.
Contract Quarters
March, June, September, December, up to 4 and 1/4 years or 16 - 17 quarters out.
Commodity Code
GN = NSW Base Load Quarterly $300 Cap Electricity Futures
GQ = QLD Base Load Quarterly $300 Cap Electricity Futures
GV = VIC Base Load Quarterly $300 Cap Electricity Futures
GS = SA Base Load Quarterly $300 Cap Electricity Futures
RN = NSW Base Load Cal Year $300 Cap Strip Products
RQ = QLD Base Load Cal Year $300 Cap Strip Products
RV = VIC Base Load Cal Year $300 Cap Strip Products
RS = SA Base Load Cal Year $300 Cap Strip Products
Minimum Price Movement
The minimum price fluctuation is $0.01 per MWh.
Tick Size
Tick size under a $0.01/MWh price fluctuation:
- A 2,160 MWh contract quarter has a tick size of $21.60;
- A 2,184 MWh contract quarter has a tick size of $21.84;
- A 2,208 MWh contract quarter has a tick size of $22.08.
Trading Hours
9.00am - 4.00pm*
Last Trading Day
The Last Trading Day is the last Business Day of the Calendar Quarter. On this day, trading terminates at 4:00pm.
Cash Settlement Day
The Cash Settlement Day of the Contract shall be the fourth Business day after the expiry of the Calendar Quarter.
Cash Settlement Price
The Settlement Price = (C - (300 x D)) / E
Where:
C = the sum of all Base Load half hourly spot prices for the Region in the Calendar Quarter greater than $300.00.
D = the total number of Base Load half hour spot prices for the Region in the Calendar Quarter greater than $300.00
E = the total number of Base Load half hour spot prices for the Region in the Calendar Quarter.
Cash Settlement Process
Upon the fourth Business Day after the expiry of the Contract, the Contract will be cash settled at the settlement price confirmed on the third business day of the Contract Quarter. The final settlement price is rounded to the nearest cent, as adjusted by AEMO and provided to ASX. All bought and sold contracts in existence as at the close of trading in the Contract Quarter shall be settled by ASX Clear (Futures) at the Cash Settlement Price.
Cash Settlement Value
The Cash Settlement Value is the Cash Settlement Price multiplied by the number of Megawatt hours (MWh) in the underlying Contract Quarter.
* Unless otherwise indicated, all times are Sydney times