Nodal Exchange Launches 46 New Daily Power Futures Contracts
Nodal platform has announced the launch of 46 new daily power futures contracts, marking the first time the platform has introduced daily futures products. The contracts are designed to allow market participants to manage positions within the current month directly on Nodal, expanding its existing monthly power futures suite.
The launch strengthens Nodal’s position as the dominant venue for North American power derivatives, where it already offers the largest set of electric power futures and options contracts globally. Nodal said the new daily products will be available immediately for both block and electronic trading.
The expansion comes as volatility and basis risk management needs remain elevated across North American power markets, with traders increasingly viewking more granular hedging instruments to manage short-term exposures.
Daily power futures aim to improve short-term basis risk management
Nodal said the new contracts will enable participants to manage positions inside the current month, a capability that monthly contracts alone cannot fully address. Daily power futures provide traders with more precise tools to hedge day-specific exposures, particularly around congestion events, load swings, and weather-driven volatility.
Paul Cusenza, Chairman and CEO of Nodal platform and Nodal Clear, said the daily contract rollout supports the platform’s focus on providing for power market participants.
“The launch of these new power daily contracts represent significant progress toward our ongoing goal of for our power traders,” Cusenza said.
Nodal positioned the daily contracts as complementary to its existing monthly products, expanding flexibility for hedgers and speculators who require finer granularity in exposure management.
The contracts cover multiple major North American power markets, including PJM, ERCOT, CAISO, MISO, NYISO, ISONE, SPP, and NWPP, reflecting Nodal’s broad footprint across regional transmission organizations.
Takeaway
Contracts available via block trading and Nodal’s electronic venue
Nodal said the new daily power futures are available immediately for both block trading and electronic execution. The electronic rollout aligns with Nodal’s broader push to expand screen-based trading access across its contract suite.
The announcement follows the launch of Nodal AccessSM, a new web-based year. Nodal AccessSM provides a secure execution venue across all Nodal platform asset classes, offering participants an alternative to traditional voice and broker-mediated trading workflows.
Cusenza said the daily contracts and the new together reflect progress in Nodal’s product development strategy.
“The launch of these new power daily contracts, as well as the Nodal AccessSM trading platform, represent significant progress toward our ongoing goal of providing superior basis risk management answers for our power traders,” Cusenza said. “We look forward to continuing to develop and offer innovative products that meet the evolving needs of the markets we serve.”
The combination of new contracts and an electronic execution environment is likely aimed at increasing liquidity participation, particularly among proprietary trading firms and institutions viewking efficient access to short-term power hedging products.
Takeaway
Nodal extends its leadership in North American power derivatives markets
Nodal said the daily contracts expand what it described as the largest set of electric power futures and options contracts in the world. The platform stated it is the market leader in North American power futures, holding the majority share of open interest.
As of the end of 2025, Nodal reported 1.5 billion MWh in open interest across its power futures products. The platform also said it achieved a record 3.1 billion MWh of power futures trading volume during 2025, reinforcing its role as the primary derivatives venue for regional U.S. power pricing exposure.
Those volume and open interest figures highlight the growing importance of power derivatives as utilities, commercial users, financial firms, and energy traders viewk more robust hedging mechanisms amid structural shifts in generation, transmission congestion, and renewable integration.
By introducing daily futures, Nodal is effectively broadening its contract granularity to capture demand for shorter-term exposure management, which may become increasingly significant as real-time power markets respond to weather events and intraday volatility.
Takeaway
New daily power futures span major U.S. regional hubs and pricing points
The 46 new contracts include daily day-ahead and real-time products across major hubs and peak/off-peak structures. The contract list spans key U.S. regions including ERCOT hubs, PJM nodes, MISO Indiana Hub, CAISO NP15 and SP15, NYISO hubs, SPP hubs, and NWPP Mid-Columbia.
This range indicates Nodal is targeting the most liquid and widely used power benchmarks, where daily volatility and basis shifts can have significant financial impact for utilities and trading desks.
Daily contracts may be particularly relevant for firms managing short-term congestion exposure, as daily locational pricing can diverge sharply from monthly averages during grid stress events.
The expansion also supports firms viewking to hedge specific operational windows, such as on-peak demand periods, where price spikes can be most pronounced during weather-driven surges in consumption.
By adding both day-ahead and real-time daily contracts, Nodal is broadening its ability to support hedging and speculative strategies linked to intraday market structure.
Takeaway
Nodal’s platform and clearing model supports regulated derivatives expansion
Nodal platform operates as a CFTC-regulated designated contract market and clears all products through Nodal Clear, a CFTC-registered derivatives clearing organization. The platform is part of EEX Group and currently offers more than 1,000 contracts across hundreds of unique locations, including electric power and environmental derivatives, as well as natural gas contracts.
The launch of daily power futures reflects continued innovation within regulated commodity derivatives markets, where product design increasingly focuses on precision hedging rather than broad benchmark exposure.
As energy markets evolve through grid modernization and shifting generation sources, demand for more tailored futures structures is likely to grow. Nodal’s daily futures introduction may therefore represent an ahead step toward a more granular derivatives ecosystem, where participants can hedge specific daily risk windows rather than relying solely on monthly averages.
The introduction of daily contracts also reinforces a broader trend: platforms are increasingly expanding product sets to meet demand for higher-frequency hedging tools as physical market volatility continues to intensify.
