29-Jul-2025 | 85.4725

05-Jul-2025 15:15

Lac Crs 439.07 | Tn $ 5.17

03-Jan-2025

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Contract Specifications - Electricity Futures


Energy FUTURES
Product Parameters Electricity Futures
Underlying Electricity
Instrument Type Futures contract (FUTENR) 
Product Electricity Futures 
Symbol ELECMBL
Description ELECMBLYYMMM
Contract Listing Contracts are available for all 12 calendar months in a year.  These contracts are listed for current month and next 3 months.
Contract Start Day 1st business day of the launch month. A contract is launched 3 months prior to the expiry month as per launch calendar.
Last Trading Day (Contract Expiry) Business day immediately preceding the last calendar day of the contract expiry month. In case, it falls on a holiday, then the preceding business day.
On the contract expiry day, the contract will close for trading prior to dissemination of spot price [on the basis of Unconstrained Market Clearing Price (UMCP) of the corresponding Day Ahead Market (DAM) of PXIL]
Contract Duration Four Months is the trading period for these contracts.
Trading
Trading Period Mondays to Fridays
Trading Session Monday - Friday
9:00 am to 11:30 pm/11:55 pm*
*based on US daylight saving time period
Trading Unit 50 MWh
Quotation/Base Value Rs. per MWh
Max. Order Size 50 times of trading unit
Tick Size (Minimum Price Movement) Re. 1 per MWh
Daily Price Limits

As per recent SEBI circular no. SEBI/HO/CDMRD/DNPMP/CIR/P/2021/9 dated 11th January 2021 regarding “Revision in Daily Price Limits (DPL) for Commodity Futures Contracts”
Category: Other Non- Agricultural goods
Initial Slab: 6%
Enhanced Slab: 3%
Aggregate DPL: 9%

Once the initial slab limit is breached in any contract, the DPL for that contract shall be relaxed further by the ‘Enhanced Slab’ after the cooling off period of 15 minutes in the trading. During the cooling off period, trading shall continue to be permitted within the previous slab of DPL.

Initial Margin Minimum 10% or based on SPAN, whichever is higher.
Additional and/ or
Special Margin
In case of additional volatility, an additional margin (on both buy & sale position) and/ or special margin (on either buy or sale position) at such percentage, as deemed fit; will be imposed in respect of all outstanding positions.
Maximum Allowable
Open Position

For a member collectively for all clients: 30,00,000 MWh or 20% of the market wide open position, whichever is higher.

For individual clients: 3,00,000 MWh or 5% of the market wide open position, whichever is higher.

Settlement
Daily Settlement Price (DSP) All outstanding positions in Futures contracts would be marked to market daily based on the Daily Settlement Price (DSP) as determined by Exchanges as prescribed under SEBI’s Master Circulars issued time to time.
Quality Specification As defined by PXIL (Power Exchange of India Ltd) for Day Ahead Market.
Due Date Rate
(Final Settlement Price)

DDR based on Volume Weighted Average of the DAM-UMCPs (Unconstrained Market Clearing Price)* of PXIL (Power Exchange of India Ltd) of all the calendar days of the expiry month.

*With a pre-determined equation as notified by the exchange

Settlement Mechanism The contract would be settled in cash

The applicable minimum Initial Margin and minimum MPOR for Electricity derivatives will be as per SEBI circular no SEBI/HO/CDMRD/DRMP/CIR/P/2020/15 dated January 27, 2020.

Electricity Futures Monthly Contract Calendar

Contract launch month Contract expiry month
On approval from SEBI June 2025
July 2025
August 2025
September 2025
July 2025 October 2025
August 2025 November 2025
September 2025 December 2025
October 2025 January 2026
November 2025 February 2026
December 2025 March 2026
January 2026 April 2026
February 2026 May 2026
March 2026 June 2026
April 2026 July 2026
May 2026 August 2026
Updated on: 11/07/2025