Nodal Exchange LLC, a derivatives trading platform for North American commodity markets, saw 3.1 billion megawatt hours (MWh) of power futures and 749,222 lots of environmental futures and options traded in 2025, achieving new annual highs.
Power futures traded last year on the Tysons, Virginia-based exchange rose four percent year-on-year to 3.1 billion MWh. The December volume of 235 million MWh was up 29 percent from December 2024, Nodal said in an online statement Thursday.
“Nodal continues to be the market leader in North American monthly power futures having 56 percent of the open interest with 1.51 billion MWh at the end of 2025”, Nodal said. “The open interest represents over $166 billion of notional value (both sides)”.
Meanwhile environmental market open interest ended 2025 at a record 391,264 lots, up one percent from 2024. “December deliveries of 37,173 lots marked the fifth-largest delivery month for environmental products on Nodal”, Nodal said.
“Renewable energy certificate futures and options posted volume of 465,189 lots in 2025, up 11 percent from a year earlier and ended the year with open interest of 323,591 lots, up 10 percent.
“Nodal continues to expand environmental offerings having over 68 percent of the North American Renewable Energy Certificate market measured in clean MWh generation.
“Nodal, in collaboration with IncubEx, launched several new environmental futures contracts in 2025, including Auction Clearing Price contracts for California, Washington and RGGI carbon allowances. Nodal was the first exchange to launch PJM Emission Free Energy Certificate Futures, which allow for delivery of nuclear energy certificates alongside hydro. Other new launches included Virginia In-State Compliance REC Futures, New York Environmental Disclosure Program REC Futures and Alberta TIER EPC Options”.
For natural gas, traded volumes last year totaled 958 trillion British thermal units (TBtu), Nodal said. Traded gas volumes in January-November 2025 reached a record 918 TBtu, up seven percent from the same nine-month period in 2024, Nodal reported December 11, 2025.
Chair and chief executive Paul Cusenza said Thursday, “Nodal plays a key role in providing price, credit and liquidity risk management solutions to the markets we serve”.
“As we begin the new year, we look forward to further developing our markets and expanding our product portfolio in order to best meet the needs of the markets we serve”, Cusenza added.
To contact the author, email jov.onsat@rigzone.com
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