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Market prices, positions, participants and transactions are simulated for demonstration purposes.

Demonstration
EnergyTexasTHEORI-ENG-US-TX-HW27

ERCOT Extreme Heat Demand Protection

Protection against extreme summer temperatures contributing to unusually high electricity demand across the ERCOT market.

Contract details

Bid

11.1%

Provide capacity

Ask

11.8%

Buy protection

Spread

0.7 pts

Indicative market

Implied Probability

17.4%

Historical 14.2%

Available Capacity

$16.5M

$58M listed

Maturity

31 Aug 2027

1 June 2027 – 31 August 2027

Market Spread

0.7 pts

Indicative bid–ask

Indicative Market History

Illustrative pricing movement over the preceding six weeks.

Current indicative yield

11.8%

Range 10.6%–12.4%

01 Jul25 Jul14 Aug

Simulated Order Book

Indicative capacity available by premium rate.

RateCapacity
12.6%$2.7M
12.4%$2.2M
12.2%$1.7M
12.0%$1.3M
11.8%$800K
Indicative spread0.7 pts
11.1%$950K
10.9%$1.4M
10.7%$1.9M
10.5%$2.3M
10.3%$2.9M

Recent Market Activity

Simulated transactions for demonstration.

TimeDirectionNotionalRate
12:24:18Protection$750K11.8%
12:18:42Capacity$1.2M11.1%
12:07:11Protection$500K11.7%
11:56:35Capacity$2M11.0%
11:43:08Protection$900K11.8%

Related Markets

Comparable exposures within the current market or region.

Contract Timeline

Market Open

Indicative trading

Observation

1 June 2027 – 31 August 2027

Verification

Independent United States weather and electricity-market observations

Settlement

31 Aug 2027