Nodal Highlights
NODAL POWER
- Nodal continues to hold the majority of Open Interest in power futures with 1.5 billion MWh, representing over $161 billion of notional value.
- Power futures traded volume in March was 253 MWh, up 31% from a year earlier.
NODAL ENVIRONMENTAL
- Nodal Exchange, in collaboration with IncubEx, announced the successful launch and first trade of financially settled California Carbon Allowance (CCA) futures and options contracts.
- Nodal ended the first quarter of 2026 with open interest in environmental markets of 448,391 lots, up 7% from the first quarter of 2025.
NODAL NATURAL GAS
- Nodal posted a record Q1 with 320 million MMBtu gas futures volume traded, up 15% from a year earlier.
Nodal Exchange sets new trading volume records in Q1 2026
Nodal Exchange announced strong performance in power, environmental, and natural gas trading in the first quarter of 2026. Nodal continues to be the market leader in North American power futures achieving 56% of the open interest with 1.5 billion MWh at the end of Q1, representing over $161 billion of notional value (both sides), at the end of March. This is roughly equivalent to the electricity usage of 140 million U.S. households for one year. The traded volume in March was 253 MWh, up 31% from a year earlier.
In its natural gas market, Nodal posted a record Q1 with 320 million MMBtu in gas futures volume traded, representing a 15% increase from a year earlier and surpassing the previous record of 278 million set in Q1 2025.
Environmental futures and options on Nodal Exchange posted volume of 211,847 lots in Q1 2026 and ended March with open interest of 448,391 lots, up 7% from a year earlier.
Nodal Exchange launches the first financially settled California Carbon Allowance Futures in collaboration with IncubEx
Nodal Exchange, in collaboration with IncubEx, announced the launch of the first financially settled California Carbon Allowance futures and options contracts on March 30, 2026.
The first of their kind, financially settled California Carbon Allowance (CCA) futures and corresponding options on futures expands the growing suite of carbon products available on Nodal Exchange, including physically delivered CCA futures and options, Auction Clearing Price (ACP) and California Carbon Offsets (CCOs) contracts.
These new contracts expand access to the robust California carbon market without the operational requirements of the physical market. Final settlement prices use the average of the daily settlement price for the final five trading days.
First trade in financially settled California Carbon Allowance futures on Nodal Exchange
Nodal Exchange and IncubEx announced the successful launch and first trade of financially settled California Carbon Allowance (CCA) futures and options contracts on March 30, 2026.
DRW and Gator Trading Partners were parties to the first exchange trade for financially settled CCA futures, brokered by Tullett Prebon. The trade volume was 10 contracts (10,000 CCAs) of Dec-26 Financial CCA futures at a price of $29.18.
“As a longstanding participant in global carbon markets, DRW is proud to support this next step in the evolution of California’s compliance carbon market,” said Mark Hillinger, Portfolio Manager at DRW. “We are committed to developing innovative products that expand access and deepen liquidity—and to harnessing the power of markets to help address complex challenges like climate change.”
Nodal Exchange celebrates our 17th Anniversary!
We extend our heartfelt thanks for your continued support over the last 17 years.
