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The rate at power system load or generator output varies, or the limits to such rates due to mechanical or reliability considerations.
- 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 electricity market that settles–determines the price–for one-hour periods or less during the day of delivery.
- Browse Related Terms: Basis, Daily Deals, Day-ahead markets, Floating Storage, National balancing point (NBP), Real-time market, Single settlement system, Spot market, Two-settlement system, Virtual bidding, Zeebrugge
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The instantaneous pricing of electricity based on the cost of the electricity available for use at the time the electricity is demanded by the customer.
- Browse Related Terms: Balancing, baseline, Baseload, Capacity, Capacity markets, load, Load Factor, Peak load, peak demand, Real-time pricing, Time-of-use pricing
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- The settlement price of a derivatives contract, based on a particular location and commodity;
- An estimated electricity offer price based on operating and maintenance costs, or a pre-negotiated offer price.
- Browse Related Terms: 12-month strip, Arbitrage, Delivery Point(s), Financial transmission right, Forward price curve, Futures market, Henry Hub, Locational marginal price, long, Mark-to-market, Physical basis, Reference price, Short position, Spark spread, Uplift, West Texas Intermediate (WTI)
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A voluntary organization of electric transmission owners, transmission users and other entities approved by the Commission to efficiently coordinate electric transmission planning (and expansion), operation and use on a regional (and interregional) basis. Operation of transmission facilities by the RTO must be performed on a non-discriminatory basis.
- 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
A unit that must run for operational or reliability reasons, regardless of economic considerations. Also called a reliability agreement.
- 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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The percentage of installed capacity exceeding the expected peak demand during a specified period.
- Browse Related Terms: Demand elasticity, Demand responsiveness/demand response, Load control, Load shedding, On-Peak, Pivotal supplier, Reserve margin, Rolling blackouts, Volumetric risk
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All > Science > Energy > Energy Market
Heavy fuel oil produced from the residue in the fractional distillation process rather than from the distilled fractions. No. 6 fuel oil is the most common product used to generate electricity.
- Browse Related Terms: Bus, Coalbed methane, Combined-cycle generators, Combined-cycle power plant, Combustion turbine, Distillate fuel oil, Dual-fueled (or dual-fired) unit, Generation, Generator, Heat rate, Merchant generator, Residual fuel oil, Steam plant, Turbine, Unconventional natural gas
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Disaggregating electric utility service into its basic components and offering each component separately for sale with separate rates for each component. For example, generation, transmission, and distribution could be unbundled and offered as discrete services.
- 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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Techniques used to isolate the credit risk of a subsidiary within a corporation from the risk of its affiliated companies.
- Browse Related Terms: Bilateral transaction, Centralized Exchange, Counterparty, Credit clearing, Credit score, Globex (GW), New York Mercantile Exchange (Nymex), Nymex ClearPort, Ring-fencing, Safe harbor, Transaction costs
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The process of analyzing exposure to risk and determining how to best handle such exposure.
- 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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A controlled and temporary interruption of electrical service. They are necessary when a utility is unable to meet heavy peak demands because of an extreme deficiency in power supply.
- Browse Related Terms: Demand elasticity, Demand responsiveness/demand response, Load control, Load shedding, On-Peak, Pivotal supplier, Reserve margin, Rolling blackouts, Volumetric risk