French Financial Futures
Product description
The French Future is a financial derivatives contract referring to the average power spot market prices of future delivery periods. Base load and peak load futures are available. The France Day Base or the France Day Peak Month index calculated by EPEX SPOT constitutes the underlying.
Terms | Contract size
French Futures are traded for the current week, the next four weeks, the current month, the next six months, seven quarters and six years. The contract volumes range from 60 MWh for the smallest peak week contract to 8,784 MWh for the biggest base load year contract. The delivery rate is 1 MW per contract.
Cascading and settlement
Year and quarter futures are cascaded into the respective quarter or month futures three exchange trading days before the beginning of delivery. The month futures remain tradable during the delivery month until final settlement is effected on the basis of the corresponding month index at the end of the month. The French Month Future is settled financially during the delivery month. Existing positions in EEX French Month Futures are not cascaded into French Week Futures. The French Week Futures also remains tradable during the delivery week. On the Monday following the traded week, final settlement for the contract is effected on the basis of the corresponding week index. Trading participants have the option to arrange the physical delivery of power on the spot market. This option is available for those trading participants that are admitted to the Day-Ahead Auction in the French market area on EPEX SPOT.
At a glance | ||
| Contract | Future on the average EPEX SPOT Market price (French market area) | |
| Maturities | Current week and next 4 weeks, current month and next 6 months, next 7 quarters and next 6 years | |
| Fulfilment | Cash settlement | |
| Trading hours | On every exchange trading day from 8:00 am to 6:00 pm, Registration of OTC transactions from 8:00 am to 6:00 pm (CET) | |
| Tick size | EUR 0.01 per MWh | |
| Transaction fees | Exchange fee: EUR 0.0075 per MWh Registration of OTC transactions: EUR 0.0075 per MWh | + Clearing fee: EUR 0.005 per MWh |
