Ongoing Studies / Conferences

  • Asymmetric Price Response in the Oil Market
  • Turkey's Shale Gas Practices / Environmental Concerns
  • Effectiveness of Regulation / Case Study: Turkey Natural Gas Market
  • Capacity Mechanism
  • Oil Contracts / Fiscal Regimes
  • 18-20 November 2017, The International Conference on Energy Security and Geopolitics in the Eastern Mediterranean, Center for Energy and Sustainable Development (CESD) at Kadir Has University and the Northern Cyprus Campus of Middle East Technical University.

Terms & Abbrevs

ENERJİ TERİMLERİ / ENERGY TERMS



TÜRKÇE ENERJİ TERİMLERİ ÇALIŞMASI

Yabancı dillerde sıklıkla kullanılan bazı enerji terimlerinin Türkçe karşılıklarının olmaması, enerji ile ilgili çalışma yaparken ya da yapılmış çalışmaları okurken karşılaşılan önemli güçlüklerden bir tanesidir. Enerji terimlerinin çevirisinde kullanım birliği olmaması, farklı çalışmalarda farklı çevirilere, dolayısıyla karmaşaya yol açmaktadır. Burada, yabancı dillerde sıkça kullanılan terimlerin dilimizde karşılıklarına yer verilecektir. Çalışmalarınızda kolaylık sağlaması dileğiyle...

Çeviri önerilerinizi lütfen okanyardimci@gmail.com adresine iletiniz.


Allocative Efficiency (AE) : Tahsis Etkinliği
Alternative Current (AC) : Alternatif Akım
Arabian Light Oil : Arap Hafif Petrol
Arbitrage : Arbitraj
Assigned Amount Unit (AAU) : Ayrılmış Miktar Birimi
Associated : Birleşmiş - Genellikle Kullanım: Ham Petrolle Birlikte veya Ham Petrol İçinde Çözünmüş Halde
Average System Interruption Duration Index (ASIDI) : Ortalama Sistem Kesinti Süresi Endeksi
Backwardation : Vadelinin Spottan Düşük Olması
Boiling Water Reactor (BWR) : Kaynar Sulu Reaktör
Call-Option : Alma Opsiyonu
Canadian Deuterium Uranium Reactor (CANDU) : Kanada Ağır Su Uranyum Reaktörü
Capital Asset Pricing Model (CAPM) : Sermaye Varlıklarını Fiyatlama Modeli
Coalbed Methane : Kömür Kökenli Gaz
Cointegration : Eşbütünleşme
Combined Cycles Gas Turbines : Doğal Gaz Kombine Çevrim Santralleri
Compressed Natural Gas (CNG) : Sıkıştırılmış Doğal Gaz
Contango : Vadelinin Spottan Yüksek Olması
Contrat For Difference (CFD) : Fark Sözleşmesi
Cost, Insurance and Freight (CIF) : Maliyet, Sigorta ve Navlun
Cost Plus :
Maliyet Artı
Customer Average Interruption Duration Index (CAIDI) : Müşteri Ortalama Kesinti Süresi Endeksi
Customer Average Interruption Frequency Index (CAIFI) : Müşteri Ortalama Kesinti Sıklığı Endeksi
Dated Brent : Tarih Verilmiş Brent
Demand Side Management (DSM) : Talep Tarafı Yönetimi
Depreciated Indexed Historical Value (DIHV) : Amortisman Ayrılmış Endeksle Güncellenmiş Varlık Değeri
Depreciated Optimal Replacement Cost (DORC) : Amortisman Ayrılmış En İyi Yeniden İnşa Değeri
Deregulation : Kuralsızlaştırma
Direct Current (DC) : Doğru Akım
Distillate Fuel Oil : Damıtılmış Petrol Ürünleri
Efficiency Factor (X) : Verimlilik Faktörü
Emission Reduction Unit (ERU) : Emisyon Azaltım Birimi
Emission Trading Scheme (ETS) : Emisyon Ticareti Sistemi
Energy Charter Treaty (ECT) : Enerji Şartı Anlaşması
European Energy Certificate System (EECS) : Avrupa Enerji Sertifika Sistemi
European Pressurised Reactor (EPR) : Avrupa Basınçlı Su Reaktörü
European Renewable Electricity Certificate Trading Project (RECERT) : Avrupa Yenilenebilir Elektrik Sertifika Ticareti Projesi
European Union Allowance (EUA) : Avrupa Birliği Salım İzni
Extreme Pressure (EP) : Aşırı Basınç
Federal Energy Regulatory Commission (FERC) : Federal Enerji Düzenleme Komisyonu
Free on Board : Güvertede Teslim
Federal Power Commission (FPC) : Federal Güç Komisyonu
Fifteen Day Brent : On Beş Gün Brent
Firm Contracts : Kesin Miktara Dayalı Kontratlar
First Come First Serve (FCFS) : İlk Gelen Hizmet Alır
Forward Market : İleri Tarihli İşlemler Piyasası
Futures Market : Vadeli Piyasalar
Gas Producing and Export Countries (GASPEC) : Gaz Üreten ve İhraç Eden Ülkeler
Gas Exporting Countries Forum (GECF) : Gaz İhraç Eden Ülkeler Forumu
Gas Hydrates : Gaz Hidratlar
Gas to Gas Competition : Gaz Fiyatının Gazdaki Rekabetle Belirlenmesi
Gas to Liquid (GTL) : Gazdan Sıvıya Dönüşüm
Greenhouse Gases (GHG) : Sera Gazları
Gross Calorific Value (GCV) : Brüt Kalorifik Değer
Gross Product Worth (GPW) : Saf Ürün Değeri
Hedging : Riski Bertaraf Etmek
Herfindahl-Hirschman Index (HHI) : Herfindahl-Hirschman Endeksi
International Energy Agency (IEA) : Uluslararası Enerji Ajansı
Interruptible Contrats : Kesintili Kontratlar
Liberalization : Serbestleşme
Liquified Natural Gas (LNG) : Sıvılaştırılmış Doğal Gaz
Marker Crudes : Belirleyici Petroller
Methyl Tertiary Butyl Ether (MTBE) : Metil Tersiyer Bütil Eter
Million British Thermal Unit (MBtu) : Milyon İngiliz Sıcaklık Birimi
Model for Analysis of Energy Demand (MAED) : Enerji Talebi Analizi Modeli
Momentary Average Interruption Frequency Index (MAIFI) : Geçici Ortalama Kesinti Sıklığı Endeksi
Money of the Day : Cari Fiyatlarla
National Allocation Plan (NAP) : Ulusal Tahsis Planı
Natural Gas : Doğal Gaz
New York Mercantile Exchange (NYMEX) : New York Emtia Borsası
Non-associated :  Birleşik Olmayan - Genel Kullanım: Ham Petrolden Ayrı
Non-Fosil Fuel Obligation (NFFO) : Fosil Olmayan Yakıt Yükümlülüğü
Number of Interruptions Equivalent of Installed Power at Medium Voltage (NIEPI) : Kurulu Güç Başına Ortalama Kesinti Sıklığı Endeksi
Open Access : Erişimin Açık Olması/Açılması
Options Market : Opsiyon Piyasalar
Organisation for Economic Co-operation and Development (OECD) : Ekonomik İşbirliği ve Kalkınma Örgütü
Original Gas In Place (OGIP) : Yer Altında Bulunan Doğal Gaz Miktarı
Organization of Petroleum Exporting Countries (OPEC) : Petrol İhraç Eden Ülkeler Teşkilatı
Overregulation : Aşırı Düzenleme
Quality Factor (Q) : Kalite Faktörü
Paper Barrel : Kağıt Varil
Parts per billion (ppb) : milyarda bir
Parts per million (ppm) : milyonda bir 
Pressurized Water Reactor (PWR) : Basınçlı Su Reaktörü
Privatization : Özelleştirme
Projects of Common Interest (PCI) : Ortak Çıkar Projeleri
Regulatory Asset Base (RAB) : Düzenlenmiş Varlık Tabanı
Removal of Units for Biological Sinks (RMU) : Biyolojik Yutak Azaltım Birimi
Renewable Energy Burden Sharing Project (REBUS) : Yenilenebilir Enerji Yükümlülük Paylaşımı Projesi
Renewable Energy Certificate System (RECS) : Yenilenebilir Enerji Sertifika Sistemi
Renewable Energy Credits (RECs) : Yenilenebilir Enerji Kredileri
Scale Efficiency (SE) : Ölçek Etkinliği
Society of Petroleum Engineers (SPE) : Petrol Mühendisleri Topluluğu
Spot Market : Anlık Piyasalar
Strategic Petroleum Reserve (SPR) : Stratejik Petrol Rezervi
Supervisory Control and Data Acquisition (SCADA) : Denetlemeli Kontrol ve Veri İşleme
Technical Efficiency (TE) : Teknik Etkinlik
Tight Gas : Geçirgenliği Az Kayaçlardan Elde Edilen Gaz
The System Average Interruption Duration Index (SAIDI) : Sistem Ortalama Kesinti Süresi Endeksi
The System Average Interruption Frequency Index (SAIFI) : Sistem Ortalama Kesinti Sıklığı Endeksi
Third Party Access (TPA) : Üçüncü Tarafların Erişimi
Tonne Petroleum Equivalent (TEP) : Petrol Eşdeğeri Ton
Tradable Green Certificate (TGC) : Ticareti Yapılabilen Yeşil Sertifika
Tradable Renewable Certificates (TRCs) : Ticareti Yapılabilen Yenilenebilir Sertifikalar
Tradable Renewable Energy Credits (TRECS) : Ticareti Yapılabilen Yenilenebilir Enerji Kredileri
Transaction Cost : İşlem Maliyetleri
Trans-European Energy Networks (TEN-E) : Trans Avrupa Enerji Ağları
Transmission System Operator (TSO) : İletim Sistem Operatörü
United Nations Framework Convention on Climate Change (UNFCCC) :  Birlemiş Milletler İklim Değişikliği Çerçeve Sözleşmesi
Volatility : Oynaklık
Voluntary Emissions Reduction (VER) : Gönüllü Emisyon Azatlım Birimi
Weighted Average Cost of Capital (WACC) : Ağırlıklı Ortalama Sermaye Maliyeti
West Texas Intermediate (WTI) : Teksas’da Üretilen Petrol Markası
Windfall Profit : Umulmadık Sürpriz Kazanç




RWE Şirketinin Enerji Ticareti Sözlüğü ve Dünya Enerji Konseyi Türk Milli Komitesi tarafından basılan Sayın Yaver Heper'in Elektrik Santralleri İçin Teknik Terimler Sözlüğü bu konuda faydalanabileceğiniz önemli kaynaklar. 



KISALTMALAR / ABBREVATIONS



Kısaltma; bir kelime, terim veya özel adın, içerdiği harflerden biri veya birkaçı ile daha kısa olarak ifade edilmesi ve simgeleştirilmesidir. Çalışmalarda sıklıkla kullanılan kısaltmalar için çeşitli kullanım kuralları bulunmaktadır.

Türk Dil Kurumu (TDK)'nın kısaltmalar ile ilgili kuralları ve kısaltmalar dizini için lütfen tıklayınız.

Ayrıca TDK bir kısaltmalar dizini de yayımladı.

TDK'nın kısaltmalar dizini için lütfen tıklayınız .

Bu sayfada ENERJİ KISALTMALARI DİZİNİ oluşturulmaya çalışılacak ve enerji ile ilgili çalışmalarda sıklıkla kullanılan kısaltmalara yer verilecektir. Çalışmalarınızda kolaylık sağlaması dileğiyle...

Kısaltma önerilerinizi lütfen okanyardimci@gmail.com adresine iletiniz.


ENERJİ KISALTMALARI DİZİNİ / ACRONYMS
AAET : Avrupa Atom Enerjisi Topluluğu
AAU : Assigned Amount Unit 
(Ayrılmış Miktar Birimi)
AB : 
Avrupa Birliği
ABYS : 
Abone Bilgi Yönetim Sistemi
AC : Alternative Current 
(Alternatif Akım)
AE : Allocative Efficiency 
(Tahsis Etkinliği)
AET : Avrupa Ekonomik Topluluğu
AFİF : 
Akaryakıt Fiyat İstikrar Fonu
AG : Arabian Gulf

AG : Alçak Gerilim 
AGR : Advanced Gas Reactor (Gelişmiş Gaz Reaktörü)
AKÇT : 
Avrupa Kömür ve Çelik Topluluğu
API : American Petroleum Institute 
(Amerika Petrol Enstitüsü)
APPI : Asian Petroleum Price Index

AR : Atmospheric Residue
ARA : Amsterdam, Rotterdam and Antwerp Area
ARB : Arbitrage (Arbitraj)
ARGE : Araştırma Geliştirme
ARIMA : Autoregressive Integrated Moving Average (Birleşik Otoregresif Hareketli Ortalamalar Yöntemi)
ASIDI : Average System Interruption Duration Index (Ortalama Sistem Kesinti Süresi Endeksi)
ASM : Azami Saatlik Miktar
ASPO : The Association for the Study of Peak Oil and Gas (Petrol ve Gaz Zirvesi Çalışma Birliği)
BBL : Balgzand-Bacton Line

BBS : Bağımsız Bölüm Sayısı
BDK : 
Bağımsız Düzenleyici Kurullar
BETTA : British Electiricty Trading and Transmission Agreements
BİO : 
Bağımsız İdari Otorite
BP : British Petroleum

BHAB : Birim Hizmet ve Amortisman Bedeli 
BMİDÇS : Birlemiş Milletler İklim Değişikliği Çerçeve Sözleşmesi
BOTAŞ : 
Boru Hatları ile Petrol Taşıma Anonim Şirketi
BP : British Petroleum
BSİ : Bağımsız Sistem İşletmecisi
BSREC : Black Sea Regional Energy Center 
(Karadeniz Bölgesel Enerji Merkezi)
BSO : 
Bağımsız Sistem Operatörü
BTC : 
Bakü-Tiflis-Ceyhan Ham Petrol Boru Hattı 
BTE : 
Bakü-Tiflis-Erzurum Doğal Gaz Boru Hattı
BWR : Boiling Water Reactor 
(Kaynar Sulu Reaktör)
BYTM : 
Bölgesel Yük Tevzii Merkezleri
CAES : Compressed Air Energy Storage 
(Sıkıştırılmış Hava Enerji Depolama Sistemleri)
CAIDI : Customer Average Interruption Duration Index (Müşteri Ortalama Kesinti Süresi Endeksi)
CAIFI : Customer Average Interruption Frequency Index (Müşteri Ortalama Kesinti Sıklığı Endeksi)
CAISO : California Independent System Operator
CANDU : Canadian Deuterium Uranium Reactor 
(Kanada Ağır Su Uranyum Reaktörü)
CAPEX : Capital Expenditure

CAPM : Capital Asset Pricing Model (Sermaye Varlıklarını Fiyatlama Modeli)
CBOT : Chicago Board of Trade
CBS : 
Coğrafi Bilgi Sistemi
CCC : Customer Connection Charge
CCGT : Combined Cycles Gas Turbines 
(Doğal Gaz Kombine Çevrim Santralleri)
CDM : Clean Development Mechanism (Temiz Kalkınma Düzeneği)
CDU : Crude Distillation Unit

CE : Cost Efficiency (Maliyet Etkinliği)
CEE : Central/Eastern Europe (Orta/Batı Avrupa)
CEER : Council of European Energy Regulators (Avrupa Enerji Düzenleyicileri Birliği)
CEGH : Central European Gas Hub
 
