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New Zealand electricity contract specifications

Contract specifications

Otahuhu

Benmore

Otahuhu base load monthly electricity futures contracts
Unit 1 MW of electrical energy per hour for the Otahuhu grid reference point in New Zealand over the period of a calendar month.
Contract months January, February, March, April, May, June, July, August, September, October, November, December, up to 3 months ahead such that market participants are always able to trade a minimum of the current calendar month.
Commodity code ED
Minimum price movement

Prices are quoted in NZ dollars and cents per MWh.
The minimum fluctuation is NZD $0.05.

Tick sizes under a NZD $0.05/MWh price fluctuation:

  • a 672 MWh contract month has a tick size of $33.60
  • a 696 MWh contract month has a tick size of $34.80
  • a 720 MWh contract month has a tick size of $36.00
  • a 744 MWh contract month has a tick size of $37.20
Last trading day Last business day (in New Zealand) in the calendar month.
Settlement day The fourth business day (in New Zealand) after the expiry of the contract month.
Trading hours 10.30am - 4.00pm NZST
Settlement method Cash settled

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Otahuhu base load quarterly electricity futures contracts
Unit 1 MW of electrical energy per hour for the Otahuhu grid reference point in New Zealand over the period of a calendar quarter.
Contract months March, June, September, December, such that sufficient quarter months are always available for market participants to trade strip options over 3 calendar years. At any point in time there will be between 13 and 17 quarter months listed.
Commodity code EA
Minimum price movement

Prices are quoted in NZ dollars and cents per MWh.
The minimum fluctuation is NZD $0.05.

Tick sizes under a NZD $0.05/MWh price fluctuation:

  • a 2,160 MWh contract month has a tick size of $108.00
  • a 2,184 MWh contract month has a tick size of $109.20
  • a 2,208 MWh contract month has a tick size of $110.40
Last trading day Last business day (in New Zealand) in the calendar quarter.
Settlement day The fourth business day (in New Zealand) after the expiry of the contract quarter.
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Settlement method Cash settled

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Otahuhu peak load quarterly electricity futures contracts
Unit 1 MW of electrical energy per hour for the Otahuhu grid reference point in New Zealand over the period of a calendar quarter.
Contract months March/June/September/December. At any point in time there will be between 13 and 17 quarter months listed.
Peak Period 7am-10pm New Zealand time. Business days only.
Commodity code EC
Minimum price movement

Prices are quoted in NZ dollars and cents per MWh.
The minimum fluctuation is NZD $0.05.

Tick sizes under a NZD $0.05/MWh price fluctuation:

  • a 870 MWh contract quarter has a tick size of $43.50
  • a 930 MWh contract quarter has a tick size of $46.50
  • a 990 MWh contract quarter has a tick size of $49.50 
Last trading day Last business day (in New Zealand) in the calendar quarter.
Settlement day The fourth business day (in New Zealand) after the expiry of the contract quarter.
Trading hours 10.30am - 4.00pm NZST
Settlement method Cash settled

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Otahuhu base load electricity strip futures products
Contract unit Four Otahuhu base load electricity futures contracts.
Contract months At least 3 calendar year strip products to ensure sufficient contracts are available to cater for up to 3 calendar year strip option products.
Commodity code EB
Minimum price movement Prices are quoted in dollars and cents per MWh.
The minimum fluctuation is NZ $0.01.
Last trading day The last trading day of the first contract quarter in the relevant strip futures product.
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Settlement method n/a

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Strip options over Otahuhu base load electricity futures contracts
Contract unit One Otahuhu base load electricity strip futures product.
Contract months Put and call options available on up to 3 calendar year strip futures products.
Commodity code EB
Minimum price movement Prices are quoted in dollars and cents per MWh.
The minimum fluctuation is NZ $0.01.
Exercise prices NZ $2.50. New option exercise prices created automatically as the underlying futures contract price moves.
Contract expiry Options will cease trading at 12:00 noon NZST on the last trading day. The last trading day shall be the day 6 weeks prior to the day immediately preceding the commencement of the calendar year  for the underlying strip futures product. If this day is not a business day in New Zealand then the following business day will be the expiry day. ASX will publish expiry dates in advance of new contracts being listed.
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Settlement method Options may be exercised on any business day up to and including the day of expiry. In-the-money options are not automatically exercised at expiry. Buyers may exercise in, at and out-of-the-money option positions held, by lodging a notice of exercise. On receipt of the exercise request, the options will be exercised against a random selection of seller positions, and the resultant futures legs automatically recorded in the Buyer and Seller’s account.

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Benmore base load monthly electricity futures contracts
Unit 1 MW of electrical energy per hour for the Benmore grid reference point in New Zealand over the period of a calendar month.
Contract months January, February, March, April, May, June, July, August, September, October, November, December, up to 3 months ahead such that market participants are always able to trade a minimum of the current calendar month.
Commodity code EH
Minimum price movement

Prices are quoted in NZ dollars and cents per MWh.
The minimum fluctuation is NZD $0.05.

