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Flowgate Right

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

Forward Contract

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

Frequency

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)

FTR (see also PTP)

Financial transmission rights

Fuel Cell

An electromechanical device that chemically converts fuel (usually natural gas) directly to electricity and heat without combustion and that recharges continually with natural gas

Futures Contract

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

Genco

An electric generation company

Generation

Conversion of nuclear, thermal, etc. energy into electricity

Grid

The interconnected power lines and generators that supply, transmit and distribute electric power to the customers connected to it

Gridco

An independent company that operates an electric grid

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