CER : Certified Emission Reductions 
(Sertifikalandırılmış Emisyon İndirim Birimi)
CFD : Contrat For Difference 
(Fark Sözleşmesi)
CHP : Combined Heat and Power
CIF : Cost Insurance and Freight 
(Maliyet, Sigorta ve Navlun)
CIS : Commonwealth of Independent States
CME : Chicago Mercantile Exchange
CNG : Compressed Natural Gas (Sıkıştırılmış Doğal Gaz)
COCO : Company Owned, Company Operated
CODO : Company Owned, Dealer Operated
COP : Conference of the Parties (Taraflar Konferansı)
CoS : Cost of Service
CPT : Cumulative Price Threshold
CPI : Consumer Price Index
CRS : Constant Return to Scale (Ölçeğe Göre Sabit Getiri)
CTF : Contract Transfer Fee
ÇED : Çevresel Etki Değerlendirmesi
DAO : Deasphalted Oil
DBÜT : Dengeleme Birimlerine Kalan Üretim Tahmini
DC : Direct Current (Doğru Akım)
DCF : Discounted Cash Flow (Peşine İndirgenmiş Nakit Akımı)
DEA : Düzenleyici Etki Analizi
DEA : Data Envelopment Analysis (Veri Zarflama Analizi)
DEK-TMK : Dünya Enerji Konseyi Türk Milli Komitesi
DGF : Dengeleme Gazı Fiyatı 
DGFT : Dengeleme Gazı Teklif Fiyatı 
DGP : Dengeleme Güç Piyasası
DGPK : Doğal Gaz Piyasası Kanunu
DHT : Distillate Hydrotreater
DIHV : Depreciated Indexed Historical Value (Amortisman Ayrılmış Endeksle Güncellenmiş Varlık Değeri)
DME : Dubai Mercantile Exchange
DODO : Dealer Owned, Dealer Operated
DOE/USA : USA Department of Energy (ABD Enerji Bölümü)
DORC : Depreciated Optimal Replacement Cost (Amortisman Ayrılmış En İyi Yeniden İnşa Değeri)
DSGT : Dağıtım Sistem Gelir Tavanı
DSM : Demand Side Management (Talep Tarafı Yönetimi)
DSO : Distribution System Operator
DSRG : Dağıtım Sistem Referans Geliri
DUY : Dengeleme ve Uzlaştırma Yönetmeliği
EAK : Emreamade Kapasite
EASEE-gas : The European Association for the Streamling of Energy Exchange-gas
EBIT : Earnings Before Interest and Taxes
EBITDA : Earnings Before Interest, Taxes, Depreciation and Amortization
EBT : Elektronik Bülten Tablosu
ECT : Energy Charter Treaty (Enerji Şartı Anlaşması)
EDAŞ : Elektrik Dağıtım Anonim Şirketi 
EDF : Electricity de France
EDRP : The Emergency Demand Response Program (Acil Durum Talep Tepkisi Programı)
EEA : European Environment Agency (Avrupa Çevre Ajansı)
EECS : European Energy Certificate System (Avrupa Enerji Sertifika Sistemi)
EEF : Elektrik Enerjisi Fonu
EFET : European Federation of Energy Traders
EFP : Exchange of Futures for Physical (Fiziki Alıcılar İçin Vadeli İşlemlerin Alışverişi)
EFS : Exchange for Swaps
EIA : Energy Information Administration (Enerji Bilgi İdaresi)
EİGM : Enerji İşleri Genel Müdürüğü
EİEİ : Elektrik İşleri Etüt İdaresi
EMCAS : Electricity Market Complex Adaptive System (Elektrik Piyasası Karmaşık Adaptasyon Sistemi)
EMCC : European Market Coupling Company (Avrupa Piyasa Bağlama Şirketi)
EMO : Elektrik Mühendisleri Odası 
EMRA : Energy Market Regulatory Authority
ENH : Enerji Nakil Hattı
ENTSO-E : European Network of Transmission System Operators for Electricity (Avrupa Elektrik İletim Sistem Operatörleri Birliği)
ENTSOG : European Network of Transmission System Operators for Gas (Avrupa Gaz İletim Sistem Operatörleri Birliği)
EOR : Enhanced Oil Recovery 
EP : Extreme Pressure (Aşırı Basınç)
EPCA : Energy Policy and Conservation Act
EPDK : Enerji Piyasası Düzenleme Kurumu 
EPK : Elektrik Piyasası Kanunu
EPIA : European Photovoltaic Industry Association (Fotovoltaik Endüstri Birliği) 
EPR : European Pressurised Reactor (Avrupa Basınçlı Su Reaktörü)
ERGEG : European Regulators' Group for Electricity and Gas (Avrupa Elektrik ve Gaz Düzenleyicileri Grubu)
ERRA : Energy Regulators Regional Association
ERU : Emission Reduction Unit (Emisyon Azaltım Birimi)
ESA : Elektrik Satış Anlaşmaları
ET : Emissions Trading
ETKB : Enerji ve Tabii Kaynaklar Bakanlığı
ETS : Emission Trading Scheme (Emisyon Ticareti Sistemi)
ETSO : European Transmission System Operators
EUA : European Union Allowance (Avrupa Birliği Salım İzni)
EUROSTAT : Statistical Office of the European Communities (Avrupa Birliği İstatistik Ofisi)
EÜAŞ : Türkiye Elektrik Üretim Anonim Şirketi
EVK : Enerji Verimliliği Kanunu
EWEA : European Wind Energy Association (Avrupa Rüzgar Enerjisi Birliği)
FBP : Final Boiling Point
FCFS : First Come First Serve (İlk Gelen Hizmet Alır)
FCM : Forward Capacity Market
FERC : Federal Energy Regulatory Commission (Federal Enerji Düzenleme Komisyonu)
FIFO : First In First Out (İlk Giren İlk Çıkar)
FOB : Free on Board (Güvertede Teslim)
FOR : Free On Rail
FPC : Federal Power Commission (Federal Güç Komisyonu) 
FRP : Firma Risk Primi 
GAP : Güneydoğu Anadolu Projesi
GASPEC : Gas Producing and Export Countries (Gaz Üreten ve İhraç Eden Ülkeler)
GBA : Gas Balancing Alert (Gaz Dengeleme Uyarıları)
GCV : Gross Calorific Value (Brüt Kalorifik Değer)
GDF : Gaz de France
GDS : Geçiş Dönemi Sözleşmeleri
GECF : Gas Exporting Countries Forum (Gaz İhraç Eden Ülkeler Forumu)
GEEREF : The Global Energy Efficiency and Renewable Energy Fund (Global Enerji Verimliligi ve Yenilenebilir Enerji Fonu)
GFDB : Gelir Farkı Düzeltme Bileşeni
GGP : Guidelines for Good Practice (Uygulama Kuralları)
GGPGB : Guidelines of Good Practice for Gas Balancing (Gaz Dengelemesine Yönelik Uygulama Kuralları)
GGPSSO : Guidelines for Good Third Party Access Practice for Storage System Operators (Depolama Tesislerine Üçüncü Tarafların Erişimine İlişkin Depolama Sistem İşletmecileri İçin Uygulama Kuralları)
GHG : Greenhouse Gases (Sera Gazları)
GIS : Geographic Information System
GNEP : Global Nuclear Energy Partnership (Küresel Nükleer Enerji Ortaklığı)
GO : Gas Oil
GPW : Gross Product Worth (Saf Ürün Değeri)
GSMH : Gayri Safi Milli Hasıla
GSP : Government Selling Price
GTE : Gas Transmission Europe (Avrupa Gaz İletim Birliği)
GTİP : Gümrük Tarife İstatistik Pozisyonu 
GTL : Gas to Liquid (Gazdan Sıvıya Geçiş)
GÜP : Günlük Üretim Programı
GWEC : Global Wind Energy Council (Küresel Rüzgar Enerjisi Konseyi)
GWP : Global Warming Potensial (Küresel Isınma Potansiyeli)
GZD : Gerçek Zamanlı Dengeleme
HC : Hidrokarbon
HES : Hidroelektrik Santral 
HGO :Heating Gas Oil 
HGO : Heavy Gas Oil
HHI : Herfindahl-Hirschman Index (Herfindahl-Hirschman Endeksi)
HKK : Hat Kayıp Katsayısı
HP : High Pressure (Yüksek Basınç)
HPBH : Ham Petrol Boru Hattı
HSE : Health, Safety and Environment
HSFO : High Sulphur Fuel Oil
IAEA : International Atomic Energy Agency (Uluslararası Atom Enerjisi Ajansı)
IBP : Initial Boiling Point
ICE : Intercontinental Exchange
ICHET : International Centre for Hydogen Energy Technologies (Birleşmiş Milletler Uluslararası Hidrojen Enerjisi Teknolojileri Merkezi)
ICOLD : International Commision on Large Dams (Uluslararası Büyük Barajlar Komisyonu)
ICP : Indonesian Crude Pricea
ICPM : Interim Capacity Procurement
ICSID : International Centre for Settlement of Investment Disputes (Avrupa Yatırım Uyuşmazlıkları Mahkemesi)
IEA : International Energy Agency (Uluslararası Enerji Ajansı)
IEC : International Electrotechnical Commission
IEF : International Energy Forum (Uluslararası Enerji Forumu)
IFIEC : International Federation of Industrial Energy Consumers
ILSAC : International Lubricants Standardization and Approval Commitee (Uluslararası Madeni Yağ Standartları Belirleme Komitesi)
IMF : International Monetary Fund (Uluslararası Para Fonu)
IMO : International Maritime Organization (Uluslararası Denizcilik Örgütü)
INOGATE : Interstate Oil and Gas Transport to Europe (Avrupa Devletler Arası Petrol ve Doğal Gaz Taşımacılığı)
INTASCALE : International Tanker Nominal Freight Scale Association
IOC : International Oil Company
IPCC : Intergovernmental Panel on Climate Change (Hükümetlerarası İklim Değişikliği Paneli)
IPE : International Petroleum Exchange
IPHE : International Partnership for the Hydrogen Economy
IPP : Independent Power Producers
IRR : Internal Rate of Return (İç Verim Oranı)
İHD : İşletme Hakkı Devri
İHDB : İşletme Hakkı Devir Bedeli
İHDHSM : İşletme Hakkı Devrine Dayalı Hisse Satış Modeli
İHS : İşletme Hakkı Devrine Dayalı Hisse Satışı 
İSİ : İletim Sistemi İşletmecisi
İŞİDY : İletim Şebekesi İşleyiş Düzenlemeleri Yönetmeliği
JI : Joint Implementation
KERD : Kayba Esas Referans Değer
KGÜP : Kesinleşmiş Günlük Üretim Programı
KHK : Kanun Hükmünde Kararname
KİT : Kamu İktisadi Teşekkülü
KKDB : Kayıp Kaçak Düzeltme Bileşeni
KPTF : Kısıtsız Piyasa Takas Fiyatı
KUE : Doğal Gaz Depolama Tesisi Temel Kullanım Usul ve Esasları
LCO : Light Cycle Oil
LCOE : Levelized Cost of Electricity
LDF : Light Distillate Fuel
LHSV : Liquid Hourly Space Velocity
LIFO : Last In First Out (Son Giren İlk Çıkar)
LNG : Liquified Natural Gas (Sıvılaştırılmış Doğal gaz)
LOR : London Oil Report
LP : Low Pressure (Düşük Basınç)
LPG : Liquified Petroleum Gas (Sıvılaştırılmış Petrol Gazı)
LSFO : Low Sulphur Fuel Oil
MAED : Model for Analysis of Energy Demand (Enerji Talebi Analizi Modeli)
MAIFI : Momentary Average Interruption Frequency Index (Geçici Ortalama Kesinti Sıklığı Endeksi)
MAK : Maksimum Ayrılabilir Kapasite
MAM : Marmara Araştırma Merkezi
MBPD : Millions of Barrels Per Day
MBtu : Million British Thermal Unit (Milyon İngiliz Sıcaklık Birimi)
MC : Marginal Cost (Marjinal Maliyet)
Med : Mediterranean
MEDREG : The Mediterranean Working Group on Electricity and Natural Gas Regulation (Akdeniz Bölgesi Enerji Düzenleyicileri Topluluğu)
MKÜD : Minimum Kararlı Üretim Düzeyi
MMBtu : Million British Thermal Units
MMO : Makine Mühendisleri Odası 
MP : Melting Point
MP : Medium Pressure (Orta Basınç)
MTA : Maden Tetkik ve Arama Genel Müdürlüğü
MTA : Millions of Tonnes Per Annum
MTBE : Methyl Tertiary Butyl Ether (Metil Tersiyer Bütil Eter)
MTPA : Millions of Tonnes Per Annum
MW : Moleculer Weight
MYTM : Milli Yük Tevzi Merkezi 
NAP : National Allocation Plan (Ulusal Tahsis Planı)
NBP : National Balancing Point
NDA : Nuclear Decommissioning Authority (Nükleer Tesisleri Hizmetten Çıkarma Kurumu)
NEA : Nuclear Energy Agency (Nükleer Enerji Ajansı)
NERA : National Economic Research Associates
NERC : The North American Electric Reliability Council
NETA : New Electiricity Trading Arrangements
NFFO : Non-Fosil Fuel Obligation (Fosil Olmayan Yakıt Yükümlülüğü)
NGET : National Grid Electricity Transmission
NGS : Nükleer Güç Santrali
NIEPI : Number of Interruptions Equivalent of Installed Power at Medium Voltage (Kurulu Güç Başına Ortalama Kesinti Sıklığı Endeksi)
NIGC : National Iranian Gas Company (İran Ulusal Gaz Şirketi)
NIMBY : Not In My Backyard
NOC : National Oil Company
NPTF : Nihai Piyasa Takas Fiyatı
NPV : Net Present Value (Net Bugünkü Değer) 
nTPA : Negotiated Third Party Access
NYMEX : New York Mercantile Exchange (New York Emtia Borsası)
OAPEC : Organization of Arab Petroleum Exporting Countries (Petrol İhraç Eden Arap Ülkeleri Örgütü)
OBA : Operational Balancing Agreement (İşletimsel Dengeleme Sözleşmesi)
OCM : On-the-day Commodity Market
OGP : International Association of Oil and Gas Producers
OECD : Organisation for Economic Co-operation and Development (Ekonomik İşbirliği ve Kalkınma Örgütü)
OFM : Otomatik Fiyatlandırma Mekanizması
OFGAS : Office of Gas Regulation
OFGEM : Office of Gas and Electiricity Markets
OFT : Office of Fair Trading
OG : 
Orta Gerilim
OGIP : Original Gas In Place
 (Yer Altında Bulunan Doğal Gaz Miktarı)
OGSP : Official Government Selling Price
OPEC : Organization of Petroleum Exporting Countries
 (Petrol İhraç Eden Ülkeler Teşkilatı)
OPEX : Operational Expenditure
OSB : 
Organize Sanayi Bölgesi
OSP : Official Selling Price
OTC : Over The Counter
OTEC : Ocean Thermal Energy Conversion 
(Okyanus Isısı Enerjisi)
PCI : Projects of Common Interest 
(Ortak Çıkar Projeleri)
PDHES : 
Pompa Depolamalı Hidrolik Santraller
PFKHB : 
Primer Frekans Kontrol Hizmet Bedeli
PGD : 
Piyasa Gözetimi ve Denetimi
PIW : Petroleum Intelligence Weekly
Pİ : 
Piyasa İşletmecisi
PİGM : 
Petrol İşleri Genel Müdürlüğü
PMO : 
Petrol Mühendisleri Odası 
PMUM : 
Piyasa Mali Uzlaştırma Merkezi 
PPK : 
Petrol Piyasası Kanunu
PRP : 
Piyasa Risk Pirimi 
PUC : Public Utility Commission
 (Kamu Hizmeti Kurulu)
PÜİS : 
Petrol Ürünleri İşveren Sendikası
PV : Photovoltaics 
(Fotovoltaik)
PWR : Pressurized Water Reactor 
(Basınçlı Su Reaktörü)
PYS : 
Piyasa Yönetim Sistemi
Q : Quality Factor 
(Kalite Faktörü)
R&M : Refining and Marketing
RAB : Regulatory Asset Base 
(Düzenlenmiş Varlık Tabanı)
RB : Regulatory Body