Tick sizes under a NZD $0.05/MWh price fluctuation:

  • a 672 MWh contract month has a tick size of $33.60
  • a 696 MWh contract month has a tick size of $34.80
  • a 720 MWh contract month has a tick size of $36.00
  • a 744 MWh contract month has a tick size of $37.20
Last trading day Last business day (in New Zealand) in the calendar month
Settlement day The fourth business day (in New Zealand) after the expiry of the contract month.
Trading hours 10.30am - 4.00pm NZST
Settlement method Cash settled

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Benmore base load quarterly electricity futures contracts
Unit 1 MW of electrical energy per hour for the Benmore grid reference point in New Zealand over the period of a calendar quarter.
Contract months March, June, September, December, such that sufficient quarter months are always available for market participants to trade strip options over 3 calendar years. At any point in time there will be between 13 and 17 quarter months listed.
Commodity code EE
Minimum price movement

Prices are quoted in NZ dollars and cents per MWh.
The minimum fluctuation is NZD $0.05.

Tick sizes under a NZD $0.05/MWh price fluctuation:

  • a 2,160 MWh contract month has a tick size of $108.00
  • a 2,184 MWh contract month has a tick size of $109.20
  • a 2,208 MWh contract month has a tick size of $110.40
Last trading day Last business day (in New Zealand) in the calendar quarter.
Settlement day The fourth business day (in New Zealand) after the expiry of the contract quarter.
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Settlement method Cash settled

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Benmore peak load quarterly electricity futures contracts
Unit 1 MW of electrical energy per hour for the Benmore grid reference point in New Zealand over the period of a calendar quarter.
Contract months March, June, September, December. At any point in time there will be between 13 and 17 quarter months listed.
Peak Period 7am-10pm New Zealand time. Business days only.
Commodity code EG
Minimum price movement

Prices are quoted in NZ dollars and cents per MWh.
The minimum fluctuation is NZD $0.05.

Tick sizes under a NZD $0.05/MWh price fluctuation:

  • a 900 MWh contract quarter has a tick size of $45.00
  • a 930 MWh contract quarter has a tick size of $46.50
  • a 990 MWh contract quarter has a tick size of $49.50 
Last trading day Last business day (in New Zealand) in the calendar quarter
Settlement day The fourth business day (in New Zealand) after the expiry of the contract quarter.
Trading hours 10.30am - 4.00pm NZST
Settlement method Cash settled

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Benmore base load electricity strip futures products
Contract unit Four Benmore electricity futures contracts.
Contract months At least 3 calendar year strip products to ensure sufficient contracts are available to cater for up to 3 calendar year strip option products.
Commodity code EF
Minimum price movement Prices are quoted in dollars and cents per MWh
The minimum fluctuation is NZ $0.01.
Last trading day The last trading day of the first contract quarter in the relevant Strip Futures product
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Settlement method n/a

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Strip options over Benmore base load electricity futures contracts
Contract unit One Benmore base load electricity strip futures product.
Contract months Put and call options available on up to 3 calendar year strip futures products.
Commodity code EF
Minimum price movement Prices are quoted in dollars and cents per MWh
The minimum fluctuation is NZ $0.01.
Exercise prices NZ $2.50. New option exercise prices created automatically as the underlying futures contract price moves.
Contract expiry Options will cease trading at 12:00 noon NZST on the last trading day. The last trading day shall be the day 6 weeks prior to the day immediately preceding the commencement of the calendar year  for the underlying strip futures product. If this day is not a business day in New Zealand then the following business day will be the expiry day. ASX will publish expiry dates in advance of new contracts being listed.
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Settlement method Options may be exercised on any business day up to and including the day of expiry. In-the-money options are not automatically exercised at expiry. Buyers may exercise in, at and out-of-the-money option positions held, by lodging a notice of exercise. On receipt of the exercise request, the options will be exercised against a random selection of seller positions, and the resultant futures legs automatically recorded in the buyer and seller’s account.

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Average rate options over base load electricity futures contract
Contract unit An option over a Base Load Calendar Quarter Electricity Futures Contract
Contract months March, June, September, December, minimum of 8 calendar quarters ahead.
Underlying Commodity Base Load Calendar Quarter Electricity Futures Contract (Benmore, Otahuhu)
Commodity code

EA = Otahuhu
EE = Benmore

Minimum price movement Prices are quoted in NZ dollars and cents per MWh
The minimum fluctuation is NZD $0.01.
Strike Interval

NZD $1.00

New option exercise prices created automatically as the underlying futures contract price moves.

Contract expiry 4.00pm NZST on the last business day, in New Zealand, of the Calendar Quarter (as per the underlying futures contract)
Trading hours 10.30am - 4.00pm NZST (during US daylight saving time)
10.30am - 4.00pm NZST (during US non daylight saving time)
Exercise methodology On the third business day after the final trading day auto exercise in-the-money, discard at-the-month and out-of-the-money options. Options can be exercised manually up to 12.30pm NZST on any trading day. A request for deny-auto-exercise can be submitted up to 12.30pm NZST on the final trading day.
Settlement Price In accordance with the final Settlement Price of the underlying futures contract as determined on the third business day after the Final Trading Day.

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