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Discrepancy between the amount that a seller contracted to deliver and the actual volume of power delivered. Imbalances are resolved through monetary payment.
- Browse Related Terms: Bid-ask differential, or spread, Broker, Imbalance energy, Market liquidity, Market participant, Voice broker
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An independent, Federally regulated entity established to coordinate regional transmission in a non-discriminatory manner and ensure the safety and reliability of the electric system. (See also Regional Transmission Organization).
- Browse Related Terms: Capacity margin, congestion, Critical notices, Curtailable load, First Contingency Reliability Criteria, Independent system operator (ISO), Interruptible or nonfirm transportation, Intertie, Load-serving entity (LSE), Loop flow, Marginal electric generating unit, Native load, Operating reserves, Outage, Regional Transmission Organization (RTO), Transmission loading relief (TLR)
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Also Price Index. A representative price usually computed and published by a trade journal or transaction venues (e.g., ICE), using information from actual fixed price transactions. Buyers and sellers not active in a market may transact at a price index that is representative of the market. It is also used by state regulators as a benchmark for distributor pass-through of commodity costs to consumers. Market participants who are active and willing to transact at fixed prices during the trading period, in effect, are the ones forming the index prices. A price index based on large volumes, many transactions and many counterparties, is representative of a liquid and competitive market point, but indices formed at points with few transactions may be less reliable.
- Browse Related Terms: Basis Swaps, Credit rating, Daily (or Next-Day) Indexes, Debt financing, Electronic trading platform, Fixed price transactions, Floating price transactions, index, Market, Market structure, Power marketer, Project financing, Spread trading, Swaps
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All > Science > Energy > Energy Market
The period from April 1 through October 31, during which gas is injected into natural gas storage reservoirs in preparation for withdrawal and use during the winter heating season.
- Browse Related Terms: British thermal unit (Btu), Cooling degree days (CDD), Gas turbine, Heating degree days (HDD), Injection season, Liquefied natural gas (LNG), Natural Gas, Sendout, Winter heating season
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- The total potential output of a given set of existing generators, usually measured in megawatts.
- A share of potential (not actual) output that load-serving entities are required to procure as an administrative measure to ensure adequate generation supply. (See also Capacity Markets, Locational Installed Capacity.)
- Browse Related Terms: Ancillary services, Automatic generation control, availability, Baseload Unit, Capacity factor, Control area, Financial liquidity, Fuel-adjustment clause, Installed capacity, Load pocket, Mothballed capacity, Peaking capacity, Plant factor, Ramp rate, Reliability must run (RMR), Retail unbundling, Voltage reduction, Wholesale electricity markets
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An exempt exchange under CFMA 2000. It is exempt from many reporting requirements that are required of Nymex. It was initially backed by major energy merchants (excluding Enron) and investment banks Goldman Sachs and Morgan Stanley. Today it is a publicly traded business that offers trading in over a 1000 physical and financial products and clearing through LCH (formerly London Clearing House). It has a futures exchange (formerly IPE) in London, and just made a bid for NYBOT.
- Browse Related Terms: Collateral, Credit, Credit risk, Financial markets, Financial transaction, Financially settled, IntercontinentalExchange (ICE), Margin requirement, Open outcry, Price discovery, Risk Management
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Transmission service that is reserved and scheduled on an as–available basis and is subject to curtailment or interruption.
- Browse Related Terms: Capacity margin, congestion, Critical notices, Curtailable load, First Contingency Reliability Criteria, Independent system operator (ISO), Interruptible or nonfirm transportation, Intertie, Load-serving entity (LSE), Loop flow, Marginal electric generating unit, Native load, Operating reserves, Outage, Regional Transmission Organization (RTO), Transmission loading relief (TLR)
All > Science > Energy > Energy Market
The point of physical interconnection between adjacent transmission systems.
- Browse Related Terms: Capacity margin, congestion, Critical notices, Curtailable load, First Contingency Reliability Criteria, Independent system operator (ISO), Interruptible or nonfirm transportation, Intertie, Load-serving entity (LSE), Loop flow, Marginal electric generating unit, Native load, Operating reserves, Outage, Regional Transmission Organization (RTO), Transmission loading relief (TLR)