Quarterly Base $300 Cap Products
1 Megawatt of electrical energy per hour on a Base Load profile for the respective States (NSW, QLD, VIC and SA) over the duration of a Calendar Quarter.
Quarterly Base Load $300 Caps
Contract Unit
1 Megawatt of electrical energy per hour on a Base Load profile for the respective States (NSW, QLD, VIC and SA) over the duration of a Calendar Quarter.
Contract Years
A total of 8-11 Quarterly products.
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
Trading Functionality
Two Calender Years of Strip Products will be available with commodity codes as follows:
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
Prices are quoted in Australian Dollars per Megawatt hour. The minimum price fluctuation is $0.01 per MWh.
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.
Formula for Determining Cash Settlement Value of a Cap
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.
Provisional Cash Settlement Value
A Provisional Cash Settlement Value (based on the provisional prices provided by NEMMCO) will be declared on the first Business Day after the expiry of the Contract and shall be later confirmed on the third Business Day after expiry.
Cash Settlement Process
Upon the fourth Business Day after the expiry of the Contract, the Contract will be cash settled at the Cash Settlement Value confirmed on the third business day after the Contract Period. The final Cash Settlement Value is rounded to the nearest cent, as adjusted by NEMMCO and provided to SFE. All bought and sold contracts in existence as at the close of trading in the Contract Period shall be settled by SFE Clearing at the Cash Settlement Value.