DOCUMENT
Energy, Utilities & Mining Glossary
701 definitions by PricewaterhouseCoopers LLP

AbandonmentAbove-market costAccess charge, wires chargeAccessible reserve baseAccrual AccountingActual imbalanceAffiliateAggregation, load aggregationAir Quality StandardsAll-requirements contractAlternative Delivery Procedure (ADP)American-style optionAncillary ServicesAnnual Contract Quantity (ACQ)Annual effectsApplicable RateArbitrageArrearageAsian option, Average optionAsked price, bid price, selling price, offer price, purchase priceAssetAssignmentAssured system capacityAt-the-MarketAt-the moneyAvailable But Not Needed CapabilityAverage CostAverage Daily ProductionAvoided cost, short-run avoided cost, long-run avoided costBack month contractsBack OfficeBack-to-back loanBackwardationBalancing, load balancing, balancing energy supplyBanker’s acceptanceBankingBargeBarrelBase BillBaseline ForecastBaseloadBaseload capacityBaseload supplyBaseload unitBase RateBasisBasis PointBasis RiskBasis SwapBasis tradingBasket swapBblBear SpreadBenchmark crudeBenefits chargeBetaBid/AskBilateral nettingBilling demand, ratcheted demand chargeBinomial modelBlackout, brownout, brown power, rolling blackoutBlack-Scholes ModelBlendingBlock rateBondBond RatingBookBook transfer, book outBorderline CustomerBoxBox SpreadBreakeven pointBritish Thermal Unit (BTU), MBTU, MMBTUBrokerBulgeBulk power market, wholesale power marketBulk power supply, wholesale power supplyBull SpreadBundled serviceButterfly SpreadBuyer’s marketBuying hedgeBuy-throughCalendar spread, time spreadsCallable swapCall option, put optionCall spreadCapCapacityCapacity ChargeCapacity factor, plant factorCapacity optionsCapacity release, buy releaseCapacity saleCapacity tradingCapacity utilisationCapital (financial)Capital investmentsCaptive CoalCaptive customer, Core customerCarry forwardCarrying chargeCash-and-carry arbitrageCentral powerCertified Emission Reduction (CER)CFDCherry-pickingChooser OptionCity GateClean Air Act (CAA)ClearinghouseClearing membersCogeneration, ‘cogen’Coincident demand, coincident peak demand, non-coincident peak demandCollarCombined CycleCombined cycle power plantsCombined Pumped-Storage PlantCommercial customerCommercial OperationCommissionCommitment or open interestCommitted loadCommodity futureCommodity Futures Trading Commission (CFTC)Commodity Pool Operator (CPO)Commodity swapCommodity trading adviser (CTA)Competitive power supplierCompetitive retail electric serviceCompetitive transition charge (CTC), exit feeCompound optionCongestionConstraintsConsumer Price Index (CPI)Consumption (fuel)ContangoContingent premium optionContingent swapContract demand\Contract PathContract PriceContract termsContract termsControl AreaControl Area Balancing FunctionConversionCo-op, rural electric cooperative, electric membership cooperative, distribution co-opCorrelationCostCost AllocationCost of CapitalCost of carryCost of service, cost-of-service (COS), cost-of-service pricingCost ShiftingCouncil of European Energy Regulators (CEER)Covered OptionCrack SpreadCrammingCredit DerivativeCredit RatingCredit RiskCredit Value-at-Risk (CVaR)Cross tradeCrude OilCurtailable demand, curtailable rateCustomerCustomer chargeCustomer classCustomer facility chargeCustomer service chargeData requestDay-Ahead MarketDay-one gainDay tradeDebt capitalDebt coverage, debt service coverage, interest coverage ratioDebt-equity ratio, debt ratioDecentralised energy systemsDeclining block rateDecommissioningDecouplingDecremental costDefault provider, provider of last resortDeferred swapDegree day, heating degree day (HDD), cooling degree day (CDD)DeliveryDelivery chargeDelivery PointDeltaDelta hedgingDemandDemand BillingDemand charge, capacity chargeDemand costsDemand ForecastDemand IntervalDemand optionsDemand ratchetDemand-Side Management CostsDemand-side management (DSM)Departing memberDepository or warehouseDepreciationDeratingDeregulationDerivativesDigital option (Binary option)Digital swapDirect utility costsDisaggregation, deintegration, structural unbundlingDiscountingDispatchDistillate Fuel OilDistribution SystemDownstreamDutch AuctionEarnings Before Interest and Taxes (EBIT)Economic dispatchEconomic EfficiencyEconomic long run, economic short runEconomies of ScaleEEXElectricity generation, grossElectricity generation, netEmbedded costEmbedded costs