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Nodal Newsletter | April 2025
Nodal Highlights
NODAL POWER HIGHLIGHTS
- Nodal continues to hold the majority of Open Interest in power futures with 1.5 billion MWh, representing over $151 billion of notional value.
NODAL ENVIRONMENTAL HIGHLIGHTS
- Nodal ended the first quarter of 2024 with environmental trading volume of 225,624 lots, up 71% from the first quarter of 2024.
- Open Interest in environmental markets at the end of the first quarter was 417,611 lots, up 30% from the first quarter of 2024.
NODAL NATURAL GAS HIGHLIGHTS
- Nodal posted a record Q1 with 278 million MMBtu gas futures volume traded, surpassing Q1 2024’s record of 178 million.
Nodal Exchange sets new trading volume records in Q1 2025
Nodal Exchange announced strong performance in power, environmental, and natural gas trading in the first quarter of 2025. Nodal continues to be the market leader in North American power futures achieving record open interest with 1.5 billion MWh and 57% market share, representing over $151 billion of notional value (both sides), at the end of March. This is roughly equivalent to the electricity usage of 136 million U.S. households for one year.
In its natural gas market, Nodal posted a record Q1 with 278 million MMBtu gas futures volume traded, surpassing Q1 2024’s record of 178 million.
In the environmental markets, the first quarter volume across the product suite was a record 225,624 lots, up 71% from 132,233 lots a year earlier. Environmental open interest at the end of Q1 2025 was 417,611 lots, up 30% from 320,345 at the end of Q1 2024. Environmental market volume on Nodal Exchange set a new monthly record in March 2025 of 74,412 lots, up 105% from March 2024.
Nodal Exchange celebrates our 16th anniversary!
We extend our heartfelt thanks for your continued support over the last 16 years.
Upcoming Events
April 14-16, 2025
S&P GLOBAL COMMODITY INSIGHTS GLOBAL POWER MARKETS CONFERENCE 2025: Nodal Exchange is sponsoring the S&P Global Commodity Insights Global Power Markets Conference 2025 taking place Monday, April 14th to Wednesday, April 16th in Las Vegas, Nevada. Our CEO, Paul Cusenza, is speaking on the topic “Managing the Risk of Increasing Price Volatility While Global Power Demand is Growing and Energy Consumption Transitions to Cleaner Power” on Day 2 of the conference. For more information visit:
S&P Global Commodity Insights Global Power Markets Conference 2025
May 5-7, 2025
NORTH AMERICAN ENERGY MARKETS ASSOCIATION’S (NAEMA) 2025 SPRING CONFERENCE: Nodal Exchange is sponsoring the NAEMA 2025 Spring Conference taking place Monday, May 5th to Wednesday, May 7th in Scottsdale, Arizona. For more information visit:
NAEMA 2025 Spring Conference
May 12-14, 2025
PJM ANNUAL MEETING OF MEMBERS: Nodal Exchange is sponsoring the PJM Annual Meeting of Members taking place Monday, May 12th to Wednesday, May 14th in Leesburg, Virginia. For more information visit:
PJM Annual Meeting of Members
May 20, 2025
ENERGY RISK USA CONFERENCE: Nodal Exchange is sponsoring the Energy Risk USA conference taking place Tuesday, May 20 in Houston, Texas. Paul Cusenza, Chairman and CEO of Nodal will be speaking at the conference. For more information visit:
Energy Risk USA
June 30, 2025
FIA CHICAGO GOLF OUTING 2025: Nodal Exchange is sponsoring the Chicago Golf Outing 2025 hosted by the FIA Operations Americas Division taking place Monday, June 30 in Wheaton, Illinois. For more information visit:
Chicago Golf Outing 2025
Nodal in the news
March 2025
Nodal sets trading records with second best month ever in power.
Learn more
February 2025
Nodal achieves January trading records in power and environmental
Learn more
January 2025
Nodal achieves record traded volume in all markets in 2024
Learn more
About Nodal
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world's largest set of electric power locational (nodal) futures contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