REBUS : Renewable Energy Burden Sharing Project (Yenilenebilir Enerji Yükümlülük Paylaşımı Projesi)
RECERT : European Renewable Electricity Certificate Trading Project (Avrupa Yenilenebilir Elektrik Sertifika Ticareti Projesi)
RECS : Renewable Energy Certificate System (Yenilenebilir Enerji Sertifika Sistemi)
RECs : Renewable Energy Credits (Yenilenebilir Enerji Kredileri)
REKK : Regional Centre for Energy Policy Research
REPA : Türkiye Rüzgar Enerjisi Potansiyeli Atlası
RES : Rüzgar Enerjisi Santrali
RES-E : Electricity Produced from Renewable Energy Sources
RFO : Refinery Fuel Oil
RMU : Removal of Units for Biological Sinks (Biyolojik Yutak Azaltım Birimi)
ROI : Return On Investment
ROR : Rate of Return (Geri Dönüş Oranı)
RPI : Retail Price İndeks
RPS : Renewable Portfolio Standard
RTO : Regional Transmission System Operator
rTPA : Regulated Third Party Access
S&D : Supply and Demand (Arz ve Talep)
SAF : Sistem Alış Fiyatı
SAIDI : The System Average Interruption Duration Index (Sistem Ortalama Kesinti Süresi Endeksi)
SAIFI : The System Average Interruption Frequency Index (Sistem Ortalama Kesinti Sıklığı Endeksi)
SBDT : Sıfır Bakiye Düzeltme Tutarı
SBSTA : Subsidiary Body for Scientific and Technological Advice (Teknolojik ve Bilimsel Tavsiye Yardımcı Kurumu)
SCA : Solar Collecting Assemblies
SCADA : Supervisory Control and Data Acquisition (Denetlemeli Kontrol ve Veri İşleme)
SDF : Sistem Dengesizlik Fiyatı
SE : Scale Efficiency (Ölçek Etkinliği)
SEEER : South Eastern Europe Energy Regulators
SEGS : Solar Electric Generating System
SETSO : South Eastern Europe Transmission System Operators
SFTN : Soğuk Filtre Tıkanma Noktası
SG : Spesific Gravity
SGÖF : Sistem Gün Öncesi Fiyatı
SIMEX : Singapore Mercantile Exchange
Sİ : Sistem İşletmecisi
SKB : Sistem Kullanım Bedeli
SMF : Sistem Marjinal Fiyatı 
SOCAR : State Oil Company of Azerbaijan Republic (Azerbaycan Cumhuriyeti Devlet Petrol Şirketi)
SPE : Society of Petroleum Engineers (Petrol Mühendisleri Topluluğu)
SPR : Strategic Petroleum Reserve (Stratejik Petrol Rezervi)
SSF : Sistem Satış Fiyatı
STS : Standart Taşıma Sözleşmesi
ŞİD : BOTAŞ İletim Şebekesi İşleyiş Düzenlemeleri
TABGİS : Türkiye Akaryakıt Bayileri Petrol ve Gaz Şirketleri İşveren Sendikası
TAEK : Türkiye Atom Enerjisi Kurumu
TB : Taşıma Bedeli 
TDM : Tolerans Dışı Miktar
TE : Technical Efficiency (Teknik Etkinlik)
TEAŞ : Türkiye Elektrik Üretim İletim Anonim Şirketi
TEDAŞ : Türkiye Elektrik Dağıtım Şirketi 
TEİAŞ : Türkiye Elektrik İletim Anonim Şirketi
TEK : Türkiye Elektrik Kurumu
TEN-E : Trans-European Energy Networks (Trans Avrupa Enerji Ağları)
TEP  : Tonne Petroleum Equivalent (Ton Eşdeğer Petrol)
TETAŞ : Türkiye Elektrik Ticaret ve Taahhüt Anonim Şirketi
TFV : Toplam Faktör Verimliliği
TGC : Tradable Green Certificate (Ticareti Yapılabilen Yeşil Sertifika)
TGTC : Türk Gümrük Tarife Cetveli 
TIEPI : Time of Interruption Equivalent to the Installed Power in the Medium Voltage (Kurulu Güç Başına Ortalama Kesinti Süresi Endeksi)
TİM : Tolerans İçi Miktar
TKİ : Türkiye Kömür İşletmeleri Kurumu
TKK : Trafo Kayıp Katsayısı
TM : Trafo Merkezi 
TMB : Taşıma Miktarı Bildirimi
TMDB : Taşıma Miktarı Değişiklik Bildirimi
TMMOB : Türk Mühendis ve Mimar Odaları Birliği
TPA : Third Party Access (Üçüncü Tarafların Erişimi)
TPAO  : Türkiye Petrolleri Anonim Ortaklığı
TPIC : Turkish Petroleum International Company Limited
TRCs : Tradable Renewable Certificates (Ticareti Yapılabilen Yenilenebilir Sertifikalar)
TRECS : Tradable Renewable Energy Credits (Ticareti Yapılabilen Yenilenebilir Enerji Kredileri)
TSO : Transmission System Operator (İletim Sistem Operatörü)
TTK : Türkiye Taşkömürü Kurumu
TÜPRAŞ : Türkiye Petrol Rafinerileri Anonim Şirketi
TÜRKAK : Türk Akreditasyon Kurumu
UCTE : Union for the Coordination of the Transmission of Electricity (Avrupa Elektrik İletimi Koordinasyonu Birliği) 
UDN : Ulusal Dengeleme Noktası
UEÇM : Uzlaştırmaya Esas Çekiş Miktarı
UEVÇB : Uzlaştırmaya Esas Veriş-Çekiş Birimi
UEVM : Uzlaştırmaya Esas Veriş Miktarı
UKAEA : United Kingdom Atomic Energy Authority (Birleşik Krallık Atom Enerjisi Kurumu)
ULCC : Ultra Large Crude Carrier
UNFCCC : United Nations Framework Convention on Climate Change (Birlemiş Milletler İklim Değişikliği Çerçeve Sözleşmesi)
UNIDO : United Nations Industrial Development Organization (Birleşmiş Milletler Sanayi Kalkınma Örgütü)
UPS : Ulusal Petrol Stoğu
UPSA : Ulusal Petrol Stok Ajansı
USAC : Atlantic Cost of USA
USGS : United States Geological Survey (Birleşik Devletler Jeolojik Araştırma Merkezi)
USWC : West Coast of USA
UYDM : Ulusal Yük Dağıtım Merkezi
VDU : Vacuum Distillation Unit
VER : Voluntary Emissions Reduction (Gönüllü Emisyon Azatlım Birimi)
VGO : Vacuum Gas Oil
Visc : Viscosity
VLCC : Very Large Crude Carrier
VRS : Variable Return to Scale (Ölçeğe Göre Değişken Getiri)
WACC : Weighted Average Cost of Capital (Ağırlıklı Ortalama Sermaye Maliyeti)
WANO : The World Association of Nuclear Operators (Dünya Nükleer Santral İşletmecileri Birliği)
WEO : World Energy Outlook (Dünya Enerji Görünümü)
WGC : Wet Gas Compressor
WGS : Wet Gas Scrubber
WNA : World Nuclear Association (Dünya Nükleer Birliği)
WORLDSCALE : Worldwide Tanker Nominal Freight Scale
WTI : West Texas Intermediate (Teksas’da Üretilen Petrol Markası)
X : Efficiency Factor (Verimlilik Faktörü)
YAL : Yük Alma
YAL1 : Yük Alma Teklif Fiyatı 1
YAL2 : Yük Alma Teklif Fiyatı 2
YAT : Yük Atma
YAT1 : Yük Atma Teklif Fiyatı 1
YAT2 : Yük Atma Teklif Fiyatı 2
YEK : Yenilenebilir Enerji Kaynakları 
YFDB : Yatırım Farkı Düzeltme Bileşeni
YG : Yüksek Gerilim
Yİ : Yap-İşlet
YİD : 
Yap-İşlet-Devret 
YPK : Yüksek Planlama Kurulu
YS : Yapay Sinir Ağları


BİRİMLER / UNITS

Atm : Atmospheric
bbl : Barrel 
bpd : Barrel per day
BCF : Billion Cubic Feet
BPCD : Barrels Per Calender Day
BPSD : Barrels Per Stream Day
BPT : Barrels Per Tonne
GW : Gigawatt

Hz : Hertz
J : Joule

kPa : Kilopascal
kW : Kilowatt
kWh : Kilowatt-hour 
MW : Megawatt
V : Volt
ppb : Parts per billion
ppm : Parts per million
wppm : Weight Parts Per Million
W : Watt


Birimler ile ilgili olarak Sayın Fatih Teoman Kaya'nın yazısını öneririm:
Birimler
Petrol için kullanılan bir varil kaç litredir?  
Peki, litre nasıl kısaltılır: l mi, L mi, lt mi, Lt mi, ℓ mi?
Bir milyar metreküp için bcm (billion cubic meters) kısaltmasını kullanmak doğru mudur? 
Ayrıca, neden bir km3 denmiyor da bcm deniyor?
Petrolün enerji değeri değişken olduğuna göre ―ton petrol eş değeri şeklinde bir enerji birimi kullanmak doğru mudur?
Kilovatsaati KWh olarak kısaltmak doğru mu, ya da kWsaat, kW-saat diye?
ms-1 yazılsa gerçekten m/s yazılmış olur mu?
ppm (part per million) veya cc (cubic centimeter) gibi kısaltmalar ne kadar doğru?

Enerji sektöründe çalışan, enerji konusunda yazıp çizen herkese, özellikle bu konuda tez yazanlara, faydalı olması umularak bu yazıda ölçü birimlerine, özel olarak enerji ölçü birimlerine, bu birimlerin birbiri cinsinden değerlerine ve doğru yazılışlarına değinilecektir.



Kaliforniya Enerji Komisyonu'nun Enerji Kısaltmaları İle İlgili Çalışması
California Energy Commission's Work About Energy Acronyms

