Description

NSE Clearing revises the Due Date Rate (DDR) for Monthly Electricity Futures contract ELECMBL that expired on December 30, 2025, from 3859.00 to 3882.00 per MWh.

Summary

NSE Clearing Limited has revised the Due Date Rate (DDR) for the Monthly Electricity Futures contract (ELECMBL) that expired on December 30, 2025. The DDR has been revised upward from ₹3,859.00 to ₹3,882.00 per MWh, representing an increase of ₹23.00 per MWh. This revision affects the final settlement of positions held in this contract.

Key Points

  • Contract: ELECMBL (Monthly Electricity Futures)
  • Expiry Date: December 30, 2025
  • Original DDR: ₹3,859.00 per MWh
  • Revised DDR: ₹3,882.00 per MWh
  • Change: +₹23.00 per MWh (0.6% increase)
  • Base Unit: 1 MWh
  • Circular Reference: NCL/COM/72181, Circular No. 007/2026

Regulatory Changes

No new regulatory changes introduced. This circular implements a revision to previously published settlement rates for the December 2025 electricity futures contract.

Compliance Requirements

  • All members of the Commodity Derivatives Segment must take note of the revised DDR
  • Settlement obligations for positions in the ELECMBL December 2025 contract must be recalculated based on the revised rate of ₹3,882.00 per MWh
  • Members should update their settlement records and margin calculations accordingly

Important Dates

  • Contract Expiry: December 30, 2025
  • Circular Date: January 6, 2026
  • Effective Date: Immediate (applies to December 30, 2025 expiry)

Impact Assessment

Market Impact: The upward revision of ₹23.00 per MWh will affect final settlement amounts for all members holding positions in the December 2025 ELECMBL contract. Long position holders will receive higher settlement proceeds, while short position holders will face increased settlement obligations.

Operational Impact: Members must adjust their settlement calculations and financial positions based on the revised DDR. The 0.6% increase is relatively modest but could have significant monetary impact depending on position sizes.

Reference Circulars: This circular references previous circulars NCL/COM/69054 (July 10, 2025), NCL/COM/69390 (July 30, 2025), and NCL/COM/72081 (December 31, 2025) regarding the Final Settlement (DDR) Procedure for Monthly Electricity Futures.

Impact Justification

Affects final settlement for electricity futures traders with positions in the December 2025 contract. The DDR revision of 23 per MWh could impact settlement obligations for members.