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Nodal Newsletter | August 2023

Nodal Highlights

NODAL POWER HIGHLIGHTS

  • Nodal set a calendar month trading record in power futures with traded volume of 179 TWh, up 39% from July 2022.
  • Open interest at the end of July 2023 for power futures was 1.261 billion MWh, representing $111 billion of notional value based on both sides.

NODAL ENVIRONMENTAL HIGHLIGHTS

  • Open Interest in environmental markets at the end of July 2023 was 242,344 lots, up 27% from a year earlier.
  • Nodal successfully launched Washington Carbon Allowance (WCA) Vintage Specific futures and Washington Clean Fuels Program (CFP) futures contracts.

Nodal achieves record volume in power and record open interest in environmental in July 2023

Nodal Exchange announced significant growth in power and environmental futures in July 2023. Nodal achieved a calendar month record for July with power futures volume of 179 TWh, up 39% from July 2022. The majority of U.S. power futures open interest is on Nodal Exchange with 1.261 billion MWh representing $111 billion of notional value based on both sides as of the end of July 2023.

Nodal also saw strong performance in its environmental products. Open interest (OI) during the month hit a record open interest of 282,151 lots. Environmental markets on Nodal ended July at 242,344 lots, up 27% from 191,223 lots a year earlier. July also marked the largest delivery month ever for environmental markets, with more than 40,000 lots delivered. Deliveries massively topped the prior record of 17,843 lots delivered in July 2022.

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Nodal Exchange launched the first-ever Washington Carbon Allowance Vintage Specific and Washington Clean Fuels Program futures contracts in collaboration with IncubEx

Nodal Exchange and IncubEx successfully launched Washington Carbon Allowance (WCA) Vintage Specific futures and Washington Clean Fuels Program (CFP) futures contracts, two first-of-their-kind listed contracts, on August 11, 2023.

The Washington CFP futures contract physically delivers credits issued by the Washington Department of Ecology via the Washington Fuel Reporting System Credit Bank and Transfer System (WFRS-CBTS). Washington launched its Clean Fuel Standard on January 1, 2023, as the third state (after California and Oregon) to implement a market-based GHG emissions reduction program for transportation fuels, setting an emissions reduction target of 20% (based on 2017 levels) by 2034. These new contracts will extend Nodal’s offering which currently includes the only physically-delivered renewable fuels contracts on California’s Low Carbon Fuel Standard and Oregon’s Clean Fuels Program.

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Upcoming Events

September 7, 2023
CHICAGO BASEBALL OUTING 2023: Nodal Exchange will be sponsoring the Chicago Baseball Outing 2023 hosted by the FIA Operations Americas Division taking place Thursday, September 7 in Chicago, Illinois. For more information visit: Chicago Baseball Outing 2023
September 13-14, 2023
FIA FORUM COMMODITIES 2023: Nodal Exchange will be co-sponsoring with IncubEx the FIA Forum Commodities 2023 taking place Wednesday, September 13 to Thursday, September 14 in Houston, Texas. Demetri Karousos, President, and Chief Operating Officer of Nodal will be moderating the panel ‘Current Trends in Power Markets’ on Day 2 of the conference. For more information visit: FIA Forum Commodities 2023
September 18-20, 2023
RENEWABLE ENERGY MARKETS 2023: Nodal Exchange will be sponsoring the Renewable Energy Markets 2023 conference taking place Monday, September 18 to Wednesday, September 20 in Washington, D.C. Caroline Gentry, Director of Environmental Markets at Nodal will be participating as a speaker at the panel ‘Interactions Between State Compliance and Voluntary Markets’ on Day 3 of the conference. For more information visit: Renewable Energy Markets 2023
October 2-3, 2023
FIA FUTURES AND OPTIONS EXPO 2023: Nodal Exchange will be sponsoring the FIA Futures and Options Expo 2023 taking place Monday, October 2 to Tuesday, October 3 in Chicago, Illinois. For more information visit: FIA Futures and Options Expo 2023
October 16-18, 2023
NAEMA 2023 FALL CONFERENCE: Nodal Exchange will be sponsoring the NAEMA 2023 Fall Conference taking place Monday, October 16 to Wednesday, October 18 in Philadelphia, Pennsylvania. For more information visit: NAEMA 2023 Fall Conference
October 25-27, 2023
NODAL TRADER CONFERENCE: Nodal Exchange will be sponsoring the Nodal Trader Conference taking place Wednesday, October 25 to Friday, October 27 in Washington, D.C. Paul Cusenza, Chairman and CEO of Nodal will be chairing the event. For more information visit: Nodal Trader Conference
October 25-27, 2023
WSPP FALL 2023 OPERATING COMMITTEE MEETING: Nodal Exchange will be sponsoring the WSPP Fall 2023 Operating Committee Meeting taking place Wednesday, October 25 to Friday, October 27 in Huntington Beach, California. For more information visit: WSPP Fall 2023 Operating Committee Meeting

Nodal in the news

July 2023

Nodal Exchange achieves record performance the first half of 2023

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June 2023

Nodal sets new records in May for power and environmental futures

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May 2023

Nodal Exchange and IncubEx collaborate to expand environmentals

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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.