A - Ampere
AAL - all aluminum (electricity conductor)
AAQS - Ambient Air Quality Standards
ABAG - Association of Bay Area Governments
AC - alternating current
ACE - Army Corps of Engineers
ACSR - aluminum covered steel reinforced (electricity conductor)
AEI - Advanced Energy Initiative
AEO - Annual Energy Outlook, DOE/EIA publication
AFC - Application for Certification
AFY - acre-feet per year
AGW - Anthropogenic global warming
AHM - Acutely Hazardous Materials
AL - aluminum
ANOPR - Advance Notice of Proposed Rulemaking
ANSI - American National Standards Institute
ANSI - American National Standards Institute
APCD - Air Pollution Control District
APCO - Air Pollution Control Officer
API - American Petroleum Institute
APPA - America Public Power Association
AQMD - Air Quality Management District
AQMP - Air Quality Management Plan
ARB - (California) Air Resources Board
ARB (not CARB) - California Air Resources Board
ARCO - Atlantic Richfield Company
ASAE - American Society of Architectural Engineers
ASAT - Appliance Saturation
ASHRAE - American Society of Heating Refrigeration & Air Conditioning Engineers
ASME - American Society of Mechanical Engineers
ATC - Authority to Construct
B - Present value of future coil losses ($/watt)
BAAQMD - Bay Area Air Quality Management District
BACT - Best Available Control Technology
BAF - Basic American Foods
BANANA - Build Absolutely Nothing Anywhere Near Anybody
BARCT - Best Available Retrofit Control Technology
bbl - barrel
BBLs - barrels of oil
BBRS - Board for Building Regulations and Standards
BC - Bill Calculator
BCDC - Bay Conservation and Development Commission
BCF - billion cubic feet
Bcfd - billion cubic feet per day
BCUC - British Columbia Utilties Commission
BDT - Bone Dry Tons
BEA - U.S. Bureau of Economic Affairs
BG - Biomass gassification
BIL - basic impulse insulation level
BIL - basic impulse insulation level
BLM - Bureau of Land Management
BLM - Bureau of Land Management
BOE - Barrels of oil equivalent
BPA - Bonneville Power Administration
BPA - U.S. Bonneville Power Administration
BR - Biennial Report
BT - Building Technologies
BTL - Biomass-to-liquid
Btu - British thermal unit
Btu - British thermal unit (Note: B is capitalized)
BUREC - Bureau of Reclamation
C&I - commercial and industrial
CA ISO - See California ISO
CAA - U.S. Clean Air Act
CAAQS - California Ambient Air Quality Standards
CAFE - Corporate Average Fuel Economy
CalEPA - California Environmental Protection Agency
CalEPA - California Environmental Protection Agency
California ISO (not CAISO or Cal-ISO) - California Independent System Operator
CALMAC - California Measurement Advisory Committee
CALTRANS - California Department of Transportation
CAPCOA - California Air Pollution Control Officers Association
CAPM - Capital Asset Pricing Model
CARB - California Air Resources Board
CARES - Conservation and Renewable Energy System
CBC - California Building Code
CBECS - Commercial Building Energy Consumption Survey
CCAA - California Clean Air Act
CCR - California Code of Regulations
CDF - California Department of Forestry
CDFG - California Department of Fish and Game
CEA - Canadian Electricity Association
CEC - California Energy Commission (Please note that the Energy Commission prefers to not use the acronym "CEC" because of possible confusion with other agencies or companies with the same acronym. Use Energy Commission or just Commission instead.)
CEERT - Coalition for Energy Efficiency and Renewable Technologies
CED - California Energy Demand
CEM - continuous emissions monitoring
CEQA - California Environmental Quality Act (pronouced SEE-qwah)
CERA - Cambridge Energy Research Associates (Chairman Daniel Yergin)
CESA - California Endangered Species Act
CEUS - Commercial End Use Survey
CFB - circulating fluidized bed
CFCs - chloro-fluorocarbons
CFM - cubic feet per minute
CFR - Code of Federal Regulations
cfs - cubic feet per second
CIWMB - California Integrated Waste Management Board
CLUP - Comprehensive Land Use Plan
CNEL - Community Noise Equivalent Level
CO - carbon monoxide
CO2 or CO2 (Note: Make sure the 2 it is not too small to read.) - Carbon dioxide
COB - California/Oregon Border
COI - California Oregon Intertie
CPCN - Certificate of Public Convenience & Necessity
CPM - Compliance Project Manager
CPUC - California Public Utilities Commission
CRA - Columbia River Alliance for Fish, Commerce and Communities
CRITFC - Columbia River Inter-Tribal Fish Commission
CSA - Canadian Standards Association
CSL - Candidate Standard Level
CT - combustion turbine
CT - current transformer
CTG - combustion turbine generator
CTL - Coal-to-liquid conversion
CU - cooper
CUB - Oregon Citizens' Utility Board
CURE - California Unions for Reliable Energy
CWA - Clean Water Act
dB - decibel
dB(A) - decibel on the A scale
DC - direct current
DCTL - Double Circuit Transmission Line
DEIR - Draft Environmental Impact Report
DEIS - Draft Environmental Impact Statement
DER - Distributed Energy Resources
DFG - California Department of Fish and Game
DHS - California Department of Health Services
DISCO - Distribution Company
DL - design line (followed by a number indicating which design line)
DOC - Determination of Compliance
DOE - U.S. Department of Energy
DOJ - U.S. Department of Justice
DSI - Direct Service Industries--primarily aluminum companies
DSM - Demand Side Management
DTC - Desert Tortoise Council
DWR - (California) Department of Water Resources
E&P - Exploration and production
ECAA - Energy Conservation Assistance Account
EDF - Environmental Defense Fund
Edison - Southern California Edison Company
EDR - Energy Development Report
EER, SEER - Energy Efficiency Ratio, Seasonal Energy Efficiency Ratio
EFS&EPD - Energy Facilities Siting and Environmental Protection Division
EIA - Energy Information Administration
EIA - Energy Information Administration
EIA - Energy Information Administration, division of US Department of Energy
EIA - U.S. Energy Information Administration (statistical arm of U.S. Department of Energy)
EIR - Environmental Impact Report
EIS - Environmental Impact Statement
ELCAP - Elrick & Lavidge Computerized Audit Program
ELFIN - Electric Utility Financial and Production Simulation Model
EMF - electric and magnetic fields
EMM - Electricity Market Model
Energy Action Plan (not EAP) - Energy Action Plan
Energy Commission - Preferred shortened version of California Energy Commission
ENERGY STAR® on first reference, followed by ENERGY STAR thereafter. Note: Should be all capitals.
EOR - East of River (Colorado River)
EOR - Enhanced oil recovery
EPA - U.S. Environmental Protection Agency
EPCA - Energy Policy and Conservation Act
EPR - Energy profit ratio
EPRI - Electric Power Research Institute
ER - Electricity Report
ERC - emission reduction credit {offset}
ERPA - Energy Resources Program Account (funding that supports the Energy Commission)
EROEI - Energy return on energy invested
ERP - equity risk premium
ESA - Endangered Species Act (Federal)
ESA - Environmental Site Assessment
ESP - Energy Service Providers
ETSR - Energy Technologies Status Report
EUC - End Use Consumption
EUI - End Use Intensities
EWEB - Eugene Water & Electric Board
FAA - Federal Aviation Administration
FBE - Functional Basis Earthquake
FBS - Federal Base System
FCAA - Federal Clean Air Act
FCC - Federal Communications Commission
FCRPS - Federal Columbia River Power System
FEC - Flathead Electric Co-op
FEIR - Final Environmental Impact Report
FEMA - Federal Emergency Management Agency
FEMP - Federal Energy Management Program
FERC - Federal Energy Regulatory Commission
FIP - Federal Implementation Plan
FIP - Fields in production
FONSI - Finding of No-Significant Impact
FOP - Fuel oil price
FSA - Final Staff Assessment
FSU - Former Soviet Union
FT - Fischer-Tropsch process of converting methane, biomass, or coal to liquid fuels
FUA - Fields under appraisal
FUD - Fields under development
g/m3 - micro grams (10-6 grams) per cubic meter
GB - Gigabarrels = 1 billion barrels
GDP - Gross Domestic Product
GEP - good engineering practice
GHG - Greenhouse gas (e.g., CO2, methane)
GIS - gas insulated switchgear
GIS - geographic information system
GOM - Gulf of Mexico
GOMEX - Gulf of Mexico
GOSP - Gas Oil Separation Plant
gpd - gallons per day
gpm - gallons per minute
GRDA - Geothermal Resources Development Account
GRIM - Government Regulatory Impact Model
GTL - Gas-to-liquids conversion
GW - gigawatt
GWh - gigawatt-hour
H2S - hydrogen sulfide
HCP - habitat conservation plan
HELM - Hourly Electric Load Model
HHV - higher heating value
HL - Hubbert Linearization
H-O DR - laser-scribed M3 core steel
HOUSES - Households
HRA - Health Risk Assessment
HRSG - heat recovery steam generator
HTS - high-temperature superconducting
HV - high voltage
HV - high voltage
HVAC - Heating Ventilation and Air Conditioning
Hz - hertz
IAR - Issues and Alternatives Report
ICIP - Industrial Customers of Idaho Power
ICNU - Industrial Customers of Northwest Utilities
ID - load identification
IDF&G - Idaho Department of Fish & Game
IEA - International Energy Agency
IEA - International Energy Agency
IEEE - Institute of Electrical and Electronics Engineers, Inc.
IEPR - Integrated Energy Policy Report
IHS - IHS Energy (consulting company, parent of CERA)
IID - Imperial Irrigation District
IIR - Issues Identification Report
IMBUILD - Impact of Building
IMPLAN - Impact Analysis for Planning
INFORM - Industrial End Use Forecasting Model
IOC - International oil company (e.g., British Petroleum, ExxonMobil)
IOU - Investor-owned Utility
IID - Imperial Irrigation District
IPC - Idaho Power Company
IPUC - Idaho Public Utilities Commission
IS - Initial Study
ISO - Independent System Operator
JES - Joint Environmental Statement
JODI - Joint oil data initiative
JPA - Joint Powers Authority
KCAPCD - Kern County Air Pollution Control District
KCM - thousand circular mils (also KCmil) (electricity conductor)
KGRA - known geotheral resource area
km - kilometer
KOP - key observation point
KRCC - Kern River Cogeneration Company
kV - kilovolt
KVA - kilovolt-ampere (transformer size rating)
KVAR - kilovolt-ampere reactive
kW (small k, capital W) - kilowatt
kWe - kilowatt, electric
kWh - kilowatt hour
kWp - peak kilowatt
LADWP - Los Angeles Department of Water and Power
LAER - Lowest Achievable Emission Rate
LBNL - Lawrence Berkeley National Laboratory
lbs - pounds
lbs/hr - pounds per hour
lbs/MMBtu - pounds per million British thermal units
LCAQMD - Lake County Air Quality Management District
LCC - Life-Cycle Cost
LL - load loss
LMUD - Lassen Municipal Utility District
LNG - liquefied natural gas
LORS - laws, ordinances, regulations and standards
LPG - Liquified petroleum gas (propane and butane)
LQHC - Low quality hydrocarbons (i.e., tar sands and oil shale)
LSE - Load Serving Entities
LV - low voltage
m (M) - meter, million, mega, milli or thousand
M* - M2, M3, M4, M6 - thickness of core steel
m/s - meters per second
MB - Millions of barrels
MBD - Millions of barrels per day
MBUAPCD - Monterey Bay Unified Air Pollution Control District
MCE - maximum credible earthquake
MCF - thousand cubic feet
MCF but in parentheses say (1000 cubic feet of natural gas) - MCF
MCL - Maximum Containment Level
MCM - thousand circular mil (electricity conductor)
MEID - Merced Irrigation District
MER - Maximum effective rate (of production)
MG - milli gauss
mgd - million gallons per day
MIA - Manufacturer Impact Analysis
MID - Modesto Irrigation District
Middle East and North Africa (includes Algeria, Egypt, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, and the United Arab Emirates)
MMcfd - Million cubic feet per day (used with natural gas)
MMS - Minerals Management Service, division of US Department of the Interior
MMT - Million metric tons
MOU - Memorandum of Understanding
MPE - maximum probable earthquake
MRC - Maximum Reservoir Contact
MS - Mail Station
MV - megavolt
MVA - megavolt-amperes
MVAR - megavolt-ampere reactive
MW - megawatt (million watts)
MW (all capitals) / MWh - megawatt / megawatt-hour
MWA - Mojave Water Agency
MWD - Metropolitan Water District
MWh - megawatt hour
MWp - peak megawatt
N-1 - one transmission circuit out
N-2 - two transmission circuits out
NAAQS - National Ambient Air Quality Standards
NAICS - North American Industry Classification System
NCI - Navigant Consulting, Inc. (formerly Arthur D. Little, Inc.)
NCPA - Northern California Power Agency
NEEA - Northwest Energy Efficiency Alliance, also known as The Alliance.
NEEP - Northeast Energy Efficiency Partnership
NEMA - National Electrical Manufacturers Association
NEMS - National Energy Modeling System
NEPA - National Environmental Policy Act (federal "equivalent" of CEQA) of 1969
NERC - North American Electric Reliability Council
NES - National Energy Savings
NESHAPS - National Emission Standards for Hazardous Air Pollutants
NG - Natural gas (mainly methane)
NGL - Natural gas liquids (ethane, propane, butane, isobutane and natural gasoline)
NHA - National Hydropower Association
NIMBY - Not In My Backyard
NL - no-load losses
NMFS - National Marine Fisheries Service
NMHC - nonmethane hydrocarbons
NO - nitrogen oxide
NO2 - nitrogen dioxide
NOAA - National Oceanic and Atmospheric Administration
NOC - National oil company (e.g., Saudi Aramco)
NOI - Notice of Intention
NOL - North of Lugo
NOM - Normas Oficiales Mexicanas-NOM (official Mexican standards)
NOP - Notice of Preparation (of EIR)
NOPR - Notice of Proposed Rulemaking
NOV - Notice of Violation
NOx - nitrogen oxides
NOx - nitrogen oxides
NOx or NOx - nitrogen oxides
NPV - net present value
NRC - Nuclear Regulatory Commission
NRCan - Natural Resources Canada
NRDC - Natural Resources Defense Council
NRECA - National Rural Electric Cooperative Association
NREL - National Renewable Energy Laboratory, a laboratory of the US Department of Energy
NRTA - Northwest Regional Transmission Association
NSCAPCD - Northern Sonoma County Air Pollution Control District
NSPS - New Source Performance Standards
NSR - New Source Review
NWEC - Northwest Energy Coalition
NWPP - Northwest Power Pool
NWPPA - Northwest Public Power Association
NWPPC - Northwest Power Planning Council
NYMEX - New York Merchantile EXchange
NYSERDA - New York State Energy Research and Development Authority (NYSERDA)
O&M - operation and maintenance
O3 - Ozone
OASIS - Open Access Same-Time Information System
OCB - oil circuit breaker
OCSG - Operating Capability Study Group
ODAC - Oil Depletion Analysis Centre
OECD - Organization of Economic Cooperation and Development
OEE - Office of Energy Efficiency
OEFSC - Oregon Energy Facility Siting Council
OEMs - original equipment manufacturers
OGJ - The Oil & Gas Journal
OIRA - Office of Information and Regulatory Affairs
OMB - Office of Management and Budget
OOIP - Original oil in place
OPEC - Organization of Petroleum Exporting Countries
OPS - Optimized Program Service, Inc.
OPUC - Oregon Public Utilties Commission
ORA - Office of Ratepayer Advocates
ORNL - Oak Ridge National Laboratory
OSB - Oversight Board
OSHA - Occupational Safety and Health Administration (or Act)
P/Q - Hubbert Production "P" to Cumulative Production "Q"
PBL - Power Business Line of BPA
PBP - payback period
PC - product class
PCI - Per Capita Income
PDCI - Pacific DC Intertie
PG&E - Pacific Gas and Electric Company
PGC - Public Goods Charge
PGE - Portland General Electric
PGP - Public Generating Pool
PHC(S) - Prehearing Conference (Statement)
PIER Program - Public Interest Energy Research Program
PIFUA - Federal Powerplant & Industrial Fuel Use Act of 1978
PM - particulate matter
PM - Project Manager
PM10 - particulate matter 10 microns and smaller in diameter
PM2.5 - particulate matter 2.5 microns and smaller in diameter
PMA - Power Marketing Authority
PNGC - Pacific Northwest Generating Cooperative
PNUCC - Pacific Northwest Utilities Conference Committee
PO - peak oil
ppb - parts per billion
PPC - Public Power Council
PPHH - Persons Per Household
ppm - parts per million
ppmvd - parts per million by volume, dry
ppt - parts per thousand
PRC - California Public Resources Code
PRC - Public Resources Code
PRF - peak responsibility factor
PSD - Prevention of Significant Deterioration
PSE - Puget Sound Energy
PSRC - Plumas Sierra Rural Electric Cooperative
PT - potential transformer
PTO - Permit to Operate
PU - per unit
PUC - (California) Public Utilities Commission
PURPA - Federal Public Utilities Regulatory Policy Act of 1978
PV - photovoltaic
QA/QC - Quality Assurance/Quality Control
QF - Qualifying Facility
QFER - Quarterly Fuel and Energy Reports
Qt - The estimated URR from a Hubbert Linearization
Quad - one quadrillion (1015) British thermal units
RACT - Reasonably Available Control Technology
RASS - Residential Appliance Saturation Survey
RD&D - research, development, and demonstration
RDF - refuse derived fuel
RETO - Reasonably Expected to Occur
RFP - Request for Proposals
RFQ - Request for Qualifications
RMS - root mean square
ROC - reactive organic compounds
ROC - Report of Conversation
ROG - reactive organic gas
ROW - right of way
RP - Reserves/production ratio
RTO - Regional Transmission Organization
RTP - real-time pricing
RUL - Regular unleaded gasoline
RWQCB - Regional Water Quality Control Board
SA1 - Metglas amorphous core material
SACOG - Sacramento Area Council of Governments
SANBAG - San Bernardino Association of Governments
SANDAG - San Diego Association of Governments
SANDER - San Diego Energy Recovery Project
SB - Senate Bill
SCAB - South Coast Air Basin
SCAG - Southern California Association of Governments
SCAQMD - South Coast Air Quality Management District
SCE - Southern California Edison Company
SCE - Southern California Edison Company
SCFM - standard cubic feet per minute
SCH - State Clearing House
SCIT - Southern California Import Transmission
SCL - Seattle City Light
SCR - Selective Catalytic Reduction
SCTL - single circuit transmission line
SDCAPCD - San Diego County Air Pollution Control District
SDG&E - San Diego Gas & Electric Company (Note: An ampersand is the correct usage in the company's name.)
SEC - Securities and Exchange Commission
SEGS - Solar Electric Generating Station
SEPCO - Sacramento Ethanol and Power Cogeneration Project
SIC - Standard industrial classification
SIP - State Implementation Plan
SJVAB - San Joaquin Valley Air Basin
SJVAQMD - San Joaquin Valley Air Quality Management District
SMAQMD - Sacramento Metropolitan Air Quality Management District
SMUD - Sacramento Municipal Utility District
SMUDGEO - SMUD Geothermal
SNCR - Selective Noncatalytic Reduction
SNG - Synthetic Natural Gas
SnoPUD - Snohomish PUD
SO2 - sulfur dioxide
SO4 - sulfates
SoCal Gas - Southern California Gas Company
SONGS - San Onofre Nuclear Generating Station
SOx - sulfur oxides
SPP - Sierra Pacific Power
SPR - Sierra Pacific Resources
SPR - Strategic petroleum reserve
STIG - steam injected gas turbine
SWP - State Water Project
SWRCB - State Water Resources Control Board
TAC - Toxic Air Contaminant
TB - Trillions of barrels
TBL - Transmission Business Line of BPA
TBtu - trillion Btu
TCF - trillion cubic feet
TCF - Trillion cubic feet (dry natural gas)
TCM - transportation control measure
TCU - Transportation, Communications and Utilities
TDM - Tariff Data Model
TDS - total dissolved solids
TE - transmission engineering
TEOR - Thermally Enhanced Oil Recovery
TID - Turlock Irrigation District
TL - total losses
TL - transmission line or lines
T-Line - transmission line
TOC - Total Owning Cost
TOD - The Oil Drum
TOG - total organic gases
TOU - time of use
TPD - tons per day
TPY - tons per year
TS&N - Transmission Safety and Nuisance
TSD - Technical Support Document
TSE - Transmission System Engineering
TSIN - Transmission Services Information Network
TSP - total suspended particulate matter
U.S. DOE - (United States) Department of Energy
U.S. EPA (not EPA) - United States Environmental Protection Agency
UAE - United Arab Emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Qaiwain, Ras Al-Khaimah, Fujairah)
UBC - Uniform Building Code
UDC - Utility Displacement Credits
UDF - Utility Displacement Factor
UEC - Average Unit of Energy Consumption for each end use
UEG - Utility Electric Generator
UL - Underwriters Laboratories
ULSD - Ultra-low sulfur diesel
United States (not U.S. unless it proceeds an abbreviation for a federal agency) - United States
URL - uniform resource locator
URR - Ultimately recoverable resources
US - United States
USC(A) - United States Code (Annotated)
USCOE - U.S. Corps of Engineers
USEPA - U.S. Environmental Protection Agency
USFS - U.S. Forest Service
USFWS - U.S. Fish and Wildlife Service
USFWS - US Fish & Wildlife Service
USGS - U.S. Geological Survey
USGS - United States Geological Survey
V - volts
VCAPCD - Ventura County Air Pollution Control District
VMT - Vehicle miles traveled
VOC - volatile organic compounds
W - Watt
WAA - Warren-Alquist Act
WAPA - Western Area Power Administration
WDF&W - Washington Department of Fish & Wildlife
WECC - Western Electricity Coordinating Council
WEFSEC - Washington Energy Facility Site Evaluation Committee
WEPEX - Western Energy Power Exchange
WICF - Western Interconnection Coordination Forum
WICF - Western Interconnection Forum
WIEB - Western Interstate Energy Board
WOEC - West Oregon Electric Cooperative
WOR - West of River (Colorado River)
WPAG - Western Public Agency Group
WPPSS - the Washington Public Power Supply System, renamed Energy Northwest
WPUDA - Washington Public Utility District's Association
WRECA - Washington Rural Electric Cooperative Association
WRTA - Western Region Transmission Association
WSCC - Western Systems Coordinating Council
WSPP - Western System Power Pool
WTI - West Texas Intermediate (crude oil)
WUTC - Washington Utilties & Transportation Commission
Y - w ye-type transformer terminal connection
YTF - Yet to find
ZDMH - mechanically scribed, deep-domain refined core steel

http://www.energy.ca.gov/



ABD Enerji Bakanlığı İstatistik Birimi'nin Enerji Sözlüğü
U.S. Dept of Energy Information Administration's Energy Glossary

AC:   Alternating Current

ACBM:  Acronym for "asbestos-containing building material."

