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Municipal Utility (muni)

A utility that generates or supplies electricity, transmission and distribution generally within the boundaries of a specific municipality and that is owned or operated by the municipality

NARUC (National Association of Regulatory Utility Commissioners)

The non-profit entity comprised of state agencies that regulates utilities

Native Load

The commercial, industrial and residential customers in an electric utility's traditional service territory

NERC (North American Electric Reliability Council)

The non-profit entity (ten regional councils and one affiliate) established in 1968 to promote the reliability of North America's electric supply

NUG (Non-Utility Generator)

A for-profit entity or project that generates electricity but is not a utility

OASIS (Open-Access Same-Time Information System)

The electronic posting system that allows transmission customers to view transmission access data simultaneously

Obligation to Serve

Providing nondiscriminatory, reliable service to all customers as required by utility regulators

Operating Reserve

The generating capability (spinning and non-spinning reserve) above firm system demand needed to provide for regulation, load forecasting errors, scheduled and unplanned equipment outages and local area protection

Option

A contractual agreement that allows the holder the right to buy (call option) or sell (put option) a fixed quantity of a security or commodity at a fixed price within a specified period (there are standardized, exchange-traded, government-regulated, over-the-counter customized and unregulated options)

Pancaking

Paying multiple charges to more than one utility to move (wheel) electric power across bulk-power systems (also called pancaked rates)

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