Gaspoint Nordic
Contract Specifications
Contract Specifications
These Gaspoint Nordic Contract Specifications are a part of the Exchange Rules containing detailed provisions on Contracts tradable in Gaspoint Nordic´s Physical Market
The following specifications apply for Contracts for physical delivery of Natural Gas tradable at Gaspoint Nordic.
General terms
Market Area
ETF (Exchange Transfer Facility) - operated by the Danish TSO, Energinet.dk.
Tradable Contracts
GPN Natural Gas Within Day Contracts GPN Natural Gas Day Contracts GPN Natural Gas Weekend Contracts GPN Natural Gas Month Ahead Contracts
Delivery and Acceptance of Delivery
The delivery and acceptance of delivery is effected subject to the provisions contained in the Clearing Conditions by submitting a nomination or schedule in accordance with the requirements of the Shipper Framework Agreement and Energinet.dk’s Rules for Gas Transport (RfG). On every Delivery Day only that part of the contract shall be delivered, which has been defined for delivery according to the respective contract specifications for Delivery Periods and Delivery Times.
Contract Volume
Minimum lot size
1 contract (1 MW) or a multiple thereof.
Tick size
EUR 0.025 per MW
Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation per unit with the contract volume and the amount of delivery hours, respectively.
Quoting
The Trading Price is given as a quote describing the price in EUR per MWh. For example a quote of 22.75 means that the Trading Price is EUR 22.075 per MWh.
Purchase Price
The purchase price is the traded price per MW multiplied with the quantity to be delivered.
The purchase price for Month-Ahead contracts for all delivery days in the entire delivery period is the final settlement price. The final settlement price is determined on the last Trading Day and published on the Gaspoint Nordic website.
Delivery Periods and Delivery Time
The Delivery Day refers to the gas day as defined by Energinet.dk in the Rules for Gas Transport. The Delivery Periods with the respective Delivery Times are:
Within Day: The Delivery Period includes the remaining hours of the Delivery Day according to the Lead Time specified below.
Delivery starts at the next full hour plus 3 hours (Lead Time) after the conclusion of the trade. Delivery ends at 06.00 CET on the calendar day following the Delivery Day. See Enclosure 1 for further details on trading times and Delivery Periods of the Within Day Contract
Day: The Delivery Period equals one Delivery Day.
Delivery starts at 06.00 CET on the delivery day. Delivery ends at 06.00 CET on the calendar day following the delivery day.
Weekend: The Delivery Period equals two or more delivery days.
Delivery starts at 06.00 CET on the first delivery day (generally Saturday). Delivery ends at 06.00 CET on the calendar day (generally Monday) following the last delivery day of the weekend. The Delivery Period also comprises delivery days before and after a weekend, which are bank holidays in Great Britain.
Month Ahead: The Delivery Period equals the delivery days in the month ahead.
Delivery starts at 06.00 CET on the first delivery day of the delivery month. Delivery ends at 06.00 CET on the calendar day following the last delivery day of the delivery month.
Contract Trading Periods
The respective Contracts are tradable as follows:
Within Day Contracts: Each Within Day Contract will be introduced into trading in such way that it is tradable 24 hours. Trading ends 3 hours prior to the beginning of the Delivery Period.
Day Contracts: Each Day Contract will be introduced into trading in such way that it is tradable at least 24 hours on a business day (Monday to Friday), that is not a Bank Holiday in Great Britain. Trading ends 3 hours prior to the beginning of the Delivery Period.
Weekend Contracts: Each Weekend Contract is tradable on at least two successive Trading Days directly preceding its Delivery Period. In case one of the preceding trading days is a Bank Holiday in Great Britain, an additional preceding Trading Day for trading the contract is introduced. The trading ends 3 hours prior to the beginning of the Delivery Period.
Month Ahead Contract: Each Month Ahead Contract is tradable during the month preceding the delivery month.
The last Trading Day of the Month Ahead Contract is two Exchange days before the first delivery day of the delivery month.
Cascading of Weekend Contracts:
Immediately after the conclusion of the trade, each Weekend Contract is replaced by the corresponding Day Contracts whose Delivery Periods together correspond to the Weekend Contract.
Trading hours
GPN Natural Gas Within Day/Day/Weekend Contracts: Mon-Sun, 24 hours. GPN Natural Gas Month-Ahead Contract: Exchange Days, 8:30 a.m. – 6:00 p.m.
Trading Calendar:
Exchange Days are all days Monday to Friday which are not one of the below-mentioned holidays:
• New Year’s Day
• Good Friday
• Easter Monday
• May Day, May 1st
• Early May Bank Holiday
• Spring Bank Holiday
• Summer Bank Holiday
• Christmas Day (or Bank Holiday)
Enclosure 1
Specification of Delivery Period and Contract Volume of the Within Day Contract according to the time of the conclusion of the Trade:
Conclusion of trade between Beginning of delivery/ delivery period Contract volume in MWh 02:00 - 03:00 06:00-06:00 (T+1) 24 03:00 - 04:00 07:00-06:00 (T+1) 23 04:00 - 05:00 08:00-06:00 (T+1) 22 05:00 - 06:00 09:00-06:00 (T+1) 21 06:00 - 07:00 10:00-06:00 (T+1) 20 07:00 - 08:00 11:00-06:00 (T+1) 19 08:00 - 09:00 12:00-06:00 (T+1) 18 09:00 -10:00 13:00-06:00 (T+1) 17 10:00 -11:00 14:00-06:00 (T+1) 16 11:00 -12:00 15:00-06:00 (T+1) 15 12:00 -13:00 16:00-06:00 (T+1) 14 13:00 -14:00 17:00-06:00 (T+1) 13 14:00 -15:00 18:00-06:00 (T+1) 12 15:00 -16:00 19:00-06:00 (T+1) 11 16:00 -17:00 20:00-06:00 (T+1) 10 17:00 -18:00 21:00-06:00 (T+1) 9 18:00 -19:00 22:00-06:00 (T+1) 8 19:00 -20:00 23:00-06:00 (T+1) 7 20:00 -21:00 00:00-06:00 6 21:00 -22:00 01:00-06:00 5 22:00 -23:00 02:00-06:00 4 23:00 -00:00 03:00-06:00 3 00:00 -01:00 (T+1) 04:00-06:00 2 01:00 -02:00 (T+1) 05:00-06:00 1