Renewable Energy Certificate Contracts on Nodal Exchange
Learn more about trading Renewable Energy Certificate futures and options for the REC programs on Nodal Exchange.
REC CONTRACTS ON NODAL EXCHANGE
Renewable Energy Certificate (REC) markets are created through Renewable Portfolio Standard (RPS) programs, which are generally implemented at the State level. Currently, 31 States plus D.C. have implemented RPS Programs.
Contract Overviews
REC Futures
- Physically delivered contracts, from defined REC registries
- Contract size: Varies from 10 to 1,000 RECs
- Priced in U.S. dollars per REC
- Minimum tick size: $0.001 to $0.01
- Last Trading Day: Three Business Days, prior to the last business day of the delivery month
- Physical Delivery: Last Business Day of the contract month
REC Options
- Options on Futures
- European style (exercise only at expiry)
- Equity Style Premium (premium paid up front)
- Lot size: 1 lot of underlying contract
- Priced in US dollars
- Minimum tick size: $0.001
- Strike Price Intervals: $0.05 for TX, $0.05 for PJM Tri-Qualified, $1.00 for NJ Solar, $5.00 for MA
- Solar and $0.25 for all others
- Last Trading Day: 4:00 pm EPT on the 15th calendar day of the delivery month
- Exercise: Automatic on last trading day, unless exchange is notified to allow in-the-money options to expire without exercise or to exercise expiring out-of-the-money options.
Key benefits of trading on Nodal Exchange
- Broadest exchange suite of REC futures contracts
- More efficient physical delivery process
- Letters of credit available as collateral against Initial Margin requirements
- Capital efficiency potential through Portfolio (VAR based) margining
- Products listed and cleared alongside Nodal’s existing power and gas product suite
- Competitive transaction costs
- No membership of market data fees
- Experienced team dedicated to product development and customer support
Key benefits of trading on Nodal Exchange
- Broadest exchange suite of REC futures contracts
- More efficient physical delivery process
- Letters of credit available as collateral against Initial Margin requirements
- Capital efficiency potential through Portfolio (VAR based) margining
- Products listed and cleared alongside Nodal’s existing power and gas product suite
- Competitive transaction costs
- No membership of market data fees
- Experienced team dedicated to product development and customer support
Renewable Energy Certificates
REGISTRIES
The products highlighted in green are only available on Nodal Exchange.
All tick sizes for environmental contracts for REC futures are $0.01 and for REC options are $0.001
| PRODUCT | FUTURES VINTAGES | OPTIONS VINTAGES | CONTRACT CODE | CONTRACT SIZE | STRIKE INTERVAL | PRODUCT SPECS |
|---|---|---|---|---|---|---|
| Texas Compliance RECs | 2021-2030 | 2021-2030 | TXE, TXF, TXG, TXH, TXI, TXJ, TXK, TXL, TXM, TXN | 100 RECs | $0.05 | Futures Options |
| Texas Wind RECs from CRS Listed Facilities – Vintage Specific Back Half | 2021-2035 | 2021-2033 | TBE, TBF, TBG, TBH, TBI, TBJ, TBK, TBL, TBM, TBN,TBO, TBP, TBQ, TBR, TBS | 1,000 RECs | $0.05 | Futures Options |
| Texas Wind RECs from CRS Listed Facilities – Vintage Specific Front Half | 2021-2035 | 2021-2033 | TFE, TFF, TFG, TFH, TFI, TFJ, TFK, TFL, TFM, TFN,TFO, TFP, TFQ, TFR, TFS | 1,000 RECs | $0.05 | Futures Options |
