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    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)

    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

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