I don't have a huge amount of market experience, but I have traded heat rate options at a merchant generation company and at an investment bank.
First off, I disagree Sid Jacobson's answer. Or at least I have never seen a contract with those settlement terms trade. Those terms are, for a heat rate call, eg, final settlement: C = P/G - K, which = P/G - HR, where K, the strike is a heat rate. So working from the example given, I'll change it around. Supposed the strike is a 10x heat rate and final settlement is 12x. So to plug in: C = 12 - 10 = "2". Two what? Two "gases". Or 2x the final gas price. Ok, that could work, but I've never seen it. But there's lots I probably haven't seen.
What I have seen trade between multiple generators and banks is called a heat rate option (but might more sensibly be called a spark spread option, given that the above sounds like what a HR opt should be). Final settlement is: C = P - G*HR - K (well Max(0,...)). Both the heat rate and the strike are fixed in the contract terms. (Strike can be zero or negative. Strike is typically a positive number representing the variable non-fuel/non-commodity costs associated with generation. Sometimes called VOM, I think variable operations and maintenance.)
The call has two underlyings, power and gas. In theory, either leg could settle either physically or financially. In practice I've always seen gas settled financially, and the power can be phys or fin. When both are fin, the holder bills the seller for the final settlement amount. When the power leg is phys, the holder takes delivery of power (which they typically will flip with an offsetting trade), and pays G*HR + K, for it. (We could imagine both legs phys, where holder takes power and delivers gas, but I haven't seen it.)
The two equations I've compared above can be rearranged into each other. But to speak literally of contract terms, I have only seen the form I give. And I have seen that one many times.
Edit: Also, I don't think I've ever seen an exchange listing (nymex/cme, or ICE) for HRO's. I have seem some quotes on broker sheets. It would be nice to have something listed. But I think they haven't been.