Glossary - European

Bar:     A unit of pressure, approx equal to 1 atmosphere.

Belpex:  The Belgium Power Exchange, due to open 2005

BOM:     Balance of month

Calorific Value:   The ratio of energy to volume measured in Mega Joules per Cubic Metre   

Cubic Metre:   A volume, approx equal to 35.34 cubic feet.

€/kwh:     Euro per kilowatt hour

€/Th:     Euro per Therm

€/Therm:   Euro per Therm

€/MWh:     Euro per Megawatt hour

EDP: Energias de Portugal

EFET: The Italian standard trading contract for Gas and Electricity

Endex: The Dutch Power Exchange

EUR/MWh:   Euro per Megawatt hour

Firm:     A supply that under normal events would not be reduced or interrupted or switched off .

Gm3:     Billion cubic metres

Gas Year:   A 12 month period beginning on 1 st October and ending 30 th September

Guardian:   Guardian Energy Limited, the energy consultancy. Insight@guardianenergy.co.uk

Interruptible:   A supply that is not Firm, a supply that may be interrupted

Kva:     Kilo-Volt Ampere

Kw:     Kilowatt

Kwh:     Kilowatt Hour

LCPD: EU Large Combustion Plant Directive, effective 1st January 2008

LNG:     Liquid Natural Gas

Mm3:     Million cubic metres

MW:     Megawatt

MWh:     Megawatt Hour

NBP:     The UK , Notional Balancing Point

Ofgem:     The UK Regulator, The Office of Gas and Electricity Markets

PEGs:  Points d' Echange de Gaz, French gaz distribution zones - reduced from 8 to 5 in 2005

Points d' Echange de Gaz:  Often refrred to as PEGs - French gaz distribution zones initially 8 but will be 5 from 2005

Powernext: The French Power Exchange

PSV: Punto di Scambio Virtuale - the Italian gas exchange

SAP:     System Average Price

SMP:     System Marginal Price

Therm:     A unit of energy, 1 therm = approx 29.31Kwh

WACOG:   Weighted Average Cost of Gas

WAP:     Weighted Average Price

WDNW:   Week Day None Weekend