| Texas Compliance Solar RECs from CRS Listed Facilities – Vintage Specific Back Half | 2021-2035 | 2021-2030 | TTB, TTC, TTD, TTE, TTF, TTG, TTH, TTI, TTJ, TTK, TTL, TTM TTN, TTO TTP | 1,000 RECs & 1,000 CPs | $0.05 | Futures Options |
| Texas Compliance Solar RECs from CRS Listed Facilities – Vintage Specific Front Half | 2021-2035 | 2021-2030 | TSB, TSC, TSD, TSE, TSF, TSG, TSH, TSI, TSJ, TSK, TSL, TSM, TSN, TSO, TSP | 1,000 RECs & 1,000 CPs | $0.05 | Futures Options |
| National RECs from CRS Listed Wind Energy Facilities Back Half | 2022-2035 | NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS | 1,000 RECs | Futures | ||
| National RECs from CRS Listed Wind Energy Facilities Front Half | 2022-2035 | NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS | 1,000 RECs | Futures |
| PRODUCT | FUTURES VINTAGES | CONTRACT CODE | CONTRACT SIZE | PRODUCT SPECS |
|---|---|---|---|---|
| M-RETS RECs from CRS Listed Wind Facilities – Vintage Specific Back Half | 2021-2030 | MXB, MXC, MXD, MXE, MXF, MXG, MXH, MXI, MXJ, MXK | 1,000 RECs | Futures |
| M-RETS RECs from CRS Listed Wind Facilities – Vintage Specific Front Half | 2021-2030 | MWB, MWC, MWD, MWE, MWF, MWG, MWH, MWI, MWJ, MWK | 1,000 RECs | Futures |
| National RECs from CRS Listed Wind Energy Facilities Back Half | 2022-2035 | NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS | 1,000 RECs | Futures |
| National RECs from CRS Listed Wind Energy Facilities Front Half | 2022-2035 | NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS | 1,000 RECs | Futures |
| PRODUCT | FUTURES VINTAGES | CONTRACT CODE | CONTRACT SIZE | PRODUCT SPECS |
|---|---|---|---|---|
| NAR Registered RECs from CRS Listed Solar Energy Facilities Back Half | 2021-2030 | NUE, NUF, NUG, NUH, NUI, NUJ, NUK, NUL, NUM, NUN | 1,000 RECS | Futures |
| NAR Registered RECs from CRS Listed Solar Energy Facilities Front Half | 2021-2030 | NVE, NVF, NVG, NVH, NVI, NVJ, NVK, NVL, NVM, NVN | 1,000 RECs | Futures |
| NAR Registered RECs from CRS Listed Wind Energy Facilities Back Half | 2021-2030 | NKE, NKF, NKG, NKH, NKI, NKJ, NKK, NKL, NKM, NKN | 1,000 RECs | Futures |
| NAR Registered RECs from CRS Listed Wind Energy Facilities Front Half | 2021-2030 | NLE, NLF, NLG, NLH, NLI, NLJ, NLK, NLM, NLN | 1,000 RECs | Futures |
| National RECs from CRS Listed Wind Energy Facilities Back Half | 2022-2035 | NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS | 1,000 RECs | Futures |
| National RECs from CRS Listed Wind Energy Facilities Front Half | 2022-2035 | NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS | 1,000 RECs | Futures |
| PRODUCT | FUTURES VINTAGES | OPTIONS VINTAGES | CONTRACT CODE | CONTRACT SIZE | STRIKE INTERVAL | PRODUCT SPECS |
|---|---|---|---|---|---|---|
| Connecticut Class I RECs | 2022-2035 | 2022-2030 | RCF, RCG, RCH, RCI, RCJ, RCK, RCL, RCM, RCN, RCO, RCP, RCQ, RCR, RCS | 100 RECs | $0.25 | Futures Options |
| Connecticut Class II RECs | 2022-2026 | RDF, RDG, RDH, RDI, RDJ | 100 RECs | Futures | ||
| Connecticut Class III RECs | 2022-2030 | REF, REG, REH, REI, REJ, REK, REL, REM, REN | 100 RECs | Futures | ||
| Maine Class I RECs | 2022-2030 | MNF, MNG, MNH, MNI. MNJ, MNK, MNL, MNM, MNN | 100 RECs | Futures | ||
