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Nodal Newsletter | December 2025

Nodal Highlights

NODAL POWER

  • Nodal Exchange announced year-to-date record volume in power futures with 2,862 billion MWh traded from January to November 2025, up 2% from the same period in 2024.
  • Open interest at the end of November for power futures was 1.530 billion MWh, representing over $175 billion of notional value based on both sides.

NODAL NATURAL GAS

  • Nodal Exchange saw a 7% increase in natural gas futures traded volume from January to November 2025 compared to the same period in 2024, reaching a record 918 million MMBtu traded.

NODAL ENVIRONMENTAL

  • Environmental futures and options on Nodal Exchange posted volume in November of 45,893 lots and open interest ended the month at 448,726 lots.
  • Renewable energy certificates (RECs) ended November with open interest of 312,012 lots, up 8% from a year earlier.
  • Nodal participated in the 2025 Ring the Bell for Climate initiative hosted by The World Federation of Exchanges.

NODAL ACCESSSM

  • Attendees at the 2025 S&P Global Nodal Trader Conference saw the Nodal Access screen in action with live demonstrations at both the Nodal Trader Conference and reception.

HAPPY HOLIDAYS FROM NODAL

  • All of us at Nodal wish you and yours a very happy Holiday Season and a prosperous New Year! Thank you for your support in 2025, and we look forward to 2026.

Nodal Exchange achieves year-to-date record volume in power and natural gas

Nodal Exchange announced year-to-date record volume in power futures with 2,862 billion MWh traded from January to November 2025, up 2% from the same period in 2024. In November, Nodal Exchange traded volume was 210 million MWh, up 7% from November 2024. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with 1.530 billion MWh at the end of November, up 9% from a year earlier. The open interest represents over $175 billion of notional value (both sides).

Nodal Exchange saw a 7% increase in natural gas futures traded volume from January to November 2025 compared to the same period in 2024, reaching a record high of 918 million MMBtu traded.

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Nodal Exchange celebrates the World Federation on Exchanges’ Ring the Bell for Climate 2025

Caroline Gentry, Director of Environmental Markets at Nodal Exchange, gave a presentation to colleagues about the vital role Nodal’s environmental markets play in promoting a more sustainable future. The presentation was followed by Paul Cusenza, CEO, ringing the gong for the Ring the Bell for Climate initiative hosted by The World Federation of Exchanges (WFE).

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Nodal AccessSM powers flexible, web-based trading across all Nodal Exchange markets

Attendees at the 2025 S&P Global Nodal Trader Conference saw the Nodal AccessSM screen in action! The conference, which took place from October 22 – 24 in Washington D.C., successfully featured live demonstrations of the platform at Nodal’s exhibit booth and during the Nodal Trader Reception.

This was an excellent opportunity for traders to experience firsthand the flexible, web-based interface, highly customizable workspaces, and seamless trading functionality across Nodal’s power, natural gas, and environmental markets.

The Nodal Access trading platform is a web-based, customizable solution designed for trading power, natural gas, and environmental contracts. The platform provides users with a secure and flexible system to execute screen-based trades across all of Nodal Exchange’s asset classes, accessible from any browser.

Nodal Access includes front-end features such as highly customizable workspaces, real-time order data, and the availability of many tailor-made power trading contracts. The platform offers rapid implementation of new functionality and integrates seamlessly with existing trade capture solutions for straight-through processing.

“The launch of Nodal Access marks a significant milestone in our commitment to providing innovative and customer-centric solutions for traders,” said Paul Cusenza, CEO of Nodal Exchange. “By delivering a flexible and secure platform, we are empowering our users to trade with confidence and manage their portfolios effectively.”

Since its launch, Nodal Access has consistently attracted a growing number of participants.

Trading firms interested in utilizing the Nodal Access trading platform can contact Screen Support.

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Upcoming Events

January 13-15, 2026
OPIS LCFS & CARBON MARKETS WORKSHOP 2026: Nodal Exchange is attending the OPIS LCFS & Carbon Markets Workshop 2026 taking place Tuesday, January 13th to Thursday, January 15th in San Diego, California. Caroline Gentry, Director of Environmental Markets at Nodal Exchange will be speaking on the topic, ‘Evolving Carbon Markets: Federal and East Coast Developments.’ For more information visit: OPIS LCFS & Carbon Markets Workshop 2026
February 9-11, 2026
NAEMA’S EAST MEETS WEST 2026: Nodal Exchange is sponsoring NAEMA’s East Meets West 2026 conference taking place Monday, February 9th to Wednesday, February 11th in Vail, Colorado. For more information visit: NAEMA'S East Meets West 2026
February 10-12, 2026
E-WORLD ENERGY AND WATER 2026: Nodal Exchange, as part of EEX Group, will sponsor E-World Energy and Water 2026 conference taking place Tuesday, February 10th to Thursday, February 12th in Essen, Germany. For more information visit: E-World Energy and Water 2026
April 13-15, 2026
S&P GLOBAL COMMODITY INSIGHTS GLOBAL POWER MARKETS CONFERENCE 2026: Nodal Exchange is sponsoring the S&P Global Commodity Insights Global Power Markets Conference 2026 taking place Monday, April 13th to Wednesday, April 15th in Las Vegas, Nevada. For more information visit: S&P Global Commodity Insights Global Power Markets Conference 2026

Nodal in the news

November 2025

Nodal Exchange achieves new trading volume records in October 2025

Learn more
October 2025

Nodal Exchange sets new trading volume records in Q3 2025

Learn more
October 2025

Paul Cusenza interview on the future of US power and risk management

Watch video

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.