Auctions & Bilateral Trades

Contracts

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 and CAISO. In the future, Nodal Exchange will extend its platform to other market regions in the US and Canada, including ERCOT. Below is a list of current contract descriptions.

Contract Parameters:

• Node
• On-peak or Off-peak
• Monthly term
  • Current month
  • Prompt month
  • Prompt month plus 1-11 months
  • Prompt month plus 12-47 months (on all 88 locations available in the daily auction)
• Unit of trading = 1 MW x hrs/month
• Commodity
  • Day Ahead Locational Marginal Price (LMP) of power: available for all locations
  • Real Time LMP of power: available for 4 select locations

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.

Order Types:

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

Bilateral Trades

Bilateral trades of contracts can be submitted at any time. Clearing of bilateral contracts occurs during the trading hours of operation excluding the auction window. Bilateral trades submitted during other times will be queued for clearing.