Account classification:  The way in which suppliers of electricity, natural gas, or fuel oil classify and bill their customers. Commonly used account classifications are "Residential," "Commercial," "Industrial," and "Other." Suppliers' definitions of these terms vary from supplier to supplier. In addition, the same customer may be classified differently by each of its energy suppliers.

Account of others (natural gas):  Natural gas deliveries for the account of others are deliveries to customers by transporters that do not own the natural gas but deliver it for others for a fee. Included are quantities covered by long-term contracts and quantities involved in short-term or spot market sales.

Accounting system:  A method of recording accounting data for a utility or company or a method of supplying accounting information for controlling, evaluating, planning and decision-making.

Acid mine drainage:  This refers to water pollution that results when sulfur-bearing minerals associated with coal are exposed to air and water and form sulfuric acid and ferrous sulfate. The ferrous sulfate can further react to form ferric hydroxide, or yellow boy, a yellow-orange iron precipitate found in streams and rivers polluted by acid mine drainage.

Acid rain:  Also called acid precipitation or acid deposition, acid rain is precipitation containing harmful amounts of nitric and sulfuric acids formed primarily by sulfur dioxide and nitrogen oxides released into the atmosphere when fossil fuels are burned. It can be wet precipitation (rain, snow, or fog) or dry precipitation (absorbed gaseous and particulate matter, aerosol particles or dust). Acid rain has a pH below 5.6. Normal rain has a pH of about 5.6, which is slightly acidic. The term pH is a measure of acidity or alkalinity and ranges from 0 to 14. A pH measurement of 7 is regarded as neutral. Measurements below 7 indicate increased acidity, while those above indicate increased alkalinity.

Acquisition (foreign crude oil):  All transfers of ownership of foreign crude oil to a firm, irrespective of the terms of that transfer. Acquisitions thus include all purchases and exchange receipts as well as any and all foreign crude acquired under reciprocal buy-sell agreements or acquired as a result of a buy-back or other preferential agreement with a host government.

Acquisition (minerals):  The procurement of the legal right to explore for and produce discovered minerals, if any, within a specific area; that legal right may be obtained by mineral lease, concession, or purchase of land and mineral rights or of mineral rights alone.

Acquisition costs, mineral rights:  Direct and indirect costs incurred to acquire legal rights to extract natural resources. Direct costs include costs incurred to obtain options to lease or purchase mineral rights and costs incurred for the actual leasing (e.g., lease bonuses) or purchasing of the rights. Indirect costs include such costs as brokers' commissions and expenses; abstract and recording fees; filing and patenting fees; and costs for legal examination of title and documents.

Acre-foot:  The volume of water that will cover an area of 1 acre to a depth of 1 foot.

Acreage:  An area, measured in acres, that is subject to ownership or control by those holding total or fractional shares of working interests. Acreage is considered developed when development has been completed. A distinction may be made between "gross" acreage and "net" acreage:

Gross - All acreage covered by any working interest, regardless of the percentage of ownership in the interest.
Net - Gross acreage adjusted to reflect the percentage of ownership in the working interest in the acreage.
Active power:  The component of electric power that performs work, typically measured in kilowatts (kW) or megawatts(MW). Also known as "real power." The terms "active" or "real" are used to modify the base term "power" to differentiate it from Reactive Power. See Power, Reactive Power, Apparent Power

Active solar:  As an energy source, energy from the sun collected and stored using mechanical pumps or fans to circulate heat-laden fluids or air between solar collectors and a building.

Actual peak reduction:  The actual reduction in annual peak load (measured in kilowatts) achieved by customers that participate in a utility demand-side management (DSM) program. It reflects the changes in the demand for electricity resulting from a utility DSM program that is in effect at the same time the utility experiences its annual peak load, as opposed to the installed peak load reduction capability (i.e., potential peak reduction). It should account for the regular cycling of energy efficient units during the period of annual peak load.

Adequacy (electric):  The ability of the electric system to supply the aggregate electrical demand and energy requirements of the end-use customers at all times, taking into account scheduled and reasonably expected unscheduled outages of system elements. NERC definition

Adjustable speed drives:  Drives that save energy by ensuring the motor's speed is properly matched to the load placed on the motor. Terms used to describe this category include polyphase motors, motor oversizing, and motor rewinding.

Adjusted electricity:  A measurement of electricity that includes the approximate amount of energy used to generate electricity. To approximate the adjusted amount of electricity, the site-value of the electricity is multiplied by a factor of 3. This conversion factor of 3 is a rough approximation of the Btu value of raw fuels used to generate electricity in a steam-generation power plant.

Adjustment bid:  A bid auction conducted by the independent system operator or power exchange to redirect supply or demand of electricity when congestion is anticipated.

Administrative and general expenses:  Expenses of an electric utility relating to the overall directions of its corporate offices and administrative affairs, as contrasted with expenses incurred for specialized functions. Examples include office salaries, office supplies, advertising, and other general expenses.

Advance royalty:  A royalty required to be paid in advance of production from a mineral property that may or may not be recoverable from future production.

Advances from municipality:  The amount of loans and advances made by the municipality or its other departments to the utility department when such loans and advances are subject to repayment but not subject to current settlement.

Advances to municipality:  The amount of loans and advances made by the utility department to the municipality or its other departments when such loans or advances are subject to current settlement.

Adverse water conditions:  Reduced stream flow, lack of rain in the drainage basin, or low water supply behind a pondage or reservoir dam resulting in a reduced gross head that limits the production of hydroelectric power or forces restrictions to be placed on multipurpose reservoirs or other water uses.

Adverse Weather Conditions:  Reduced streamflow, lack of rain in the drainage basin, or low water supply behind a pondage or reservoir dam resulting in a reduced gross head that limits the production of hydroelectric power or forces restrictions to be placed on multipurpose reservoirs or other water uses.

Affiliate:  An entity which is directly or indirectly owned, operated, or controlled by another entity. See Firm.

Afforestation:  Planting of new forests on lands that have not been recently forested.

Aftermarket converted vehicle:  A standard conventionally fueled, factory-produced vehicle to which equipment has been added that enables the vehicle to operate on alternative fuel.

Aftermarket vehicle converter:  An organization or individual that modifies OEM vehicles after first use or sale to operate on a different fuel (or fuels).

AFUDC:   Allowance for Funds Used During Construction

AFV:  Alternative-Fuel Vehicle

AGA:   American Gas Association

Agglomerating character:  Agglomeration describes the caking properties of coal. Agglomerating character is determined by examination and testing of the residue when a small powdered sample is heated to 950 degrees Centigrade under specific conditions. If the sample is "agglomerating," the residue will be coherent, show swelling or cell structure, and be capable of supporting a 500-gram weight without pulverizing.

Aggregate ratio:  The ratio of two population aggregates (totals). For example, the aggregate expenditures per household is the ratio of the total expenditures in each category to the total number of households in the category.

Aggregator:  Any marketer, broker, public agency, city, county, or special district that combines the loads of multiple end-use customers in negotiating the purchase of electricity, the transmission of electricity, and other related services for these customers.

Agriculture:  An energy-consuming subsector of the industrial sector that consists of all facilities and equipment engaged in growing crops and raising animals.

Agriculture, mining, and construction (consumer category):  Companies engaged in agriculture, mining (other than coal mining), or construction industries.

Air cleaner:  A device using filters or electrostatic precipitators to remove indoor-air pollutants such as tobacco smoke, dust, and pollen. Most portable units are 40 watts when operated on low speed and 100 watts on high speed.

Air collector:  A medium-temperature collector used predominantly in space heating, utilizing pumped air as the heat-transfer medium.

Air conditioning:  Cooling and dehumidifying the air in an enclosed space by use of a refrigeration unit powered by electricity or natural gas. Note: Fans, blowers, and evaporative cooling systems ("swamp coolers") that are not connected to a refrigeration unit are excluded.

Air conditioning intensity:  The ratio of air-conditioning consumption or expenditures to square footage of cooled floor space and cooling degree-days (base 65 degrees F). This intensity provides a way of comparing different types of housing units and households by controlling for differences in housing unit size and weather conditions. The square footage of cooled floor space is equal to the product of the total square footage times the ratio of the number of rooms that could be cooled to the total number of rooms. If the entire housing unit is cooled, the cooled floor space is the same as the total floor space. The ratio is calculated on a weighted, aggregate basis according to this formula: Air-Conditioning Intensity = Btu for Air Conditioning/(Cooled SquareFeet * Cooling Degree-Days)

Air pollution abatement equipment:  Equipment used to reduce or eliminate airborne pollutants, including particulate matter (dust, smoke, fly, ash, dirt, etc.), sulfur oxides,nitrogen oxides (NOx), carbon monoxide, hydrocarbons, odors, and other pollutants. Examples of air pollution abatement structures and equipment include flue-gas particulate collectors, flue-gas desulfurization units and nitrogen oxide control devices.

Alcohol:  The family name of a group of organic chemical compounds composed of carbon, hydrogen, and oxygen. The series of molecules vary in chain length and are composed of a hydrocarbon plus a hydroxyl group; CH(3)-(CH(2))n-OH (e.g., methanol, ethanol, and tertiary butyl alcohol).

Alkylate:  The product of an alkylation reaction. It usually refers to the high-octane product from alkylation units. This alkylate is used in blending high octane gasoline.

Alkylation:  A refining process for chemically combining isobutane with olefin hydrocarbons (e.g., propylene, butylene) through the control of temperature and pressure in the presence of anacid catalyst, usually sulfuric acid or hydrofluoric acid. The product alkylate, an isoparaffin, has high octane value and is blended with motor and aviation gasoline to improve the antiknock value of the fuel.

All-electric home:  A residence in which electricity is used for the main source of energy for space heating, water heating, and cooking. Other fuels may be used for supplementary heating or other purposes.

Alternate energy source for primary heater:  The fuel that would be used in place of the usual main heating fuel if the building had to switch fuels. (See Fuel-Switching Capability.)

Alternating current (AC):  An electric current that reverses its direction at regularly recurring intervals.

Alternative fuel:  Alternative fuels, for transportation applications, include the following:

methanol
denatured ethanol, and other alcohols
fuel mixtures containing 85 percent or more by volume of methanol, denatured ethanol, and other alcohols with gasoline or other fuels
natural gas
liquefied petroleum gas (propane)
hydrogen
coal-derived liquid fuels
fuels (other than alcohol) derived from biological materials (biofuels such as soy diesel fuel)
electricity (including electricity from solar energy)
"... any other fuel the Secretary determines, by rule, is substantially not petroleum and would yield substantial energy security benefits and substantial environmental benefits." The term "alternative fuel" does not include alcohol or other blended portions of primarily petroleum-based fuels used as oxygenates or extenders, i.e. MTBE, ETBE, other ethers, and the 10-percent ethanol portion of gasohol.
Alternative fuel vehicle converter:  An organization (including companies, government agencies and utilities), or individual that performs conversions involving alternative fuel vehicles. An AFV converter can convert (1) conventionally fueled vehicles to AFVs, (2) AFVs to conventionally fueled vehicles, or (3) AFVs to use another alternative fuel.

Alternative-fuel vehicle (AFV):  A vehicle designed to operate on an alternative fuel (e.g., compressed natural gas, methane blend, electricity). The vehicle could be either a dedicated vehicle designed to operate exclusively on alternative fuel or a nondedicated vehicle designed to operate on alternative fuel and/or a traditional fuel.

Alternative-rate DSM program assistance:  A DSM (demand-side management) program assistance that offers special rate structures or discounts on the consumer's monthly electric bill in exchange for participation in DSM programs aimed at cutting peak demands or changing load shape. These rates are intended to reduce consumer bills and shift hours of operation of equipment from on-peak to off-peak periods through the application of time-differentiated rates. For example, utilities often pay consumers several dollars a month (refund on their monthly electric bill) for participation in a load control program. Large commercial and industrial customers sometimes obtain interruptible rates, which provide a discount in return for the consumer's agreement to cut electric loads upon request from the utility (usually during critical periods, such as summer afternoons when the system demand approaches the utility's generating capability).

American Indian Coal Lease:  A lease granted to a mining company to produce coal from land held in trust by the United States for Native Americans, Native American tribes, and Alaska Natives in exchange for royalties and other revenues.

AMI:  Advanced Metering Infrastructure is a term denoting electricity meters that measure and record usage data at a minimum, in hourly intervals, and provide usage data to both consumers and energy companies at least once daily.

Amorphous silicon:  An alloy of silica and hydrogen, with a disordered, noncrystalline internal atomic arrangement, that can be deposited in thin-film layers (a few micrometers in thickness) by a number of deposition methods to produce thin-film photovoltaic cells on glass, metal, or plastic substrates.

Amortization:  The depreciation, depletion, or charge-off to expense of intangible and tangible assets over a period of time. In the extractive industries, the term is most frequently applied to mean either (1) the periodic charge-off to expense of the costs associated with non-producing mineral properties incurred prior to the time when they are developed and entered into production or (2) the systematic charge-off to expense of those costs of productive mineral properties (including tangible and intangible costs of prospecting, acquisition, exploration, and development) that had been initially capitalized (or deferred) prior to the time the properties entered into production, and thereafter are charged off as minerals are produced.

Ampere:  The unit of measurement of electrical current produced in a circuit by 1 volt acting through a resistance of 1 Ohm.

AMR:  Automated Meter Reading is a term denoting electricity meters that collect data for billing purposes only and transmit this data one way, usually from the customer to the distribution utility.

Anaerobic decomposition:  Decomposition in the absence of oxygen, as in an anaerobic lagoon or digester, which produces CO2 and CH4.

Anaerobic lagoon:  A liquid-based organic waste management installation characterized by waste residing in water at a depth of at least 6 feet for periods of 30 to 200 days.

Ancillary services:  Services that ensure reliability and support the transmission of electricity from generation sites to customer loads. Such services may include load regulation, spinning reserve, non-spinning reserve, replacement reserve, and voltage support.

Annual operating factor:  The annual fuel consumption divided by the product of design firing rate and hours of operation per year.

Annual requirement:  The reporting company's best estimate of the annual requirement for natural gas to make direct sales or sales for resale under certificate authorizations and for company useand unaccounted-for gas during the year next following the current report year.

ANSI:   American National Standards Institute

ANSI assembly identifier:  The serial numbering scheme adopted by the American National Standards Institute (ANSI) to ensure uniqueness of an assembly serial number.

Anthracite:  The highest rank of coal; used primarily for residential and commercial space heating. It is a hard, brittle, and black lustrous coal, often referred to as hard coal, containing a high percentage of fixed carbon and a low percentage of volatile matter. The moisture content of fresh-mined anthracite generally is less than 15 percent. The heat content of anthracite ranges from 22 to 28 million Btu per ton on a moist, mineral-matter-free basis. The heat content of anthracite coal consumed in the United States averages 25 million Btu per ton, on the as-received basis (i.e., containing both inherent moisture and mineral matter). Note: Since the 1980's, anthracite refuse or mine waste has been used for steam electric power generation. This fuel typically has a heat content of 15 million Btu per ton or less.

Anthropogenic:  Made or generated by a human or caused by human activity. The term is used in the context of global climate change to refer to gaseous emissions that are the result of human activities, as well as other potentially climate-altering activities, such as deforestation.

API:  The American Petroleum Institute, a trade association.

API gravity:  American Petroleum Institute measure of specific gravity of crude oil or condensate in degrees. An arbitrary scale expressing the gravity or density of liquid petroleum products. The measuring scale is calibrated in terms of degrees API; it is calculated as follows:

Degrees API = (141.5 / sp.gr.60 deg.F/60 deg.F) - 131.5
Apparent consumption, (coal):  Coal production plus imports of coal, coke, and briquets minus exports of coal, coke, and briquets plus or minus stock changes. Note: The sum of "Production" and "Imports" less "Exports" may not equal "Consumption" due to changes in stocks, losses, unaccounted-for coal, and special arrangements such as the United States shipments of anthracite to United States Armed Forces in Europe.

Apparent consumption, natural gas (international):  The total of an individual nation's dry natural gas production plus imports less exports.

