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Power Pool

The entity (either independent or the owner of transmission) that coordinates operations to maintain electric system stability and achieve least-cost dispatch by providing backup, short-term excess sales, reactive power support and spinning reserve; a power pool may also arrange transactions among generators and enforce rules of conduct for market activity

Price Cap

A maximum price applied by a regulator to the sale of electricity or services, whereby the level of the cap is set somewhat above the marginal costs of the most expensive generator on the system

PTPs (Point-to-point financial transmission rights)

In the Midwest PTPs are defined as either obligations or options that are directional and entitle the owner of a PTP to be paid the difference in the congestion components of the locational prices between the specific point or points of receipt and the specified point or points of injection

PUC (Public Utilities Commission)

A state agency (often called a department of public utility control, public service commission, etc.) comprised of elected or appointed regulators that oversees utility (including electric, gas, telecom, taxi, weights and measures and the like) rates, services, etc., under applicable FERC or other federal agency guidelines

PUHCA (Public Utility Holding Company Act of 1935)

Enacted by Congress, it prohibits acquisition of any wholesale or retail electric business through a holding company, unless the business forms part of an integrated public utility system when combined with the utility's other electric business, and restricts the ownership of an electric business by non-utility corporations

PURPA (Public Utility Regulatory Policy Act of 1978)

Enacted by Congress, it encourages utilities to pursue more conservation and energy efficiency, and requires connections and power purchases at avoided cost rates from qualifying facilities (QFs)

QF (Qualifying Facility)

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

Rate Base

Accumulated capital cost of a utility's purchased or installed facilities that serve customers

Real Option Theory

in economics, finding reduced economies of scale and applying them across all alternatives

Real Time Pricing

Pricing electricity based on the actual cost at the time it is demanded by a customer

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