exceeding market prices (ECEMPs)Embedded derivativesEmbedded OptionEmission Reduction Unit (ERU)Emission(s)Emissions tradingEnabling agreementEnd-use customerEnd-use servicesEnergy ChargeEnergy ConsumptionEnergy DeliveriesEnergy efficiency rating, energy efficiency ratio (EER)Energy loss, transmission lossEnergy management system (EMS)Entitlement contractEnvironmental Protection Agency (EPA), USEPAEquity CapitalEU Allowance EUAEuropean Commodity Clearing AG (ECC)European OptionEuropean Regulators’ Group for Electricity and Gas (ERGEG)European Union Emission Trading Scheme (EU ETS)Exchange of Futures for Physical (EFP)Exchange of Futures for Swaps (EFS)Exchange optionExchange traded optionExempt Wholesale Generator (EWG)ExerciseExotic optionExpenditureExternalityFacilityFast MarketFederal Energy Regulatory Commission (FERC)FeebateFIN 46Final day-ahead scheduleFinancial attributesFinancial riskFire wall, firewallFirm capacity, firm energy, nonfirm energy, firm powerFirm gasFirm PowerFirm transmission serviceFixed CostFixed priceFlat RateFlexible rateFloorForced OutageForce MajeureForwardForward buyingForward rateForward start optionForward SwapFree On Board Mine Price (F.O.B. Mine Price)Front officeFuelFuel adjustment, fuel adjustment charge, fuel adjustment clauseFuel costFuel ExpensesFuel OilFundamental AnalysisFutures Commission Merchant (FCM)Futures ContractFutures equivalentFutures MarketGammaGasGas nominationsGasoilGasolineGenerating UnitGenerationGeneration chargesGeneration company (GENCO)Generation mixGeneration schedulingGeothermal EnergyGigawatt (GW)Gigawatthour (GWh)Good-till-the-Close (GTC)Greenhouse EffectGreenhouse GasesGreen PowerGridGrid operations chargeGrid, power grid, transmission gridGross Domestic Product (GDP)Head and ShouldersHeat RateHeavy OilHedge accountingHedge RatioHedging contractHenry HubHistorical simulationHistorical VolatilityHolding CompanyHome Energy Rating Systems (HERS)Hour-ahead marketHourly non-firm transmission serviceHouston Ship ChannelIAS 32/ IAS 39/ IFRS 7Iceberg orderICPImbalance EnergyImplicit Price DeflatorImplied VolatilityIncremental costIndependent grid operator (IGO)Independent power producer (IPP), non-utility generator (NUG)Independent System Operator (ISO)Independent system planner (ISP)Industrial customerIntegrated hedgeIntegrated resource planning (IRP), least-cost planningInterchangeInterdelivery SpreadInterest ExpenseIntermittent resourcesInternal Rate Of Return (IRR)Interruptible energy, interruptible service, interruptible demand, interruptible rateInterruptible GasInterruptible LoadIn-the moneyIntrinsic ValueIntroducing brokerInverted block rateInverted MarketInvestor-owned utility (IOU), private utility, private power companyISDA master agreementISO control areaISO transmission grid, ISO gridKilowatt demandKilowatt-hourKilowatt-hours per capitaKilowatt (kW)LambdaLanded priceLast Notice DayLeast-cost alternativesLeast-cost resource mixLetter of CreditLeverageLeverage RatioLiabilityLight oilLimit OrderLine LossLiquefied Natural Gas (LNG)Liquefied Petroleum Gas (LPG)Liquidated damages clauseLiquidationLiquidity RiskLoadLoad CurveLoad FactorLoad FollowingLoad growthLoad ManagementLoad profileLoad ShapeLoad SheddingLoad shiftingLocal distribution companies (LDC)Long the BasisLookback OptionLossLotMarginMarginal cost, long-run marginal costMarked-to-MarketMarket clearing price, locational market clearing priceMarketerMarketerMarket-if-touched orderMarket MakerMarket on closeMarket ParticipantMarket powerMarket price, market-based rateMarket RiskMaximum DemandMcf1`Mean reversionMegawatthour (MWh)Megawatt (MW)Member systemMiddle OfficeMinimum GenerationMMBTUMMcfMonopolyMonopsonyMonte Carlo SimulationMoving AverageMoving strike optionMulti-factor modelMulti-factor optionMunicipal utility (muni)Must-take resourcesNaked OptionNaphthaNational Futures AssociationNative loadNative load customersNatural GasNatural gas (dry)Natural Gas LiquidsNatural hedgeNatural MonopolyNet positionNet Present ValueNetworkNetwork customersNetwork Integration Transmission ServiceNetwork loadNew York Mercantile Exchange (NYMEX)Next-day system requirementNo-load lossNominal cost, nominal dollarsNominal priceNominationNomination deadlinesNon-firm powerNon-firm purchaseNon-firm transmission serviceNon-ISO transmission facilitiesNotional pathNotional valueObligation