| Maine Class 1A RECs | 2022-2030 | MMF, MMG, MMH, MMI, MMJ, MMK, MML, MMM, MMN | 100 RECs | Futures | ||
| Maine Class II RECs | 2022-2030 | MQF, MQG, MQH, MQI, MQJ, MQK, MQL, MQN | 100 RECs | Futures | ||
| Massachusetts APS RECs | 2022-2030 | MFF, MFG, MFH, MFI, MFJ, MFK, MFL, MFM, MFN | 100 RECs | Futures | ||
| Massachusetts CES-E Certificates | 2022-2030 | MIF, MIG, MIH, MII, MIJ, MIK, MIL, MIM, MIN | 100 RECs | Futures | ||
| Massachusetts Class I RECs | 2022-2035 | 2022-2030 | MAF, MAG, MAH, MAI, MAJ, MAK, MAL, MAM, MAN, MAO, MAP, MAQ, MAR, MAS | 100 RECs | $0.25 | Futures Options |
| Massachusetts Class II RECs (Non-WTE) | 2022-2030 | MEF, MEG, MEH, MEI, MEJ, MEK, MEL, MEM, MEN | 100 RECs | Futures | ||
| Massachusetts Class II WTE RECs | 2022-2030 | MGF, MGG, MGH, MGI, MGJ, MGK, MGL, MGM,MGN | 100 RECs | Futures | ||
| Massachusetts Solar RECs | 2022-2024 | 2022-2024 | MSF, MSG, MSH | 10 SRECs | $5.00 | Futures Options |
| Massachusetts Solar Carve Out II RECs | 2022-2030 | 2022-2030 | MCF, MCG, MCH, MCI, MCJ, MCK, MCL, MCM, MCN | 10 SRECs | $5.00 | Futures Options |
| NEPOOL Dual Qualified Class I RECs | 2022-2035 | 2022-2030 | NPF, NPG, NPH, NPI, NPJ, NPK, NPL, NPM, NPN, NPO, NPP, NPQ, NPR, NPS | 100 RECs | $0.25 | Futures Options |
| NEPOOL Quad Qualified Class I RECs | 2022-2030 | NQF, NQG, NQH, NQI, NQJ, NQL, NQM, NQN | 100 RECs | Futures | ||
| New Hampshire Class I RECs | 2022-2025 | NRF, NRG, NRH, NRI | 100 RECs | Futures | ||
| New Hampshire Class III RECs | 2022-2025 | NTF, NTG, NTH, NTI | 100 RECs | Futures | ||
| Rhode Island New RECs | 2022-2025 | RIF, RIG, RIH, RII | 100 RECs | Futures |
| PRODUCT | FUTURES VINTAGES | CONTRACT CODE | CONTRACT SIZE | PRODUCT SPECS |
|---|---|---|---|---|
| New York Tier I RECs | 2022-2030 | NYC, NYD, NYE, NYF, NYG, NYH, NYI, NYJ, NYK | 100 RECs | Futures |
| PRODUCT | FUTURES VINTAGES | OPTIONS VINTAGES | CONTRACT CODE | CONTRACT SIZE | STRIKE INTERVAL | PRODUCT SPECS |
|---|---|---|---|---|---|---|
| District of Columbia Tier I RECs | 2021-2030 | WDE, WDF, WDG, WDH, WDI, WDJ, WDK, WDL, WDM, WDN | 100 RECs | Futures | ||
| District of Columbia Solar RECs | 2021-2030 | WRE, WRF, WRG, WRH, WRI, WRJ, WRK, WRL, WRM, WRN | 10 SRECs | Futures | ||
| Maryland Solar RECs | 2021-2035 | 2021-2027 | MRE, MRF, MRG, MRH, MRI, MRJ, MRK, MRL, MRM, MRN, MRO, MRP, MRQ, MRR, MRS | 10 SRECs | $0.25 | Futures Options |
| Maryland Tier I RECs Bankable | 2021-2025 | 2021-2025 | MBE, MBF, MBG, MBH, MBI | 100 RECs | $0.25 | Futures Options |
| Maryland Tier I RECs Vintage Specific | 2021-2035 | 2021-2030 | MDE, MDF, MDG, MDH, MDI, MDJ, MDK, MDL, MDM, MDN, MDO, MDP, MDQ, MDR, MDS | 100 RECs | $0.25 | Futures Options |
| Maryland Tier II RECs | 2021-2025 | MHE, MHF, MHG, MHH, MHI | 100 RECs | Futures | ||
| New Jersey Class I RECs Bankable | 2021-2025 | 2021-2025 | NBE, NBF, NBG, NBH, NBI | 100 RECs | $0.25 | Futures Options |
| New Jersey Class I RECs Vintage Specific | 2021-2035 | 2021-2030 | NJE, NJF, NJG, NJH, NJI, NJJ, NJK, NJL, NJM, NJN, NJO, NJP, NJQ, NJR, NJS | 100 RECs | $0.25 | Futures Options |
| New Jersey Class II RECs | 2022-2030 | 2023-2030 | SGF, SGG, SGH, SGI, SGJ, SGK, SGL, SGM, SGN | 100 RECs | $0.05 | Futures Options |
