Barrel

A unit of volume measure used for petroleum and refined products.

Barrels per day (Bl/d)

Market situation in which futures prices are lower in each succeeding delivery month.

CC

Competition Commission

CCGT

Combined Cycle Gas Turbine

Climate Change Levy (CCL)

A tax on the supply of electricity and gas collected by Suppliers from business consumers.

Combined heat and power (CHP)

A plant producing useful heat (for process or other use) and electricity at the same time.

Crude oil

A mixture of hydrocarbons that exists as a liquid in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Crude is the raw material which is refined into gasoline, heating oil, jet fuel, propane, petrochemicals, and other products.

Cubic foot

The most common measure of gas volume, referring to the amount of gas needed to fill a volume of one cubic foot at 14.73 pounds per square inch absolute pressure and 60 degrees Fahrenheit. One cubic foot of natural gas contains, on average, 1,027 Btus.

Demand

The requirement for power

DGES

Director General of Electricity Supply

DISG

Development and Implementation Steering Group

Distribution Use of System (DSUoS)

The charges incurred for distributing electricity across the local area system to the supplied premises.

DTI

Department of Trade and Industry

EC

European Commission

Emissions trading scheme (ETS)

The EU ETS is one of the policies introduced across Europe to tackle emissions of carbon dioxide and other greenhouse gases and combat the serious threat of climate change.

ENTSO-G

European Network of Transmission System Operators for Gas

EU

European Union

GEMA

Gas and Electricity Markets Authority

IPE

International Petroleum Exchange

LDZ

Local Distribution Zone

LPG

Liquefied Petroleum Gas

National balancing point (NBP)

A theoretical point within the National Transmission System (NTS) where gas is traded on the wholesale market.

National grid

Another name for the transmission network.

NTS

National Transmission System

OCM

On the day Commodity Market

Ofgem

Office of Gas and Electricity Markets

Ofgas

Office of Gas Supply

Ofreg

Office for Regulation of Electricity and Gas (Northern Ireland)

Opec

Organisation of the Petroleum Exporting Countries

Over the counter trade

Refers to a common form of trade that is conducted in a similar way to buying and selling in a shop.

SAP

System Average Price

SMP

System Marginal Price

SoS

Secretary of State

UKCS

United Kingdom Continental Shelf 

UK emissions trading scheme

Based on the international Kyoto Summit on Climate Change agreement, this describes the UKs National Emissions Trading scheme designed to reduce a range of greenhouse gases, 80% of which is carbon dioxide.

UNC

Uniform Network Code