There is no public 10-year forward curve for wholesale power. We're building one.

The market problem

Ask any power-market analyst for the PJM Western Hub forward price ten years out. They'll quote you a number — but they won't show you the order book it came from, because there isn't one. Here's what's actually true today:

• ICE PJM Western Hub Day-Ahead Peak futures list out to roughly 50 consecutive monthly contracts (~4 years), but meaningful open interest is concentrated in the front 1–3 years. Past year three, the on-screen quote is largely synthetic.
• ERCOT, NEPOOL, CAISO futures look similar — listed tenor in the 3–5 year range, real liquidity inside year two.
• 5+ year power forwards trade exclusively bilateral OTC: voice brokers (TP ICAP, Marex/Spectron, GFI, Tradition, OTC Global Holdings), structured PPAs, tolling, revenue puts. None of it has a public tape.
• The "10-year forward curve" you see in vendor reports — S&P Global Platts M2MS, Argus, BloombergNEF, EOXLive — is a licensed proprietary feed modeled from those broker quotes plus ICE data plus proxy modeling. You can pay for a subscription. You cannot see the trades.

The result: clean-energy projects with 15–25 year operating lives are financed against a forward curve that nobody can see and no two parties price the same way. Bid-ask spreads on long-dated power balloon 10–20x prompt-month spreads when a trade happens at all.

What BVNRG does

BVNRG is a tokenized long-dated power forward, marked on-chain, with the underlying delivery contract held by the BV Innovations DeFi operator. One BVNRG token = 1 MWh of delivered electricity at a specific ISO hub, in a specific delivery month/year, in a specific delivery profile (peak / off-peak / 7×24).

The whole point is the curve:

• Every BVNRG mint posts the trade price on-chain in MXD.
• Every secondary trade posts the new mark on-chain.
• The aggregate of mints + trades, across every hub × delivery month × delivery profile, is a public, append-only forward curve out to 10+ years that anyone can read.

That curve is what doesn't exist anywhere else.

How it works mechanically

• 1 BVNRG = 1 MWh at a specific ISO hub, delivery month/year, delivery profile (peak / off-peak / 7×24)
• Origination: producer (generator or aggregator) commits forward delivery via a BV-supervised bilateral contract; BVNRG mints at the trade price; producer receives MXD at strike
• Transparency: every mint + every secondary trade posts to the on-chain curve (no proprietary feed)
• Settlement at delivery: physical delivery to qualified registered ISO market participants OR cash-settled against the ISO day-ahead settlement price at the delivery hour
• Hedging: BV Derivatives lists forwards + perps on BVNRG strips for hub-specific basis hedging
• Source-attestation overlay (optional): mint with a clean-energy flag if backed by qualifying §45Y / EAC-matched generation; this is a separate attestation track from the price curve itself

Why this trade exists for BV

We're operating the bilateral OTC trade today through the Tax Credit OTC Desk infrastructure (same workflow, same counsel review, same KYC). BVNRG is the productized layer — once we tokenize the underlying forward contract, the curve emerges as a side-effect. Producers get marketable paper for their long-dated production; buyers (utilities, large industrials, AI compute operators with 10-year power exposure) get a forward they can actually price.

Status

Testnet. We are in active conversations with three voice brokers about feed integration and two utility off-takers about anchor long-dated trades. First mainnet BVNRG mints target Q3 2026 alongside MXD launch.

Get started

If you're a generator with long-dated production to hedge — or a buyer with a multi-year forward power exposure you can't price today — the Tax Credit OTC Desk is the entry point. Talk to us.