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Electricity Futures

Contract Specifications (Fiscal Year)

East Area
Baseload Electricity (Fiscal Year)
West Area
Baseload Electricity (Fiscal Year)
East Area
Peakload Electricity (Fiscal Year)
West Area
Peakload Electricity (Fiscal Year)
Type of Trade Cash-settled Futures Transaction
Underlying Average Price of JEPX1 Spot Market(Day-Ahead) for the Tokyo Area Baseload Price (0:00~24:00) Average Price of JEPX1 Spot Market(Day-Ahead) for the Kansai Area Baseload Price (0:00~24:00) Average Price of JEPX1 Spot Market(Day-Ahead) for the Tokyo Area Peakload Price (8:00~20:00) Average Price of JEPX1 Spot Market(Day-Ahead) for the Kansai Area Peakload Price (8:00~20:00)
Opening Date May 26, 2025
Trading Hours 8:45-15:45, 17:00-19:00
(Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Closing Auction.
Trading Hours
Contract Years 2 Consecutive Years
Cascading FY position will remain as the position of monthly contracts after cascading.
Last Trading Day Before cascading: 3 business days prior to March 31st
After cascading: Last Trading Day of each month contract
Final Settlement Day Final settlement day of each month contract
Contract Unit (Contract base size: 100 kWh) No. of Calendar days in year x 24 hours/day x 100 kWh
Contract unit (Electricity Futures)
No. of Weekdays2 in year x 12 hours/day x 100 kWh
Contract unit (Electricity Futures)
Price Increment JPY 0.01 per kWh
Price Limits
  1. The price limit range: JPY 8.00
    (Note) No expansion
    Price Limits, Circuit Breaker Rule
    (Note) TOCOM may review price limit temporarily considering market conditions and other factors.
  2. Immediately Executable Price Range Rule (DCB): LTP±JPY 5.00
    (Note) The DCB Price Range for Opening Auction and Closing Auction will be ±JPY 6.00 respectively.
    Immediately Executable Price Range Rule
Circuit Breaker Rule (SCB) No trading Halt
Strategy Trades N/A
Off-floor Transactions Available (Tick size: JPY 0.01, Minimum trading unit: 1 unit)
Off-floor Transactions Detailed Rules
Holiday Trading Available
Holiday Trading
Daily Settlement Price The price determined by Japan Securities Clearing Corporation (JSCC) based on the Final Execution Price, etc.
Final Settlement Price Final settlement price of each month contract
Customer Position Limits Differences between short & long position (Net amount)
Trading Participants
5,000 contracts/each contract Year
(equivalent to 4,380GWh,in case of 365 days of the year)
Customers
2,500 contracts/each contract Year
(equivalent to 2,190GWh,in case of 365 days of the year)
Differences between short & long position (Net amount)
Trading Participants
7,000 contracts/each contract Year
(equivalent to 2,024.4GWh,in case of 241 days of the year)
Customers
3,500 contracts/each contract Year
(equivalent to 1,012.2GWh,in case of 241 days of the year)
Margin Calculated by VaR Method
Margin Calculated Method (VaR Method) for Futures and Options (JSCC)
Settlement
  1. Resale or repurchase
  2. After cascading: Resale or repurchase
             Final settlement (Cash Settlement based on Final Settlement Price)
Give-Up Available
Give-Up System
Position-Transfer Available
Position Transfer System (JSCC)
Position Reporting Applicable contract months: All contract months
Parties required to report: Trading Participants and Eligible Intermediaries, when short or long positions entrusted by a single client exceed the reporting criteria below
Information to be reported: Short positions and long positions for all contract months for the relevant issues
(Even if only one of the short or long position for one contract month exceeds the reporting criteria, it is necessary to report the quantities of both short and long positions in all contract months.)
Entrusted by other Trading Participants or Eligible Intermediaries Entrusted by customers other than these
Reporting criteria 1 contract 1 contract
Measurement date: Every business day (at the end of the day session)

  • JEPX: Japan Electric Power Exchange. JEPX is Japan's only exchange facilitating wholesale electricity trades.
  • Weekdays: The days specified by TOCOM.
(Note)
  • ・Eligible Intermediaries are brokers, foreign securities services providers, or foreign commodity futures brokers who are subject to the application of special measures concerning limits on the quantity of positions.
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