| New Jersey Solar RECs | 2021-2033 | 2021-2030 | NSE, NSF, NSG, NSH, NSI, NSJ, NSK, NSL, NSM, NSN, NSO, NSP, NSQ | 10 SRECs | $1.00 | Futures Options |
| New Jersey-Pennsylvania Dual Qualified Class II RECs | 2023-2030 | 2023-2030 | NEG, NEH, NEI, NEJ, NEK, NEL, NEM, NEN | 100 RECs | $0.05 | Futures Options |
| Ohio Non-Solar RECs | 2021-2030 | OHE, OHF, OHG, OHH, OHI, OHJ, OHK, OHL, OHM, OHN | 100 RECs | Futures | ||
| Ohio Solar RECs | 2021-2026 | OSE, OSF, OSG, OSH, OSI, OSJ | 10 SRECs | Futures | ||
| Pennsylvania Alternative Energy Certificate Tier I Bankable | 2021-2025 | 2021-2025 | PBE, PBF, PBG, PBH, PBI | 100 AECs | $0.25 | Futures Options |
| Pennsylvania Alternative Energy Certificates Tier I Vintage Specific | 2021-2035 | 2021-2030 | PAE, PAF, PAG, PAH, PAI, PAJ, PAK, PAL, PAM, PAN, PAO, PAP, PAQ, PAR, PAS | 100 AECs | $0.25 | Futures Options |
| Pennsylvania Solar Alternative Energy Certificates | 2021-2035 | 2021-2030 | PSE, PSF, PSG, PSH, PSI, PSJ, PSK, PSL, PSM, PSN, PSO, PSP, PSQ, PSR, PSS | 10 SAECs | $0.25 | Futures Options |
| Pennsylvania Alternative Energy Certificate Tier II | 2021-2030 | 2021-2030 | PCE, PCF, PCG, PCH, PCI, PCJ, PCK, PCL, PCM, PCN | 100 AECs | $0.05 | Futures Options |
| PJM Tri-Qualified Class I RECs | 2021-2035 | 2021-2035 | PME, PMF, PMG, PMH, PMI, PMJ, PMK, PML, PMM, PMN, PMO, PMP, PMQ, PMR, PMS | 100 RECs | $0.05 | Futures Options |
| PJM Quad-Qualified Class I RECs | 2023-2035 | PJG, PJH, PJI, PJJ, PJK, PJL, PJM, PJN, PJO, PJP, PJQ, PJR, PJS | 100 RECs | Futures | ||
| Virginia RECs | 2023-2035 | VIG, VIH, VII, VIJ, VIK, VIL, VIM, VIN, VIO,VIP, VIQ, VIR, VIS | 100 RECs | Futures |
| PRODUCT | FUTURES VINTAGES | CONTRACT CODE | CONTRACT SIZE | PRODUCT SPECS |
|---|---|---|---|---|
| California PCC 3 RECs | 2021-2030 | WAE, WAF, WAG, WAH, WAI, WAJ, WAK, WAL, WAM, WAN | 100 RECs | Futures |
| WREGIS Registered RECs from CRS Wind Energy Facilities - Front Half Future | 2021-2030 | WME, WMF, WMG, WMH, WMI, WMJ, WMK, WML, WMM, WMN | 1,000 RECs | Futures |
| WREGIS Registered RECs from CRS Wind Energy Facilities - Back Half Future | 2021-2030 | WNE, WNF, WNG, WNH, WNI, WNK, WNL, WNM, WNN | 1,000 RECs | Futures |
| National RECs from CRS Listed Wind Energy Facilities Front Half | 2022-2035 | NCF, NCG, NCH, NCI, NCJ, NCK, NCL, NCM, NCN, NCI, NCO, NCP, NCQ, NCR, NCS | 1,000 RECs | Futures |
| National RECs from CRS Listed Wind Energy Facilities Back Half | 2022-2035 | NDF, NDG, NDH, NDI, NDJ, NDK, NDL, NDM, NDN, NDO, NDP, NDQ, NDR, NDS | 1,000 RECs | Futures |
About Nodal Exchange
Nodal Exchange, headquartered in Tysons Corner, VA, is a CFTC-regulated derivatives exchange providing price, credit and liquidity risk management to participants in the North American commodity markets. Part of EEX Group, Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and offers over 1,000 power, gas, environmental, natural gas and freight futures, all cleared on Nodal Clear. IncubEx is partnered with Nodal on its North American environmental products.
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REC COntracts on Nodal
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Texas Wind and Solar Futures on Nodal Exchange
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