Apparent consumption, petroleum (international):  Consumption that includes internal consumption, refinery fuel and loss, and bunkering. For countries in the Organization for Economic Cooperation and Development (OECD), apparent consumption is derived from refined product output plus refined product imports minus refined product exports plus refined product stock changes plus other oil consumption (such as direct use of crude oil). For countries outside the OECD, apparent consumption is either a reported figure or is derived from refined product output plus refined product imports minus refined product exports, with stock levels assumed to remain the same. Apparent consumption also includes, where available, liquefied petroleum gases sold directly from natural gas processing plants for fuel or chemical uses.

Apparent power:  The product of the voltage (in volts) and the current (in amperes). It comprises both active and reactive power. It is measured in "volt-amperes" and often expressed in "kilovolt-amperes" (kVA) or "megavolt-amperes" (MVA). See Power, Reactive Power, Real Power.

Appliance:  A piece of equipment, commonly powered by electricity, used to perform a particular energy-driven function. Examples of common appliances are refrigerators, clothes washers and dishwashers, conventional ranges/ovens and microwave ovens, humidifiers and dehumidifiers, toasters, radios, and televisions. Note: Appliances are ordinarily self-contained with respect to their function. Thus, equipment such as central heating and air conditioning systems and water heaters, which are connected to distribution systems inherent to their purposes, are not considered appliances.

Appliance efficiency index:  A relative comparison of trends in new-model efficiencies for major appliances and energy-using equipment. The base year for relative comparisons was 1972(1972=100). Efficiencies for each year were efficiencies of different model types that were weighted by their market shares.

Appliance efficiency standards:  The National Appliance Energy Conservation Act of 1987 established minimum efficiency standards for major home appliances, including furnaces, central and room air conditioners, refrigerators, freezers, water heaters, dishwashers, and heat pumps. Most of the standards took effect in 1990.The standards for clothes washers, dishwashers, and ranges took effectin 1988, because they required only minor changes in product design, such as eliminating pilot lights and requiring cold water rinse options.The standards for central air conditioners and furnaces took effect in1992, because it took longer to redesign these products. Appliance efficiency standards for refrigerators took effect in 1993.

ARA:   Amsterdam-Rotterdam-Antwerp

Arbitrage:  The simultaneous purchase and sale of identical or similar assets across two or more markets in order to profit from a temporary price discrepancy.

Aromatics:  Hydrocarbons characterized by unsaturated ring structures of carbon atoms. Commercial petroleum aromatics are benzene, toluene, and xylene (BTX).

As received coal:  Coal in the condition as received by the user.

As-received condition or as-received basis (coal):  Coal in the condition as received by the consumer or the laboratory analyzing the coal.

Asbestos:  A group of naturally occurring minerals that separate into long, thin fibers. Asbestos was used for many years to insulate and fireproof buildings. In the 1989 CBECS, information on asbestos in buildings was collected (Section R of the Buildings Questionnaire) for the U.S. Environmental Protection Agency (EPA). Asbestos treatment methods include removal, encapsulation or sealing, and enclosure behind a permanent barrier.

Ash:  Impurities consisting of silica, iron, alumina, and other noncombustible matter that are contained in coal. Ash increases the weight of coal, adds to the cost of handling, and can affect its burning characteristics Ash content is measured as a percent by weight of coal on an "as received" or a "dry" (moisture-free, usually part of a laboratory analysis) basis.

Asphalt:  A dark brown-to-black cement-like material obtained by petroleum processing and containing bitumens as the predominant component; used primarily for road construction. It includes crude asphalt as well as the following finished products: cements, fluxes, the asphalt content of emulsions (exclusive of water), and petroleum distillates blended with asphalt to make cutback asphalts. Note: The conversion factor for asphalt is 5.5 barrels per short ton.

Asphalt (refined):  See Asphalt.

Assembly identifier:  A unique string of alphanumeric characters that identifies an assembly, bundle, or canister for aspecific reactor in which it has been irradiated.

Assembly type:  Each assembly is characterized by a fabricator, rod-array size, and model type. An eight-digit assembly type code is assigned to each assembly type based on certain distinguishing characteristics, such as the number of rods per assembly, fuel roddiameter, cladding type, materials used in fabrication, and other design features.

Assessment work:  The annual or biennial work performed on a mining claim (or claims), after claim location and before patent, to benefit or develop the claim and to protect it from relocation by third parties.

Assistance for heating in winter:  Assistance from the Low-Income Home Energy Assistance Program (LIHEAP). The purpose of LIHEAP is to assist eligible households to meet the costs of home energy, i.e., a source of heating or cooling residential buildings.

Assistance for weatherization of residence:  The household received services free, or at a reduced cost, from the Federal, State, or local Government. Any of the following services could have been received: * Insulation in the attic, outside wall, or basement/crawlspace below the floor of the house * Insulation around the hot water heater * Repair of broken windows or doors to keep out the cold or hot weather * Weather stripping or caulking around any windows or doors to the outside * Storm doors or windows added * Repair of broken furnace * Furnace tune-up and/or modifications * Other home energy-saving devices.

Associated natural gas:  See Associated-dissolved natural gas and Natural gas.

Associated-dissolved natural gas:  Natural gas that occurs in crude oil reservoirs either as free gas (associated) or as gas in solution with crude oil (dissolved gas). Also see Natural gas.

ASTM:   American Society for Testing and Materials

at wt:  The abbreviation for atomic weight.

Atmospheric crude oil distillation:  The refining process of separating crude oil components at atmospheric pressure by heating to temperatures of about 600 degrees to 750 degrees Fahrenheit (depending on the nature of the crude oil and desired products) and subsequent condensing of the fractions by cooling.

Auger mine:  A surface mine in which the coal bed is removed by means of a large diameter drill. Usually operated only when the overburden becomes too thick for economical strip mining.

Authorized cash distribution to municipality:  The authorized cash distributions to the municipality from the earned surplus of the utility department.

Automatic set-back or clock thermostat:  A thermostat that can be set to turn the heating/cooling system off and on at certain predetermined times.

Automobile and truck classifications:  Vehicle classifications for automobiles and light duty trucks were obtained from the EPA (Environmental Protection Agency) mileage guide book. Almost every year there are small changes in the classifications, therefore the categories will change accordingly. The EPA mileage guide can be found at any new car dealership.

Auxiliary generator:  A generator at the electric plant site that provides power for the operation of the electrical generating equipment itself, including related demands such as plant lighting, during periods when the electric plant is not operating and power is unavailable from the grid. A black start generator used to start main central station generators is considered to be an auxiliary generator.

Available but not needed capability:  Net capability of main generating units that are operable but not considered necessary to carry load and cannot be connected to load within 30 minutes.

Average Annual Percent Change (Coal):  The average annual percent change over a period of several years that is calculated by taking the nth root [where n is the number of years in the period of interest] of the result of the current year's value divided by the value of the first year of the period; this result then has 1 (one) subtracted from it and that result is then multiplied by 100.
equation for average annual percentage change
Where V0 = the value for the base period.
Vn= the value for the n th period.
n = the number of periods.

Average daily production:  The ratio of the total production at a mining operation to the total number of production days worked at the operation.

Average delivered price:  The weighted average of all contract price commitments and market price settlements in a delivery year.

Average household energy expenditures:  A ratio estimate defined as the total household energy expenditures divided by the total number of households.

Average mine price:  The ratio of the total value of the coal produced at the mine to the total production tonnage.

Average Number of Employees (coal):  The average number of employees working in a specific year at coal mines and preparation plants. Includes maintenance, office, as well as production-related employees.

Average Open Market Sales Price (coal):  The ratio, for a specified time period, of the total value of the open market sales of coal produced at the mine to the value of the total open market sales tonnage.

Average production per miner per day:  The product of the average production per miner per hour at a mining operation and the average length of a production shift at the operation.

Average production per miner per hour:  The ratio of the total production at a mining operation to the total direct labor hours worked at the operation.

Average Recovery Percentage (coal):  The percentage of coal that can be recovered from known coal reserves at reporting mines, weight averaged for all mines in the reported geographic area.

Average revenue per kilowatthour:  The average revenue per kilowatthour of electricity sold by sector (residential, commercial, industrial, or other) and geographic area (State, Census division, and national) is calculated by dividing the total monthly revenue by the corresponding total monthly sales for each sector and geographic area.

Average stream flow:  The rate, usually expressed in cubic feet per second, at which water passes a given point in a stream over a set period of time.

Average vehicle fuel consumption:  A ratio estimate defined as total gallons of fuel consumed by all vehicles divided by                (1) the total number of vehicles (for average fuel consumption per vehicle) or (2) the total number of households (for average fuel consumption per household).

Average vehicle miles traveled:  A ratio estimate defined as total miles traveled by all vehicles, divided by: (1) the total number of vehicles (for average miles traveled per vehicle) or (2) the total number of households (for average miles traveled per household).

Average water conditions:  The amount and distribution of precipitation within a drainage basin and the run off conditions present as determined by reviewing the area water supply records over a long period of time.

Aviation gasoline (finished):  A complex mixture of relatively volatile hydrocarbons with or without small quantities of additives, blended to form a fuel suitable for use in aviation reciprocating engines. Fuel specifications are provided in ASTM Specification D 910 and Military Specification MIL-G-5572. Note: Data on blending components are not counted in data on finished aviation gasoline.


Aviation gasoline blending components::  Naphthas that will be used for blending or compounding into finished aviation gasoline (e.g., straight run gasoline, alkylate, reformate,benzene, toluene, and xylene). Excludes oxygenates (alcohols, ethers), butane, and pentanes plus. Oxygenates are reported as other hydrocarbons, hydrogen, and oxygenates.

Backup fuel:  In a central heat pump system, the fuel used in the furnace that takes over the space heating when the outdoor temperature drops below that which is feasible to operate a heat pump.

Backup generator:   A generator that is used only for test purposes, or in the event of an emergency, such as a shortage of power needed to meet customer load requirements.

Backup power:  Electric energy supplied by a utility to replace power and energy lost during an unscheduled equipment outage.

Balancing authority (electric):  The responsible entity that integrates resource plans ahead of time, maintains load-interchange-generation balance within a Balancing Authority Area, and supports Interconnection frequency in real time. NERC definition

Balancing item:  Represents differences between the sum of the components of natural gas supply and the sum of the components of natural gas disposition. These differences may be due to quantities lost or to the effects of data reporting problems. Reporting problems include differences due to the net result of conversions off low data metered at varying temperature and pressure bases and converted to a standard temperature and pressure base; the effect of variations in company accounting and billing practices; differences between billing cycle and calendar period time frames; and imbalances resulting from the merger of data reporting systems that vary in scope, format, definitions, and type of respondents.

Barrel:  A unit of volume equal to 42 U.S. gallons.

Barrels per calendar day:  The amount of input that a distillation facility can process under usual operating conditions. The amount is expressed in terms of capacity during a 24-hour period and reduces the maximum processing capability of all units at the facility under continuous operation (see Barrels per Stream Day) to account for the following limitations that may delay, interrupt, or slow down production. 1. the capability of downstream processing units to absorb the output of crude oil processing facilities of a given refinery. No reduction is necessary for intermediate streams that are distributed to other than downstream facilities as part of a refinery's normal operation; 2. the types and grades of inputs to be processed; 3. the types and grades of products expected to be manufactured; 4. the environmental constraints associated with refinery operations; 5. the reduction of capacity for scheduled downtime due to such conditions as routine inspection, maintenance, repairs, and turnaround; and 6. the reduction of capacity for unscheduled downtime due to such conditions as mechanical problems, repairs, and slowdowns.

Barrels per stream day:  The maximum number of barrels of input that a distillation facility can process within a 24-hour period when running at full capacity under optimal crude and product slate conditions with no allowance for downtime.

Base bill:  A charge calculated by taking the rate from the appropriate electric rate schedule and applying it to the level of consumption.

Base gas:  The quantity of natural gas needed to maintain adequate reservoir pressures and deliverability rates throughout the withdrawal season. Base gas usually is not withdrawn and remains in the reservoir. All natural gas native to a depleted reservoir is included in the base gas volume.

Base load:  The minimum amount of electric power delivered or required over a given period of time at a steady rate.

Base load capacity:  The generating equipment normally operated to serve loads on an around-the-clock basis.

Base load plant:  A plant, usually housing high-efficiency steam-electric units, which is normally operated to take all or part of the minimum load of a system, and which consequently produces electricity at an essentially constant rate and runs continuously. These units are operated to maximize system mechanical and thermal efficiency and minimize system operating costs.

Base period:  The period of time for which data used as the base of an index number, or other ratio, have been collected. This period is frequently one of a year but it may be as short as one day or as long as the average of a group of years. The length of the base period is governed by the nature of the material under review, the purpose for which the index number (or ratio) is being compiled, and the desire to use a period as free as possible from abnormal influences in order to avoid bias.

Base rate:  A fixed kilowatthour charge for electricity consumed that is independent of other charges and/or adjustments.

Baseboard heater:  As a type of heating equipment, a system in which either electric resistance coils or finned tubes carrying steam or hot water are mounted behind shallow panels along baseboards. Baseboards rely on passive convection to distribute heated air in the space. Electric baseboards are an example of an "Individual Space Heater."

bbl:  The abbreviation for barrel(s).

bbl/d:  The abbreviation for barrel(s) per day.

bbl/sd:  The abbreviation for barrel(s) per stream day.

bcf:  The abbreviation for billion cubic feet.

Benzene (C6H6):  An aromatic hydrocarbon present in small proportion in some crude oils and made commercially from petroleum by the catalytic reforming of naphthenes in petroleum naphtha. Also made from coal in the manufacture of coke. Used as a solvent in the manufacture of detergents, synthetic fibers, petrochemicals, and as a component of high-octane gasoline.

Bi-fuel vehicle:  A motor vehicle that operates on two different fuels, but not on a mixture of the fuels. Each fuel is stored in a separate tank.

Bilateral agreement:  A written statement signed by two parties that specifies the terms for exchanging energy.

Bilateral energy transaction:  A transaction between two willing parties who enter into a physical or financial agreement to trade energy commodities. Bilateral transactions entail reciprocal obligations and can involve direct negotiations or deals made through brokers.

Billing period:  The time between meter readings. It does not refer to the time when the bill was sent or when the payment was to have been received. In some cases, the billing period is the same as the billing cycle that corresponds closely (within several days) to meter-reading dates. For fuel oil and LPG, the billing period is the number of days between fuel deliveries.

Biodiesel:  A fuel typically made from soybean, canola, or other vegetable oils; animal fats; and recycled grease. It can serve as a substitute for petroleum-derived diesel or distillate fuel. For EIA reporting, it is a fuel composed of mono-alkyl esters of long chain fatty acids derived from vegetable oils or animal fats, designated B100, and meeting the requirements of ASTM (American Society for Testing materials) D 6751.

Biofuels:  Liquid fuels and blending components produced from biomass feedstocks, used primarily for transportation.

Biogenic:  Produced by biological processes of living organisms. Note: EIA uses the term "biogenic" to refer only to organic nonfossil material of biological origin.

Biogenic emissions:  Emissions that are naturally occurring and are not significantly affected by human actions or activity.

Biomass:  Organic nonfossil material of biological origin constituting a renewable energy source.

Biomass gas:  A medium Btu gas containing methane and carbon dioxide, resulting from the action of microorganisms on organic materials such as a landfill.

Biomass waste:  Organic non-fossil material of biological origin that is a byproduct or a discarded product. Biomass waste includes municipal solid waste from biogenic sources, landfill gas, sludge waste, agricultural crop byproducts, straw, and other biomass solids, liquids, and gases; but excludes wood and wood-derived fuels (including black liquor), biofuels feedstock, biodiesel, and fuel ethanol. Note: EIA biomass waste data also include energy crops grown specifically for energy production, which would not normally constitute waste.

Biomass-based diesel fuel:  Biodiesel and other renewable diesel fuel or diesel fuel blending components derived from biomass, but excluding renewable diesel fuel coprocessed with petroleum feedstocks.

Bitumen:  A naturally occurring viscous mixture, mainly of hydrocarbons heavier than pentane, that may contain sulphur compounds and that, in its natural occurring viscous state, is not recoverable at a commercial rate through a well.

Bituminous coal:  A dense coal, usually black, sometimes dark brown, often with well-defined bands of bright and dull material, used primarily as fuel in steam-electric power generation, with substantial quantities also used for heat and power applications in manufacturing and to make coke. Bituminous coal is the most abundant coal in active U.S. mining regions. Its moisture content usually is less than 20 percent. The heat content of bituminous coal ranges from 21 to 30 million Btu per ton on a moist, mineral-matter-free basis. The heat content of bituminous coal consumed in the United States averages 24 million Btu per ton, on the as-received basis (i.e., containing both inherent moisture and mineral matter).

