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Calculating Variable Units |
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| Contract Unit |
- A contract is a 2.5 megawatt (Mw) per hour block (monthly, weekly,
daily).
- Variable Contract Unit (monthly)
- Contract quantity is determined by multiplying the delivery rate
(2.5 Mw) by the number of peak hours (16) in a day and by the number
of peak days in the contract period.
- 19 peak days - 760 Mwh/lot
- 20 peak days – 800 Mwh/lot
- 21 peak days – 840 Mwh/lot
- 22 peak days – 880 Mwh/lot
- 23 peak days – 920 Mwh/lot
- A 50 Mw deal is 20 PJM futures contracts.
Example: June 2003 (JMM3):
Delivery Rate (Mw) x Peak Hours in Day x Peak Days in
Period = Contract Unit
Or
2.5 Mw x 16 hours x 21 days = 840 Mwh |
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| NERC Holiday Schedule |
Peak days in the eastern US include all weekdays with the exception of
six holidays. Those holidays are designated as off-peak days by the North
American Electric Reliability Council (NERC), and are listed below.
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| Jump to 2009 | 2010
| 2011 | 2012 | 2013
| 2014 | 2015 |
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| Tuesday, January 1 |
New Year's Day |
| Monday, May 26 |
Memorial Day |
| Friday, July 4 |
Independence Day |
| Monday, September 1 |
Labor Day |
| Thursday, November 27 |
Thanksgiving Day |
| Thursay, December 25 |
Christmas Day |
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|
| Thursday, January 1 |
New Year's Day |
| Monday, May 25 |
Memorial Day |
| Saturday, July 4 |
Independence Day |
| Monday, September 7 |
Labor Day |
| Thursday, November 26 |
Thanksgiving Day |
| Friday, December 25 |
Christmas Day |
| |
|
| Friday, January 1 |
New Year's Day |
| Monday, May 31 |
Memorial Day |
| Monday, July 5 |
Independence Day |
| Monday, September 6 |
Labor Day |
| Thursday, November 25 |
Thanksgiving Day |
| Saturday, December 25 |
Christmas Day |
|
| Saturday, January 1 |
New Year's Day |
| Monday, May 30 |
Memorial Day |
| Monday, July 4 |
Independence Day |
| Monday, September 5 |
Labor Day |
| Thursday, November 24 |
Thanksgiving Day |
| Monday, December 26 |
Christmas Day |
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|
| Monday, January 2 |
New Year's Day |
| Monday, May 28 |
Memorial Day |
| Wednesday, July 4 |
Independence Day |
| Monday, September 3 |
Labor Day |
| Thursday, November 22 |
Thanksgiving Day |
| Tuesday, December 25 |
Christmas Day |
| |
|
| Tuesday, January 1 |
New Year's Day |
| Monday, May 27 |
Memorial Day |
| Thursday, July 4 |
Independence Day |
| Monday, September 2 |
Labor Day |
| Thursday, November 21 |
Thanksgiving Day |
| Wednesday, December 25 |
Christmas Day |
| |
|
| Wednesday, January 1 |
New Year's Day |
| Monday, May 26 |
Memorial Day |
| Friday, July 4 |
Independence Day |
| Monday, September 1 |
Labor Day |
| Thursday, November 27 |
Thanksgiving Day |
| Thursday, December 25 |
Christmas Day |
| |
|
| Thursday, January 1 |
New Year's Day |
| Monday, May 25 |
Memorial Day |
| Saturday, July 4 |
Independence Day |
| Monday, September 7 |
Labor Day |
| Thursday, November 26 |
Thanksgiving Day |
| Friday, December 25 |
Christmas Day |
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| Peak Days |
Using this schedule, the resulting peak days for each monthly contract
listed through 2017 is as follows:
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Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sept |
Oct |
Nov |
Dec |
Total |
| |
F |
G |
H |
J |
K |
M |
N |
Q |
U |
V |
X |
Z |
|
| 2008 |
22 |
21 |
21 |
22 |
21 |
21 |
22 |
21 |
21 |
23 |
19 |
22 |
256 |
| 2009 |
21 |
20 |
22 |
22 |
20 |
22 |
23 |
21 |
21 |
22 |
20 |
22 |
256 |
| 2010 |
20 |
20 |
23 |
22 |
20 |
22 |
21 |
22 |
21 |
21 |
21 |
23 |
256 |
| 2011 |
21 |
20 |
23 |
21 |
21 |
22 |
20 |
23 |
21 |
21 |
21 |
21 |
255 |
| 2012 |
21 |
21 |
22 |
21 |
22 |
21 |
21 |
23 |
19 |
23 |
21 |
20 |
255 |
| 2013 |
22 |
20 |
21 |
22 |
22 |
20 |
22 |
22 |
20 |
23 |
20 |
21 |
255 |
| 2014 |
22 |
20 |
21 |
22 |
21 |
21 |
22 |
21 |
21 |
23 |
19 |
22 |
255 |
| 2015 |
21 |
20 |
22 |
22 |
20 |
22 |
23 |
21 |
21 |
22 |
20 |
22 |
256 |
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| Tick Size |
Minimum tick ($0.05/Mwh) / per contract:
19 peak day contract = $38.00/Lot (19 days x 16 hours x
2.5 Mw x $0.05)
20 peak day contract = $40.00/Lot (20 days x 16 hours x
2.5 Mw x $0.05)
21 peak day contract = $42.00/Lot (21 days x 16 hours x
2.5 Mw x $0.05)
22 peak day contract = $44.00/Lot (22 days x 16 hours x
2.5 Mw x $0.05)
23 peak day contract = $46.00/Lot (23 days x 16 hours x
2.5 Mw x $0.05) |
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