The Dow Jones NP-15 Hourly Index is a volume weighted average of physical, hour-by-hour transactions that occur along delivery points in Northern California. Index participants provide Dow Jones Indexes with their itemized, bilateral transactions and volume for eligible electricity products sold in the region north of the Path 15 area. The index is published once daily on the trading day following the power flow date; transactions done on September 6 are published on September 7. The indexes are calculated 365 days a year.
The Dow Jones NP-15 Hourly Index joins five other hourly indexes and nine daily indexes that make up the Dow Jones Electricity Index family, considered the most reliable and broad-based pricing benchmarks available in the U.S. and Europe. The daily indexes average together prescheduled blocks of power for the entire power flow date.
The hourly indexes were first introduced in June 2002 to meet the demand of market participants for more pricing information. They are utilized by power producers, hedge funds, traders and utilities for pricing short- and long-term contracts and associated OTC hedging instruments, and by energy market analysts and regulators for cost assessment and market analysis.
The other hourly indexes are the Dow Jones Four Corners Index, Dow Jones California-Oregon Border (COB) Index, Dow Jones Mid-Columbia (Mid-C) Index, Dow Jones Palo Verde Index and Dow Jones South Path 15 (SP-15) Index, and the daily indexes are the Dow Jones Four Corners Index, Dow Jones California-Oregon Border Index, Dow Jones Mid-Columbia Index, Dow Jones Mead Index, Dow Jones Palo Verde Index, Dow Jones South Path 15 Index, Dow Jones North Path 15 Index, Dow Jones Cinergy Index and Dow Jones Pennsylvania-New Jersey-Maryland (PJM) Index.
In addition, effective immediately, the Nevada-Oregon border will be removed from the Dow Jones COB Index due to pricing differences between the two hubs. A daily index for the NOB region, which has been part of the COB Index since its inception in 1995, is currently under review.
