Nodal Exchange has launched 46 new daily power futures contracts, marking the first time the exchange has introduced daily futures products. The contracts are available immediately for both block trading and electronic execution, and are designed to let market participants manage positions inside the current month rather than relying only on monthly contracts.
The new products are being added alongside Nodal’s existing monthly power futures suite. According to the exchange, daily contracts give traders more precise hedging tools for short-term exposure, especially during congestion events, load swings, and weather-driven volatility that can push daily pricing away from monthly averages.
Daily contracts target current-month exposure
Nodal said the rollout is meant to improve basis risk management by giving participants a way to hedge day-specific exposure within the month. Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear, said the launch represents progress in the company’s effort to provide stronger basis risk management solutions for power traders.
The contract set spans major North American power markets, including PJM, ERCOT, CAISO, MISO, NYISO, ISONE, SPP, and NWPP. That coverage gives the exchange daily products across the core regional markets where short-term volatility and locational price shifts matter most.
Block and screen-based trading go live together
Nodal said the contracts are available right away through both block trading and its electronic venue. The electronic side of the rollout lines up with the exchange’s push to expand screen-based access across its product suite, including the launch of Nodal AccessSM, a web-based electronic trading platform introduced late last year.
The company said Nodal AccessSM provides a secure execution venue across all Nodal Exchange asset classes and offers an alternative to traditional voice-based and broker-mediated workflows. Cusenza said the new daily contracts and the Nodal AccessSM platform together reflect progress in Nodal’s broader product development strategy.
Open interest and volume remain central to Nodal’s pitch
Nodal described the launch as an expansion of what it calls the world’s largest set of electric power futures and options contracts. The exchange also said 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 and a record 3.1 billion MWh in 2025 power futures trading volume.
The 46 contracts include daily day-ahead and real-time products across major hubs and peak and off-peak structures. The list includes ERCOT hubs, PJM nodes, MISO Indiana Hub, CAISO NP15 and SP15, NYISO hubs, SPP hubs, and NWPP Mid-Columbia, showing that the exchange is focusing on widely used U.S. power benchmarks.
Regulated exchange and clearing structure supports the expansion
Nodal Exchange operates as a CFTC-regulated designated contract market, and all products are cleared through Nodal Clear, a CFTC-registered derivatives clearing organization. The exchange is part of EEX Group and currently offers more than 1,000 contracts across hundreds of unique locations, covering electric power, environmental derivatives, and natural gas.
With the addition of daily power futures, Nodal is extending its contract suite into shorter-term risk windows that monthly products cannot fully capture. The move gives market participants regulated futures tied to specific daily pricing points, peak structures, and operating periods across major U.S. regional markets.