A-Z Finder

 

A

    This Dictionary provides a list of terms and definitions for vocabulary common to the Trading & Settlement Code and the Single Electricity Market.

     

    Please also visit our Training section for further detailed information on how the Single Electricity Market works.  If you are unable to get the answers you need then please email markthelpdesk@sem-o.com and we will be happy to help you acquire the information.



    Accession Deed

    means the agreement pursuant to which an Applicant becomes a party to the Framework Agreement and, consequently, becomes bound by the Code. For more detailed information please click here (Link to Registration Factsheets)

    Accession Fee

     

    means a fee to be paid to the Market Operator by each Applicant for Accession to the Code. For more detailed information please click here

    Accession Process

     

    means the Accession Process set out at paragraphs 2.13 to 2.19.

    Active Interconnector Unit Capacity Holding

    means for each Interconnector Unit, the Active Interconnector Unit Import Capacity Holding and the Active Interconnector Unit Export Capacity Holding for each Trading Period during the Optimisation Time Horizon, with values in aggregate for import being consistent with the Maximum Import Available Transfer Capacity for import and with values in aggregate for export being consistent with the Maximum Export Available Transfer Capacity for export.

     

    Active Interconnector Unit Capacity Holding Data

    means data outlining the Active Interconnector Unit Capacity Holding for each Interconnector Unit.

     

    Active Interconnector Unit Capacity Holding Data Transaction

    is a Data Transaction in relation to Active Interconnector Unit Capacity Holdings detailed in Appendix K: “Market Data Transactions”.

     

    Active Interconnector Unit Export Capacity Holding

    means the capacity holding of an Interconnector Unit on an Interconnector for export out of the Pool, with the aggregate value across all Interconnector Units on an Interconnector for export being consistent with the Maximum Export Available Transfer Capacity.

     

    Active Interconnector Unit Import Capacity Holding

    means the capacity holding of an Interconnector Unit on an Interconnector for import into the Pool, with the aggregate value across all Interconnector Units on an Interconnector for import being consistent with the Maximum Import Available Transfer Capacity.

     

    Active Power

    means the product of voltage and the in-phase component of alternating current measured in units of Watts and standard multiples thereof.

     

    Actual Exposure

    means the credit exposure resulting from Invoices that have been issued but not yet paid, and from amounts in Settlement Statements for which no Invoice has yet been issued.

     

    Actual Exposure Period

    means, for a Billing Period, the period as set out in paragraph 6.173 1 and, for a Capacity Period, the period as set out in paragraph 6.173 2.

     

    Adjusted Aggregate Import Capacity

    Is equal to the Aggregate Import Capacity; except where any further limitations apply which reduce the maximum capability of the Interconnector to deliver energy to the Transmission System and which are placed by any relevant agreement or the provisions of any Licence in respect of the Interconnector and which are not due to any expected transmission constraints or other aspects of the operation of the Transmission System, in which case the value shall be as determined by the Regulatory Authorities from time to time.

     

    Adjusted Participant

    means, in relation to the calculation of Required Credit Cover, a Participant as described in paragraph 6.182.

     

    Administered Price

    means the System Marginal Price for a Trading Period under circumstances of Administered Settlement.

    For a detailed explanation of System Marginal Price click here

     

    Administered Quantity

    means the Market Schedule Quantity for a Generator Unit for a Trading Period under circumstances of Administered Settlement.

     

    Administered Schedule

    means a schedule which sets out Administered Prices for each Trading Period and Administered Quantities for each Generator Unit in each Trading Period in the event of Administered Settlement.

     

    Administered Settlement

    means the process of setting an Administered Price or an Administered Schedule as set out in Section 6 of the Code.

     

    Affected Party

    means a Party, other than the Market Operator, affected by Force Majeure as more particularly set out in paragraph 2.328.

     

    Aggregate Export Capacity

    means the declared total ability of an Interconnector to export power from the Pool, submitted as part of Interconnector Registration Data. Under optimum conditions, the sum of export values for the Active Transfer Capacity of the Interconnector will be equal to the Aggregate Export Capacity.

     

    Aggregate Import Capacity

    means the declared total ability of an Interconnector to import power into the Pool, submitted as part of Interconnector Registration Data.  Under optimum conditions, the sum of import values for the Active Transfer Capacity of the Interconnector will be equal to the Aggregate Import Capacity.

     

    Aggregate Interconnector Ramp Rate

    means the maximum Ramp Up Rate or Ramp Down Rate as appropriate for an Interconnector determined as the lesser of the maximum Ramp Rate which can be accommodated by the Interconnector itself or the maximum Ramp Rate associated with that Interconnector which can be accommodated by the Transmission System or Distribution System to which that Interconnector is Connected.

     

    Aggregate Interconnector Ramp Rate MSP Constraint Cost

    means a value that is used within the MSP Software as set out within Appendix N: “Operation of the MSP Software”.

     

    Aggregate Modified Interconnector Unit Nomination

    means, for each Interconnector in each Trading Period, a pair of values expressed in MW for each of import and export, which are calculated for import as the sum of the Modified Interconnector Unit Nominations which are positive for each Interconnector Unit on that Interconnector, and for export as the sum of the Modified Interconnector Unit Nominations which are negative for each Interconnector Unit on that Interconnector.