to ServeOffline, onlineOff-peakOffsetOligopolyO&MOne cancels the otherOn peakOpen AccessOpen Access Same-Time Information System (OASIS), Real-Time Information NetworkOpen InterestOperating ExpensesOperating ReserveOperational RiskOptionsOpt outOrganisation of the Petroleum Exporting Countries (OPEC)OutageOut-of-the-MoneyOver-the-Counter (OTC)Own-use exemptionPaper marketPath-dependent optionPaybackPeak demandPeaking CapacityPeaking CapacityPeaking generationPeaking generationPeak Load PlantPeak load stationPeak load stationPeak responsibilityPeak responsibilityPeak shavingPeak supplyPeak supplyPerformance letter of creditPerformance letter of creditPetroleum (crude oil)Petroleum (crude oil)PhelixPhelixPin riskPipeline imbalancePipeline imbalancePipeline interconnectPlanned outage, unplanned outage, scheduled outagePoint(s) of deliveryPoint-to-point transmission servicePollution creditsPortfolio ManagementPortfolio requirementsPotential peak load reductionPower ExchangePower factor, loss factor, standby loss factorPower gridPower marketersPower PlantPower PoolPower Purchase Agreement (PPA)Pre-schedulePricePrice capPrice indexPrice-inflexible demand, price-flexible demand, demand bidPrice signalPricing optionsPrimary MarketProfitPrudence testPublic Service Commission (PSC), Public Utility Commission (PUC),Public utility, publicly-owned utility (POU)Purchased capacityPurchased power adjustmentPut-call parityPut OptionPut spreadQualified facility (QF)Quality or gradeQuanto productRampingRange binaryRatchetRatchet demand clauseRate baseRate caseRate classRate designRate of ReturnRatio SpreadReal discount rateReal priceReal time pricing, time-of-use (TOU) ratesRebateReference priceRefined productsRefineryRegional power exchangeRegulationRegulatory commissionReinvestment RiskRelative performance optionReplacement costReplicationRepo agreementRequired system reserveReserve margin, reserve capacityResidual Fuel OilResource EfficiencyRetailRetail choiceRetail wheelingReturn on equity (ROE)RevenueRevenue requirementReversalRhoRisk ManagementRisk measurementRoll-lock swapRoll-over riskRoyaltiesRunning and Quick-start CapabilitySafe custodyScheduled OutageScheduling coordinator (SC), scheduler, dispatcherSeasonalitySecurities and Exchange Commission (SEC)SecuritisationSeller’s marketSeller, supplierService agreementSettlementSettlement riskSettling priceSkewSlammingSleevingSmall power producer (SPP)SO2 allowance tradingSpark-spreadSpecific riskSpeculationSpinning reserve, non-spinning reserveSpot market, real-time marketSpot price poolSpot purchasesSpread optionStakeholderStandard DeviationStandard offer, standard offer serviceStochastic ProcessStochastic volatilityStorage capacityStorage gasStraddleStranded costsStrangleStrategic ConservationStress TestingStrike PriceStructural SeparationStructured NoteSulphur DioxideSummer PeakSunshine OptionSupervisory Control and Data Acquisition (SCADA)Supplier, Electric SupplierSupplier of Last ResortSupply Charge, Electric Supply ChargeSupply-SideSwapSwaptionSwingSwing FactorSwing OptionSystem (electric)Systemic RiskSystem IntegrationSystem LossSystem ReserveSystem Sale, on-System SaleSystem Swing LoadSystem-Wide Power AgreementTake-or-PayTariff, Tariff ScheduleTechnical AnalysisTechnical RallyTechnical SignTherm, DecathermThetaTight PoolTime ValueTitle Transfer Facility (TTF)Tolling ArrangementTransmissionTransmission Access, Wheeling UtilityTransmission chargeTransmission company (TRANSCO), transmitting utilityTransmission congestionTransmission congestion contract (TCC)Transmission line, transmission system, distribution lineTransmission system (electric)Trigger conditionTrip, trip-outTrue-up mechanismTwo-part rateUnaccounted for gas (UFG)Unbundled ratesUnbundled servicesUnbundlingUnderlyingUniform system of accountsUninterruptible power supply (UPS)Unit commitmentUnit energy consumption (UEC)Universal ServiceUpside/Downside RiskUpstreamUtilityValue-at-Risk (VAR)Variable CostVariable pricing, variable rateVegaVertical SpreadVolatilityVolatility skewVolatility smileVolatility term structureVolatility tradingWACOGWattWeather DerivativesWest Texas Intermediate (WTI)WheelingWholesaleWinter peakXetraYieldYield CurveZero-cost option
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Date
2008-01-01
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