Black liquor:  A by product of the paper production process, alkaline spent liquor, that can be used as a source of energy. Alkaline spent liquor is removed from the digesters in the process of chemically pulping wood. After evaporation, the residual "black" liquor is burned as a fuel in a recovery furnace that permits the recovery of certain basic chemicals.

Black lung benefits:  In the content of the coal operation statement of income, this term refers to all payments, including taxes, made by the company attributable to Black Lung.

Blast furnace:  A furnace in which solid fuel (coke) is burned with an air blast to smelt ore.

Blast-furnace gas:  The waste combustible gas generated in a blast furnace when iron ore is being reduced with coke to metallic iron. It is commonly used as a fuel within steel works.

Blending components:  See Motor gasoline blending components.

Blending plant:  A facility that has no refining capability but is either capable of producing finished motor gasoline through mechanical blending or blends oxygenates with motor gasoline.

Block-rate structure:  An electric rates schedule with a provision for charging a different unit cost for various increasing blocks of demand for energy. A reduced rate may be charged on succeeding blocks.

BLS:   Bureau of Labor Statistics within the U.S. Department of Labor

BOE:   Barrels of Oil Equivalent (used internationally)

Boiler:  A device for generating steam for power, processing, or heating purposes; or hot water for heating purposes or hot water supply. Heat from an external combustion source is transmitted to a fluid contained within the tubes found in the boiler shell. This fluid is delivered to an end-use at a desired pressure, temperature, and quality.

Boiler fuel:  An energy source to produce heat that is transferred to the boiler vessel in order to generate steam orhot water. Fossil fuel is the primary energy source used to produce heat for boilers.

Boiling-water reactor (BWR):  A light-water reactor in which water, used as both coolant and moderator, is allowed to boil in the core. The resulting steam can be used directly to drive a turbine.

Bonded petroleum imports:  Petroleum imported and entered into Customs bonded storage. These imports are not included in the import statistics until they are (1) withdrawn from storage free of duty for use as fuel for vessels and aircraft engaged in international trade; or (2) withdrawn from storage with duty paid for domestic use.

Bone coal:  Coal with a high ash content; it is dull in appearance, hard, and compact.

Book value:  The portion of the carrying value (other than the portion associated with tangible assets) prorated in each accounting period, for financial reporting purposes, to the extracted portion of an economic interest in a wasting natural resource.

Booked costs:  Costs allocated or assigned to inter-departmental or intra company transactions, such as on-system or synthetic natural gas (SNG) production and company-owned gas used in gas operations and recorded in company books or records for accounting and/or regulatory purposes.

Borderline customer:  A customer located in the service area of one utility, but supplied by a neighboring utility through an arrangement between the utilities.

Bottled gas:  See Liquefied petroleum gases.

Bottled gas, LPG, or propane:  Any fuel gas supplied to a building in liquid form, such as liquefied petroleum gas, propane, or butane. It is usually delivered by tank truck and stored near the building in a tank or cylinder until used.

Bottom ash:  Residue mainly from the coal burning process that falls to the bottom of the boiler for removal and disposal.

Bottom-hole contribution:  A payment (either in cash or in acreage) that is required by agreement when a test well is drilled to a specified depth regardless of the outcome of the well and that is made in exchange for well and evaluation data.

Bottoming cycle:   A waste-heat recovery boiler recaptures the unused energy and uses it to produce steam to drive a steam turbine generator to produce electricity.

bp:  The abbreviation for boiling point.

Branded product:  A refined petroleum product sold by a refiner with the understanding that the purchaser has the right to resell the product under a trademark, trade name, service mark, or other identifying symbol or names owned by such refiner.

Break-even cutoff grade:  The lowest grade of material that can be mined and processed considering all applicable costs, without incurring a loss or gaining a profit.

Breccia:  A coarse-grained clastic rock, composed of angular broken rock fragments held together by a mineral cement or in a fine-grained matrix.

Breeder reactor:  A reactor that both produces and consumes fissionable fuel, especially one that creates more fuel than it consumes. The new fissionable material is created by a process known as breeding, in which neutrons from fission are captured in fertile materials.

Breeze:  The fine screenings from crushed coke. Usually breeze will pass through a 1/2-inch or 3/4-inch screen opening. It is most often used as a fuel source in the process of agglomerating iron ore.

British thermal unit:  The quantity of heat required to raise the temperature of 1 pound of liquid water by 1 degree Fahrenheit at the temperature at which water has its greatest density (approximately 39 degrees Fahrenheit).

Btu:  The abbreviation for British Thermal Unit(s).

Btu conversion factor:  A factor for converting energy data between one unit of measurement and British thermal units (Btu). Btu conversion factors are generally used to convert energy data from physical units of measure (such as barrels, cubic feet, or short tons) into the energy-equivalent measure of Btu. (See http://www.eia.gov/totalenergy/data/monthly/pdf/sec13.pdf for further information on Btu conversion factors.)

Btu per cubic foot:  The total heating value, expressed in Btu, produced by the combustion, at constant pressure, of the amount of the gas that would occupy a volume of 1 cubic foot at a temperature of 60 degrees F if saturated with water vapor and under a pressure equivalent to that of 30 inches of mercury at 32 degrees F and under standard gravitational force (980.665 cm. per sec. squared) with air of the same temperature and pressure as the gas, when the products of combustion are cooled to the initial temperature of gas and air when the water formed by combustion is condensed to the liquid state.(Sometimes called gross heating value or total heating value.)

BTX:  The acronym for the commercial petroleum aromatics-- benzene, toluene, and xylene.

Budget plan:  An agreement between the household and the utility company or fuel supplier that allows the household to pay the same amount for fuel for each month for a number of months.

Building shell (envelope) DSM program:  A DSM program that promotes reduction of energy consumption through improvements to the building envelope. Includes installations of insulation, weather stripping, caulking, window film, and window replacement. (Also see DSM, Demand-Side Management Programs.)

Building shell conservation feature:  A building feature designed to reduce energy loss or gain through the shell or envelope of the building. Data collected by EIA on the following specific building shell energy conservation features: roof, ceiling, or wall insulation; storm windows or double- or triple-paned glass (multiple glazing); tinted or reflective glass or shading films; exterior or interior shadings or awnings; and weather stripping or caulking. (See Roof or Ceiling Insulation, Wall Insulation, Reflective or Shading Glass or Film, Storm Window or Triple-Paned Glass, Building Shell (Envelope), and Weather Stripping or Caulking.)

Built-in electric units:  An individual-resistance electric-heating unit that is permanently installed in the floors, walls, ceilings, or baseboards and is part of the electrical installation of the building. Electric-heating devices that are plugged into an electric socket or outlet are not considered built in. (Also see Heating Equipment.)

Bulk power transactions:  The wholesale sale, purchase, and interchange of electricity among electric utilities. Bulk power transactions are used by electric utilities for many different aspects of electric utility operations, from maintaining load to reducing costs.

Bulk sales:  Wholesale sales of gasoline in individual transactions which exceed the size of a truckload.

Bulk station:  A facility used primarily for the storage and/or marketing of petroleum products, which has a total bulk storage capacity of less than 50,000 barrels and receives its petroleum products by tank car or truck.

Bulk terminal:  A facility used primarily for the storage and/or marketing of petroleum products, which has a total bulk storage capacity of 50,000 barrels or more and/or receives petroleum products by tanker, barge, or pipeline.

Bundled utility service (electric):  A means of operation whereby energy, transmission, and distribution services, as well as ancillary and retail services, are provided by one entity.

Bunker fuels:  Fuel supplied to ships and aircraft, both domestic and foreign, consisting primarily of residual and distillate fuel oil for ships and kerosene-based jet fuel for aircraft. The term "international bunker fuels" is used to denote the consumption of fuel for international transport activities. Note: For the purposes of greenhouse gas emissions inventories, data on emissions from combustion of international bunker fuels are subtracted from national emissions totals. Historically, bunker fuels have meant only ship fuel.

Burn days:  The number of days the station could continue to operate by burning coal already on hand assuming no additional deliveries of coal and an average consumption rate.

Burnup:  Amount of thermal energy generated per unit mass of fuel, expressed as Gigawatt-Days Thermal per Metric Ton of Initial Heavy Metal (GWDT/MTIHM), rounded to the nearest gigawatt day.

Bus:  An electrical conductor that serves as a common connection for two or more electrical circuits.

Butane (C4H10):  A straight-chain or branch-chain hydrocarbon extracted from natural gas or refinery gas streams, which is gaseous at standard temperature and pressure. It includes isobutane and normal butane and is designated in ASTM Specification D1835 and Gas Processors Association specifications for commercial butane.

Butylene (C4H8):  An olefinic hydrocarbon recovered from refinery or petrochemical processes, which is gaseous at standard temperature and pressure. Butylene is used in the production of gasoline and various petrochemical products.

Buy-back oil:  Crude oil acquired from a host government whereby a portion of the government's ownership interest in the crude oil produced in that country may or should be purchased by the producing firm.

BWR:  Boiling-Water Reactor

Bypassed footage:  Bypassed footage is the footage in that section of hole that is abandoned as the result of remedial sidetrack drilling operations.

Byproduct:  A secondary or additional product resulting from the feedstock use of energy or the processing of nonenergy materials. For example, the more common byproducts of coke ovens are coal gas, tar, and a mixture of benzene, toluene, and xylenes (BTX).

C/gal:   Cents per gallon

C4H:  A mixture of light hydrocarbons that have the general formula C4Hn, where n is the number of hydrogen atoms per molecule. Examples include butane (C4H10) and butylene (C4H8).

CAFE:   Corporate Average Fuel Economy

Calcination:  A process in which a material is heated to a high temperature without fusing, so that hydrates, carbonates, or other compounds are decomposed and the volatile material is expelled.

Calcium sulfate:  A white crystalline salt, insoluble in water. Used in Keene's cement, in pigments, as a paper filler, and as a drying agent.

Calcium sulfite:  A white powder, soluble in diluted sulfuric acid. Used in the sulfite process for the manufacture of wood pulp.

California power exchange:  A State-chartered, non-profit corporation which provides day-ahead and hour-ahead markets for energy and ancillary services in accordance with the power exchange tariff. The power exchange is a scheduling coordinator and is independent of both the independent system operator and all other market participants.

Canadian deuterium uranium reactor (CANDU):  Uses heavy water or deuterium oxide (D2O), rather than light water (H2O), as the coolant and moderator. Deuterium is an isotope of hydrogen that has a different neutron absorption spectrum from that of ordinary hydrogen. In a deuterium-moderated-reactor, fuel made from natural uranium (0.71U-235) can sustain a chain reaction.

Cannel coal:  A compact, tough variety of coal, originating from organic spore residues, that is non-caking, contains a high percentage of volatile matter, ignites easily, and burns with a luminous smoky flame.

Capable of being fueled:  A vehicle is capable of being fueled by a particular fuel(s) if that vehicle has the engine components in place to make operation possible on the fuel(s). The vehicle does not necessarily have to run on the fuel(s) in order for that vehicle to be considered capable of being fueled by the fuel(s). For example, a vehicle that is equipped to operate on either gasoline or natural gas but normally operates on gasoline is considered to be capable of being fueled by gasoline and natural gas.

Capacity:  See Generator capacity and (installed) Generator name plate capacity.

Capacity (purchased):  The amount of energy and capacity available for purchase from outside the system.

Capacity charge:  An element in a two-part pricing method used in capacity transactions (energy charge is the other element). The capacity charge, sometimes called Demand Charge, is assessed on the amount of capacity being purchased.

Capacity factor:  The ratio of the electrical energy produced by a generating unit for the period of time considered to the electrical energy that could have been produced at continuous full power operation during the same period.

Capacity transaction:  The acquisition of a specified quantity of generating capacity from another utility for a specified period of time. The utility selling the power is obligated to make available to the buyer a specified quantity of power.

Capacity utilization:  Capacity utilization is computed by dividing production by productive capacity and multiplying by 100.

Capital cost:  The cost of field development and plant construction and the equipment required for industry operations.

Capital stock:  Property, plant and equipment used in the production, processing and distribution of energy resources.

Captive coal:  Coal produced to satisfy the needs of the mine owner, or of a parent, subsidiary, or other affiliate of the mine owner (for example, steel companies and electricity generators), rather than for open market sale.

Captive refinery MTBE plants:  MTBE (methyltertiary butyl ether) production facilities primarily located within refineries. These integrated refinery units produce MTBE from Fluid Cat Cracker isobutylene with production dedicated to internal gasoline blending requirements.

Captive refinery oxygenate plants:  Oxygenate production facilities located within or adjacent to a refinery complex.

CARB:   California Air Resources Board

Carbon black:  An amorphous form of carbon, produced commercially by thermal or oxidative decomposition of hydrocarbons and used principally in rubber goods, pigments, and printer's ink.

Carbon budget:  The balance of the exchanges (incomes and losses) of carbon between carbon sinks (e.g., atmosphere and biosphere) in the carbon cycle. Also see Carbon cycle and Carbon sink.

Carbon cycle:  All carbon sinks and exchanges of carbon from one sink to another by various chemical, physical, geological, and biological processes. Also see Carbon sink.

Carbon dioxide (CO2):  A colorless, odorless, non-poisonous gas that is a normal part of Earth's atmosphere. Carbon dioxide is a product of fossil-fuel combustion as well as other processes. It is considered a greenhouse gas as it traps heat (infrared energy) radiated by the Earth into the atmosphere and thereby contributes to the potential for global warming. The global warming potential (GWP) of other greenhouse gases is measured in relation to that of carbon dioxide, which by international scientific convention is assigned a value of one (1). Also see Global warming potential (GWP) and Greenhouse gases.

Carbon dioxide equivalent:  The amount of carbon dioxide by weight emitted into the atmosphere that would produce the same estimated radiative forcing as a given weight of another radiatively active gas. Carbon dioxide equivalents are computed by multiplying the weight of the gas being measured (for example, methane)by its estimated global warming potential (which is 21 for methane)."Carbon equivalent units" are defined as carbon dioxide equivalents multiplied by the carbon content of carbon dioxide (i.e., 12/44).

Carbon flux:  See Carbon budget.

Carbon intensity:  The amount of carbon by weight emitted per unit of energy consumed. A common measure of carbon intensity is weight of carbon per British thermal unit (Btu) of energy. When there is only one fossil fuel under consideration, the carbon intensity and the emissions coefficient are identical. When there are several fuels, carbon intensity is based on their combined emissions coefficients weighted by their energy consumption levels. Also see Emissions coefficient and Carbon output rate.

Carbon output rate:  The amount of carbon by weight per kilowatthour of electricity produced.

Carbon sequestration:  The fixation of atmospheric carbon dioxide in a carbon sink through biological or physical processes.

Carbon sink:  A reservoir that absorbs or takes up released carbon from another part of the carbon cycle. The four sinks, which are regions of the Earth within which carbon behaves in a systematic manner, are the atmosphere, terrestrial biosphere (usually including freshwater systems), oceans, and sediments (including fossil fuels).

Carbon stocks:  The quantity of carbon stored in biological and physical systems including: trees, products of harvested trees, agricultural crops, plants, wood and paper products and other terrestrial biosphere sinks, soils, oceans, and sedimentary and geological sinks.

Carburetor:  A fuel delivery device for producing a proper mixture of gasoline vapor and air and for delivering it to the intake manifold of an internal combustion engine. Gasoline is gravity-fed from a reservoir bowl into a throttle bore, where it is allowed to evaporate into the stream of air being inducted by the engine. Also see Diesel Fuel System and Fuel Injection.

Carrying costs:  Costs incurred in order to retain exploration and property rights after acquisition but before production has occurred. Such costs include legal costs for title defense, ad valorem taxes on nonproducing mineral properties, shut-in royalties, and delay rentals.

Cash and carry:  Kerosene, fuel oil, or bottled gas (tank or propane) purchased with cash, by check, or by credit card and taken home by the purchaser. The purchaser provides the container or pays extra for the container.

