A right to transmit electricity over flowgates; a control area operator defines flowgate rights for links experiencing significant congestion and such rights may then be traded in bilateral markets
A financial instrument that specifies the amount, price and time of delivery of electric power; the contract terms are typically customized by both buyer and seller
the rate in cycles per second (Hertz) at which voltage and current oscillate in electrical power systems (the reference frequency is 60 Hz in North America)
An electromechanical device that chemically converts fuel (usually natural gas) directly to electricity and heat without combustion and that recharges continually with natural gas
An agreement in which a purchaser is obligated to take delivery from a seller who is obligated to deliver a fixed amount for a predetermined price at a specific location; such contracts require a daily payment based on the present value of the agreement in the marketplace and are traded on a centralized exchange and have standardized terms
A financial instrument that establishes the future prices and quantities of electricity independently of the short-term market, e.g., contracts for differences, forwards, futures, and option contracts
Any consumer of electrical energy; also, the amount of power (demand) used by a utility system, electrical device or consumer. Load can be manually or automatically curtailed or shed temporarily during times of high usage (customers have agreed beforehand to such actions) or managed to ensure a reliable electricity supply
Planning by utilities to ensure that electric generators operate as scheduled, based upon load forecasts (also, operating a generator to balance short-term load fluctuations)
Reducing electricity use from the grid during peak periods to increase reliability and moderate the energy-clearing price during system-wide peak demand; reducing electric load or using qualifying emergency generators on the customer side of the meter.
The difference between net capacity (a system's total capacity resources) and net internal demand, that is generally expressed in MW for operating reserves and as a percentage of either system load or installed generating capacity for planning reserves
The cost of providing additional electricity; "The competitive price of a MWh of electricity is equal to the additional amount it would cost to generate an additional MWh, once all current demand is met. This additional cost is commonly referred to as the marginal cost. The marginal cost of generating electricity rises as more electricity is produced, because different generators use different types and amounts of fuel_.under competition, the rising marginal cost of electricity leads to high prices when demand is high and low prices during low-demand periods." (GAO-02-828 Restructured... Read more about Marginal Cost
Under PURPA, a non-utility generator of electric power that has received a certificate from FERC, enabling it to sell electricity only at wholesale avoided cost to a utility
A for-profit or non-profit entity that coordinates transmission planning, operations and use on a regional and inter-regional basis and that is subject to FERC approval
An intangible (deferred debt cost, accelerated depreciation, etc.) that appears on a regulated utility's balance sheet and that can be recovered from ratepayers under regulation
The measure of performance of a bulk-power system that results in electricity being delivered to consumers within accepted standards and in the amount desired; measured by frequency, duration and magnitude of adverse impacts on the electric supply (also called system reliability). Reliability comprises both generation adequacy and system security.
An agreed-upon transaction size (measured in MW), start and end times, start and end ramp times and rates required for delivery and receipt of power and energy between contracting parties and the control areas involved in the transaction
