12. POWERNEXT® FUTURES 11 Baseload Peakload Underlying The physical power delivered 24h a day on the French hub during the delivery period The physical power delivered during the peak hours (8 am to 8 pm) on the French hub during the delivery period (including holidays and excluding weekends) Delivery periods 3 Months 4 Quarters 3 Years Nominal 1 MW x 24hours x number of days=number of MWh (744 MWh for 31 days) 1 MWx12 hours x number of peak days=number of MWh (240MWh for 20 days) Price tick 0,01 €/MWh Minimum volume 1 MW Trading hours 9:00 am - 4:00 pm on business days (according to the Banque de France Target calendar) Clearing LCH.Clearnet SA is Powernext Futures™‘s central counterparty. It guarantees the financial settlements and the delivery of the electricity that has not yet been nominated to RTE, i.e. the electricity which delivery is to start the day after tomorrow at the earliest. All contracts are cleared as one or a series of individual months. Daily variation margin Variation margins are calculated as the delta of value of the position valued at daily settlement price minus previous daily settlement price or traded price for the new open or closed positions Last trading day The first business day prior to the calendar day preceding the first day of the delivery month Settlement Physical delivery on the basis of the last settlement price fixed on the last day of trading Method of last settlement Open position on the last trading day are delivered (nominated to RTE every day of the delivery period and the money amount is called to the purchaser)
22. CLEARING trade order order Powernext® Seller Buyer Trade Acceptance LCH Registers the contract in the name of clearers Novation LCH acts as CCP Netting Netting will result in Payment & Delivery obligations at each account level Nominations Cash Settlement Only in case of physical products LCH Clearnet SA 21