Contract Specifications - Electricity Futures
Energy FUTURES | ||
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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] |
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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 |
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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” 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. |
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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. |
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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. |
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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 |
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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 |