In the AI and compute build-out, grids everywhere are under strain, and neither frontier labs nor households can manage what they consume. Grid Strategies puts U.S. demand up 16% by 2029; DOE and LBNL see data-centre use doubling or tripling by 2028.
Trading venues are closed to retail, and even professionals can't freely trade or directly hedge tail risk on today's primitive market structure.
Parabola turns that strain into something you can act on: an open exchange connecting people across grids, so a battery in Texas can back a laundromat in Pennsylvania, and a data centre can cap its bill across three grids at once.
Three doors, one book →Three counterparties. One number.
Every trade on Parabola is marked against the published curve and matched between someone who needs the cover and someone whose business improves by writing it. Nobody is asked to be the other side of a risk they don't already hold.
Cap the hours that break the budget.
Retail suppliers, co-ops and munis that sell fixed and buy hourly. Large loads that can't shift. And the brokers who serve every business that has no instrument at all today.
Request coverForward-sell the hours you already earn in.
Batteries, peaking generators, curtailable load and the aggregators who pool them. Their revenue is the spike. Writing cover converts it into premium today, and the most they can owe is posted the day they sign.
Write coverScarcity premium without a turbine.
Weather-risk and insurance-linked capital, and onchain vaults, that want structured exposure to power volatility. Parametric trigger, public print, no claims process.
Request coverOne market across grids.
Every grid publishes a price. None of them trade together. Parabola puts one market structure and one listing rule on every settleable print: each grid's model earns its listing by passing the same five gates, each hub's contracts are the same, and every trade marks into one book — so cover written on one grid can back risk on another.
India runs a different model — a market with a Rs 10,000/MWh ceiling that binds all night needs one — under the same contracts and the same listing rule. One day recorded; a candidate, not a listing. See the IEX pilot →
| PJM Western Hub | IEX India | |
|---|---|---|
| Unit | Hourly, 24 a day | 15-minute blocks, 96 a day |
| Price range | Priced up to $4,000/MWh | Up to the exchange's Rs 10,000/MWh ceiling, priced in |
| Tested how | Five public tests on a year of real prices, rerun every day | Scored on every recorded day; lists after a year of record |
| Products | Capped call strip | Cap, floor, collar, swap, spread floor, digital |
| Record | 44 days, 90 runs, 0 revisions | 1 day, from Sep 24 |
| Status | LIVE | CANDIDATE |
What stays the same across grids is the contract, the settlement, the listing rule and the public record. Each market gets the model its prices need. Two models, one market.
The rate you can lock today
Cover from the strike up to $500/MWh above it, priced per MWh off the published curve. This is the number a buyer sees before they ever call, and the number a writer quotes against.
Indicative, with a 25% loading. The curve is validated at one day ahead; longer terms are reference marks and writers quote them.
Ask for a term →| Strike | Tomorrowdaily average | Month-endmidday HE13 | Month-endevening HE18 | Month-endlate HE21 |
|---|---|---|---|---|
| $125 | $4.99 | $11.51 | $40.77 | $20.87 |
| $150 | $4.15 | $10.31 | $33.80 | $16.49 |
| $200 | $3.05 | $9.18 | $24.50 | $10.92 |
| Index | Delivery | Median | 5–95% | P>$250 |
|---|---|---|---|---|
| PBL-PJMW-DA-AVG | Sep 24 · daily average | $56 | $33–$117 | 1.1% |
| PBL-PJMW-DA-EVE | Sep 30 · HE18 | $84 | $48–$316 | 8.8% |
One request. One price.
Send Parabola the hub, the window, the hours, the quantity, the strike and the cap. We mark the request against the curve, put it to the writers, and come back with a single premium the same business day.
Send the card
Or one sentence: "Cover 5 MWh an hour above $150, evenings, July through August, cap $400k."
Parabola marks and routes it
Expected payout under the curve, plus spread, goes to the writer panel as the reference. Writers quote their own premium.
Sign, post, settle
Standard term agreement. Buyer posts the premium, writer posts the cap less premium, both into escrow. Settles on the grid operator's published print. Parabola structures and matches the trade; it does not hold the risk.
- Delivery
- Jul 1 – Aug 31 · hours ending 16–21 · 372 hours
- Quantity
- 5 MWh per hour
- Strike
- $150 / MWh
- Payout
- 5 × max(print − 150, 0) per hour, summed, capped at $400,000
- Premium
- $38,000, paid at trade
- Buyer posts
- $38,000 — its maximum loss
- Writer posts
- $362,000 — its maximum loss
- Settles
- Monthly, on PJM's published day-ahead LMP, pnode 51288
For suppliers and brokers: the cap plan
A laundromat can't hedge power. Its supplier can. Sell an index plan with a ceiling, aggregate the capped load, and buy one strip on Parabola to cover it. The customer gets a bill that can't spike; the supplier gets a product nobody else on the shelf has and never loses a year to a heat wave.
Regulated as retail supply, like every fixed-price plan sold today. The hedge lives one layer up, between two eligible contract participants.
Build a cap plan →Scored against what actually happened
Before you buy any protection you have to decide how much, and what it should cost. A calibration-tested probability is that input.
Published daily before the outcome is knowable, scored against the realized price the next morning. Three gates run before every publish; fail one and the curve does not go out.
| Run | Gates | CRPS skill | 95% cov. | Spike Brier | Chain |
|---|
….Built for the market that's coming
Power is the input to everything, its price is now a political issue, and the people paying for it have no instrument. The demand for a public market is already here. Only the venue is missing.
Distribution markets are a known primitive. Nobody has run one on a real commodity against a public, scored reference curve. That is the gap.
The paper exchange.
Reference curve public and scored daily. Settlement engine solvency-audited. Hedge, Trade and Index doors open. Positions pre-funded, capped, deterministic.
Collateralized hedges.
Capped calls sized in MWh. Stablecoin escrow, settled on the grid print. First writers: batteries and generators. Curve hashes committed onchain.
Protection for everyone.
Bill protection from a phone. Permissionless vaults on the sell side. Market prices supersede the house curve. Every new hub launches with its own scored record. IEX India recording since Sep 24 — the first grid where the collateral rail is the hard part, not the curve.
Cap the hours that break your budget.
Buying, writing, allocating, or selling plans to the businesses that can't hedge at all: send us the card and a fixed price comes back the same business day.