     

    Aggregate Modified Interconnector Unit Nomination Data Transaction

    is a Data Transaction comprising Aggregate Modified Interconnector Unit Nominations for a single Interconnector for each Trading Period in an Optimisation Time Horizon, as detailed in Appendix J: “Market Operator and System Operator Data Transactions”.

     

    Aggregated Generator

    means a collection of Generators each with a capacity of no greater than 10MW, and each of which are either:

     

    a)       on Generation Sites covered by more than one Connection Agreement; or

     

    b)       where one or more of those Generator Sites which does not have a

    Connection Agreement and are not located on Contiguous Sites;

     

     and which are defined as an Aggregated Generating Unit under the Grid Code

     

     

     

    Aggregated Generator Unit

    means an Aggregated Generator registered by a Party in compliance with any relevant provisions of the applicable Grid Code

     

    Aggregated Maximum Export Capacity

    means as defined under the relevant Grid Code

     

    Agreed Procedure Modification Proposal

    means any Modification Proposal which relates solely to the modification of an Agreed Procedure and not to any other part of the Code.

     

    Agreed Procedure(s)

     

    means the detailed procedures to be followed by Parties in performing their obligations and functions under the Code as listed in Appendix D “List of Agreed Procedures”.

    All-Island Curtailment

    means a constraint due to system-wide conditions for the purpose of Appendix O: “Instruction Profiling Calculations” only.

     

    Analysis Percentile Parameter

    means the percentage degree of statistical confidence that Actual Exposures, once determined for each Participant, will fall below the estimate of Undefined Potential Exposure.

     

    Annual Capacity Exchange Rate

    means the exchange rate between pounds sterling and euro to be applied for a Year.

     

    Annual Capacity Payment Sum

    means the sum in euro that shall form the basis for the calculation of Capacity Payments and Capacity Charges in each Capacity Period during a Year determined in accordance with paragraph 4.98.

     

    Annual Load Forecast

    means the forecast of Demand to be met by Generator Units (other than Autonomous Generator Units that are not Wind Power Units) at the point where the Units are Connected (i.e. prior to the application of Combined Loss Adjustment Factors), but net of Unit Load for Generator Units, for each Trading Period in a Year for a given Jurisdiction.

     

    Annual Load Forecast Data Transaction

    is a Data Transaction in relation to Annual Load Forecasts detailed in Appendix K: “Market Data Transactions”.

     

    Annual Peak Demand Forecast

    means the forecast prepared by the System Operators in accordance with Appendix M: “Description of the Function for the Determination of Capacity Payments”.

     

    Appendix

    means an Appendix to the Code and the term “Appendices” shall be interpreted accordingly.

     

    Applicable Interim Period

    means, in respect of each of the Interim Provisions, the period commencing at the Commencement Date and ending at the date specified in the paragraph of Section 7 in which that Interim Provision is set out.

     

    Applicable Laws

    means any directive, legislation, statutory instrument, regulation, or order as is applicable to a Party.

     

    Applicant

     

    means a person whose application to accede to the Code has been submitted and is being processed by the Market Operator as provided for and set out in paragraphs 2.13 to 2.19.

    Associated Interconnector

    means the relevant Interconnector on which a Generator Unit is registered by an Interconnector User.

     

    Associated Supplier Unit

    means a Supplier Unit which is both recorded to a Trading Site and which has its Demand settled on a gross basis with the Generator Unit(s) on that Trading Site under the rules specified in the Code.

     

    Audit Report

    means a report prepared by the Market Auditor in accordance with paragraph 2.138.

     

    Autonomous Generator Unit

    means a Generator Unit that is not Dispatchable or subject to Active Power control by the relevant System Operator and which shall be registered as a Price Taker Generator Unit in accordance with paragraph 2.55.  For the purposes of the Code, Interconnector Error Units, Netting Generator Units, and Generator Units (which are not classified as Variable or a Predictable Generator Units) whose  Classification change to a Variable Generator Unit is not yet effective, shall be classified as Autonomous Generator Units under the Code

     

    Autoproducer Site

    means a Demand Site where the Demand is not solely for the purpose of Generation (i.e. Demand is not just associated with Unit Load) which contains one or more Generator Units which are not Demand Side Units.

     

    Autoproducer Unit

    means a Generator Unit within an Autoproducer Site, as described in paragraphs 5.143 to 5.147.

     

    Availability

    means a Generator Unit’s capability in MW to deliver Active Power or a Demand Side Unit’s capability of reducing the Active Power consumed on the Trading Site.

     

    Availability Profile

    means the time weighted average Availability for each Trading Period within the Trading Day for a Generator Unit, calculated as described in paragraph 4.49 or within Section 5.

     

    Available Transfer Capacity

    means the available transfer capacity (consisting of the Maximum Export Available Transfer Capacity and the Maximum Import Available Transfer Capacity) for each Interconnector.

     

    Average System Frequency

    means the average system frequency for each Trading Period which is submitted in accordance with paragraph 4.146.

     

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