Nodal Exchange

Contracts & Trading

Contract Overview

Nodal Exchange offers on-peak and off-peak power contracts at commercially significant hubs, zones, and nodes in the following electric markets: ISO-NE, NYISO, PJM, MISO, ERCOT, and CAISO. In the future, Nodal Exchange will extend its platform to other market regions in the US and Canada. Natural gas contracts are also available in the daily auction and through the cleared OTC trade platform.

Contract Parameters:

  • Location (hub, zone, or node)
  • On-peak or Off-peak (power contracts only)
  • Monthly term
    • Power: Available expiries vary by location - current month plus 68 months on over 90 locations and at least current month plus 12 months on all other locations
    • Natural gas: 68 month series beginning with prompt month
  • Unit of trading
    • Power: 1 MW x hrs/month
    • Natural gas: 2,500 MMBtu per month
  • Commodity
    • Day Ahead Locational Marginal Price (LMP) of power: available for all locations
    • Real Time LMP of power: available for select locations
    • Energy component of LMP: available for select locations
    • Energy + Congestion component of LMP: available for select locations
    • Natural gas: available for Henry Hub

Contract and Node List

Auction Orders

The flexibility of the auction approach to trading allows Participants to enter not only bids and offers for each contract (buys or sells for on-peak and off-peak power at a given location for a given month), but also spreads and aggregates (strips) of contracts to meet their trading objectives. All Nodal Exchange contracts are available in the weekly Wednesday auction and over 90 power locations as well as the Henry Hub natural gas contract are available every trading day in the daily auctions.

Order Types:

  • Outright Power at a location (hub, zone or node)
  • Natural Gas at Henry Hub
  • Locational spread between two locations
  • Calendar spread
  • Day Ahead / Real Time power settlement spread (DART)
  • Aggregate time periods (strips)
  • Combinations of the above

Cleared OTC Trades

OTC cash settled trades for power and natural gas can be submitted by brokers and participants for clearing. Clearing of OTC traded contracts occurs during trading hours excluding the auction window.