Casinghead gas (or oil well gas):  Natural gas produced along with crude oil from oil wells. It contains either dissolved or associated gas or both.

Cast silicon:  Crystalline silicon obtained by pouring pure molten silicon into a vertical mold and adjusting the temperature gradient along the mold volume during cooling to obtain slow, vertically advancing crystallization of the silicon. The polycrystalline ingot thus formed is composed of large, relatively parallel, interlocking crystals. The cast ingots are sawed into wafers for further fabrication into photovoltaic cells. Cast silicon wafers and ribbon silicon sheets fabricated into cells are usually referred to aspolycrystalline photovoltaic cells.

Catalyst coke:  In many catalytic operations (e.g., catalytic cracking), carbon is deposited on the catalyst, thus deactivating the catalyst. The catalyst is reactivated by burning off the carbon, which is used as a fuel in the refining process. This carbon or coke is not recoverable in a concentrated form.

Catalytic converter:  A device containing a catalyst for converting automobile exhaust into mostly harmless products.

Catalytic cracking:  The refining process of breaking down the larger, heavier, and more complex hydrocarbon molecules into simpler and lighter molecules. Catalytic cracking is accomplished by the use of a catalytic agent and is an effective process for increasing the yield of gasoline from crude oil. Catalytic cracking processes fresh feeds and recycled feeds.

Catalytic hydrocracking:  A refining process that uses hydrogen and catalysts with relatively low temperatures and high pressures for converting middle boiling or residual material to high octane gasoline, reformer charge stock, jet fuel, and /or high grade fuel oil. The process uses one or more catalysts, depending on product output, and can handle high sulfur feed stocks without prior desulfurization.

Catalytic hydrotreating:  A refining process for treating petroleum fractions from atmospheric or vacuum distillation units (e.g., naphthas, middle distillates, reformer feeds, residual fuel oil, and heavy gas oil) and other petroleum (e.g., cat cracked naphtha,coker naphtha, gas oil, etc.) in the presence of catalysts and substantial quantities of hydrogen. Hydrotreating includes desulfurization, removal of substances (e.g., nitrogen compounds) that deactivate catalysts, conversion of olefins to paraffins to reduce gum formation in gasoline, and other processes to upgrade the quality of the fractions.

Catalytic reforming:  A refining process using controlled heat and pressure with catalysts to rearrange certain hydrocarbon molecules, there by converting paraffinic and naphthenic type hydrocarbons (e.g., low octane gasoline boiling range fractions) into petrochemical feedstocks and higher octane stocks suitable for blending into finished gasoline. Catalytic reforming is reported in two categories. They are:

Low Pressure. A processing unit operating at less than 225 pounds per square inch gauge (PSIG) measured at the outlet separator.
High pressure. A processing unit operating at either equal to or greater than 225 pounds per square inch gauge (PSIG) measured at the outlet separator.
CBOB:   conventional gasoline blendstock for oxygenate blending

CDD:  See Cooling Degree Days.

Cells:  Refers to the un-encapsulated semi-conductor components of the module that convert the solar energy to electricity.

Cells to OEM (non-PV):  Cells shipped to non-photovoltaic original equipment manufacturers such as boat manufacturers, car manufacturers, etc.

Census division:  Any of nine geographic areas of the United States as defined by the U.S. Department of Commerce, Bureau of the Census. The divisions, each consisting of several States, are defined as follows:

New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont;
Middle Atlantic: New Jersey, New York, and Pennsylvania;
East North Central: Illinois, Indiana, Michigan, Ohio, and Wisconsin;
West North Central: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota;
South Atlantic: Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and West Virginia;
East South Central: Alabama, Kentucky, Mississippi, and Tennessee;
West South Central: Arkansas, Louisiana, Oklahoma, and Texas;
Mountain: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming;
Pacific: Alaska, California, Hawaii, Oregon, and Washington.
Note: Each division is a sub-area within a broader Census Region. For the relationship between Regions and divisions, see Census Region/division. In some cases, the Pacific division is subdivided into the Pacific Contiguous area (California, Oregon, and Washington)and the Pacific Noncontiguous area (Alaska and Hawaii).
Census Region:  Any of four geographic areas of the United States as defined by the U.S. Department of Commerce, Bureau of the Census. The Regions, each consisting of various States selected according to population size and physical location, are defined as follows:

Northeast: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
South: Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Midwest: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.
West: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming.
Note: Each region comprises two or three sub-areas called Census divisions. For the relationship between Regions and divisions, see Census Region/division.
Census Region/division:  An hierarchical organization of the United States according to geographic areas and sub-areas as follows:

Northeast Region: New England division and Middle Atlantic division
South Region: South Atlantic division, East South Central division and West South Central division
Midwest Region: East North Central division and West North Central division
West Region: Mountain division and Pacific division
Note: In some cases, the Pacific division is subdivided into the Pacific Contiguous area (California, Oregon, and Washington) and the Pacific Noncontiguous area (Alaska and Hawaii).
Central chiller:  Any centrally located air conditioning system that produces chilled water in order to cool air. The chilled water or cold air is then distributed throughout the building, using pipes or air ducts or both. These systems are also commonly known as "chillers," "centrifugal chillers," "reciprocating chillers," or "absorption chillers." Chillers are generally located in or just outside the building they serve. Buildings receiving district chilled water are served by chillers located at central physical plants.

Central cooling:  Cooling of an entire building with a refrigeration unit to condition the air. Typically central chillers and duct work are present in the centrally cooled building.

Central physical plant:  A plant owned by, and on the grounds of, a multibuilding facility that provides district heating, district cooling, or electricity to other buildings on the same facility. To qualify as a central plant it must provide district heat, district chilled water, or electricity to at least one other building. The central physical plant may be by itself in a separate building or may be located in a building where other activities occur.

Central warm air furnace:  A type of space heating equipment where a central combustor or resistance unit generally using gas, fuel oil, or electricity provides warm air through ducts leading to the various rooms. Heat pumps are not included in this category. A forced air furnace is one in which a fan is used to force the air through the ducts. In a gravity furnace, air is circulated by gravity, relying on the natural flow of warm air up and cold air down; the warm air rises through ducts and the cold air falls through ducts that return it to the furnace to be reheated and this completes the circulation cycle.

Centralized water heating system:  Equipment, to heat and store water for other than space heating purposes, which provides hot water from a single location for distribution throughout a building. A residential type tank water heater is a good example of a centralized water heater.

CERCLA:   Comprehensive Environmental Response, Compensation, and Liability Act

Certificate:  A type of permit for public convenience and necessity issued by a utility commission, which authorizes a utility or regulated company to engage in business, construct facilities, provide some services, or abandon service.

Certificate requirement:  The maximum annual volume allowed for sales to resale or direct sale customers under certificate authorizations by the Federal Energy Regulatory Commission.

Cesspool:  An underground reservoir for liquid waste, typically household sewage.

CF:   Cubic Foot

CFC:  See Chlorofluorocarbon.

CFS:   Cubic Feet per Second

CH4:   Methane

Chained dollars:  A measure used to express real prices. Real prices are those that have been adjusted to remove the effect of changes in the purchasing power of the dollar; they usually reflect buying power relative to a reference year. Prior to 1996, real prices were expressed in constant dollars, a measure based on the weights of goods and services in a single year, usually a recent year. In 1996, the U.S. Department of Commerce introduced the chained-dollar measure. The new measure is based on the average weights of goods and services in successive pairs of years. It is "chained" because the second year in each pair, with its weights, becomes the first year of the next pair. The advantage of using the chained-dollar measure is that it is more closely related to any given period covered and is therefore subject to less distortion over time.

Characterization:  Sampling, monitoring, and analysis activities to determine the extent and nature of contamination at a facility or site. Characterization provides the necessary technical information to develop, screen, analyze, and select appropriate clean-up techniques.

Charge capacity:  The input (feed) capacity of the refinery processing facilities.

Chemical separation:  A process for extracting uranium and plutonium from dissolved spent nuclear fuel and irradiated targets. The fission products that are left behind are high-level waste. Chemical separation is also known as reprocessing.

Chlorofluorocarbon (CFC):  Any of various compounds consisting of carbon, hydrogen, chlorine, and flourine used as refrigerants. CFCs are now thought to be harmful to the earth's atmosphere.

CHP:   Combined Heat and Power

Christmas tree:  The valves and fittings installed at the top of a gas or oil well to control and direct the flow of well fluids.

CIF (cargo, insurance and freight):  CIF refers to cargos for which the seller pays for the transportation and insurance up to the port of destination.

CIF (cost, insurance, freight):  This term refers to a type of sale in which the buyer of the product agrees to pay a unit price that includes the f.o.b. value of the product at the point of origin plus all costs of insurance and transportation. This type of a transaction differs from a "delivered" purchase, in that the buyer accepts the quantity as determined at the loading port (as certified by the Bill of Lading and Quality Report) rather than pay based on the quantity and quality ascertained at the unloading port. It is similar to the terms of an f.o.b. sale, except that the seller, as a service for which he is compensated, arranges for transportation and insurance.

Circuit:  A conductor or a system of conductors through which electric current flows.

Circuit-mile:  The total length in miles of separate circuits regardless of the number of conductors used per circuit.

Citygate:  A point or measuring station at which a distributing gas utility receives gas from a natural gas pipeline company or transmission system.

CIV:   customs import value

Class rate schedule:  An electric rate schedule applicable to one or more specified classes of service, groups of businesses, or customer uses.

Classes of service:  Customers grouped by similar characteristics in order to be identified for the purpose of setting a common rate for electric service. Usually classified into groups identified as residential, commercial, industrial, and other.

Clean Development Mechanism (CDM):  A Kyoto Protocol program that enables industrialized countries to finance emissions-avoiding projects in developing countries and receive credit for reductions achieved against their own emissions limitation targets. Also see Kyoto Protocol.

Climate change:  A term used to refer to all forms of climatic inconsistency, but especially to significant change from one prevailing climatic condition to another. In some cases, "climate change" has been used synonymously with the term "global warming"; scientists, however, tend to use the term in a wider sense inclusive of natural changes in climate, including climatic cooling.

Clinker:  Powdered cement, produced by heating a properly proportioned mixture of finely ground raw materials (calciumcarbonate, silica, alumina, and iron oxide) in a kiln to a temperature of about 2,700 degrees Fahrenheit.

Cloud condensation nuclei:  Aerosol particles that provide a platform for the condensation of water vapor, resulting in clouds with higher droplet concentrations and increased albedo.

CMSA:  consolidated metropolitan statistical area

CNG:   Compressed Natural Gas

cnt:   Cent

CO:   Carbon Monoxide

CO control period ("seasons"):  The portion of the year in which a CO nonattainment area is prone to high ambient levels of carbon monoxide. This portion of the year is to be specified by the Environmental Protection Agency but is to be not less than 4 months in length.

CO nonattainment area:  Areas with carbon monoxide design values of 9.5 parts per million or more, generally based on data for 1988 and 1989.

CO2:   Carbon Dioxide

Coal:  A readily combustible black or brownish-black rock whose composition, including inherent moisture, consists of more than 50 percent by weight and more than 70 percent by volume of carbonaceous material. It is formed from plant remains that have been compacted, hardened, chemically altered, and metamorphosed by heat and pressure over geologic time.

Coal analysis:  Determines the composition and properties of coal so it can be ranked and used most effectively.

Proximate analysis, determines, on an as-received basis, the moisture content, volatile matter (gases released when coal is heated), fixed carbon (solid fuel left after the volatile matter is driven off), and ash (impurities consisting of silica, iron, alumina, and other incombustible matter). The moisture content affects the ease with which coal can be handled and burned. The amount of volatile matter and fixed carbon provides guidelines for determining the intensity of the heat produced. Ash increases the weight of coal, adds to the cost of handling, and can cause problems such as clinkering and slagging in boilers and furnaces.
Ultimate analysis determines the amount of carbon, hydrogen, oxygen, nitrogen, and sulfur. Heating value is determined in terms of Btu, both on an as received basis (including moisture) and on a dry basis.
Agglomerating refers to coal that softens when heated and forms a hard gray coke; this coal is called caking coal. Not all caking coals are coking coals. The agglomerating value is used to differentiate between coal ranks and also is a guide to determine how a particular coal reacts in a furnace.
Agglutinating refers to the binding qualities of a coal. The agglutinating value is an indication of how well a coke made from a particular coal will perform in a blast furnace. It is also called a caking index.
Other tests include the determination of the ash softening temperature, the ash fusion temperature (the temperature at which the ash forms clinkers or slag), the free swelling index (a guide to a coal's coking characteristics), the Gray King test (which determines the suitability of coal for making coke), and the Hardgrove grindability index (a measure of the ease with which coal can be pulverized). In a petrographic analysis, thin sections of coal or highly polished blocks of coal are studied with a microscope to determine the physical composition, both for scientific purposes and for estimating the rank and coking potential.
Coal bed:  A bed or stratum of coal. Also called a coal seam.

Coal bed degasification:  This refers to the removal of methane or coal bed gas from a coal mine before or during mining.

Coal Blending:  The process of combining two or more coals with different characteristics to obtain coal with a certain quality, such as low sulfur content.

Coal briquets:  Anthracite, bituminous, and lignite briquets comprise the secondary solid fuels manufactured from coal by a process in which the coal is partly dried, warmed to expel excess moisture, and then compressed into briquets, usually without the use of a binding substance. In the reduction of briquets to coal equivalent, different conversion factors are applied according to their origin from hard coal, peat, brown coal, or lignite.

Coal carbonized:  The amount of coal decomposed into solid coke and gaseous products by heating in a coke oven in a limited air supply or in the absence of air.

Coal chemicals:  Coal chemicals are obtained from the gases and vapor recovered from the manufacturing of coke. Generally, crude tar, ammonia, crude light oil, and gas are the basic products recovered. They are refined or processed to yield a variety of chemical materials.

Coal Classification:  In the United States, coals are classified by rank progressively from lignite (least carbonaceous) to anthracite (most carbonaceous) based on the proximate analyses of various properties (fixed carbon, volatile matter, heating value, and agglomerating character), following methods prescribed by the American Society for Testing and Materials. The International Coal Classification of the Economic Commission for Europe recognizes two broad categories of coal, “brown coal” and “hard coal.” In terms of U.S. coal classification, the international classification of brown coal includes lignite and lower-ranked subbituminous coal, whereas hard coal includes all higher rank coals. See Coal Rank.

Coal coke:  See Coke (coal).

Coal consumption:  The quantity of coal burned for the generation of electric power (in short tons), including fuel used for maintenance of standby service.

Coal delivered:  Coal which has been delivered from the coal supplier to any site belonging to the electric power company.

Coal exports:  Amount of U.S. coal shipped to foreign destinations, as reported in the U.S. Department of Commerce, Bureau of Census, "Monthly Report EM 545."

Coal face:  This is the exposed area from which coal is extracted.

Coal financial reporting regions:  A geographic classification of areas with coal resources which is used for financial reporting of coal statistics.

Eastern Region. Consists of the Appalachian Coal Basin. The following comprise the Eastern Region: Alabama, eastern Kentucky, Georgia, Maryland, Mississippi, Ohio, Pennsylvania, Virginia, Tennessee, North Carolina, and West Virginia.
Midwest Region. Consists of the Illinois and Michigan Coal Basins. The following comprise the Midwest Region: Illinois, Indiana, Michigan, and western Kentucky.
Western Region. Consists of the Northern Rocky, Southern Rocky, West Coast Coal Basins and Western Interior. The following comprise the Western Region: Alaska, Arizona, Arkansas, California, Colorado, Idaho, Iowa, Kansas, Louisiana, Missouri, Montana, New Mexico, North Dakota, Oklahoma, Oregon, Texas, South Dakota, Utah, Washington, and Wyoming.
Coal fines:  Coal with a maximum particle size usually less than one-sixteenth inch and rarely above one-eighth inch.

Coal gas:  Substitute natural gas produced synthetically by the chemical reduction of coal at a coal gasification facility.

Coal gasification:  The process of converting coal into gas. The basic process involves crushing coal to a powder, which is then heated in the presence of steam and oxygen to produce a gas. The gas is then refined to reduce sulfur and other impurities. The gas can be used as a fuel or processed further and concentrated into chemical or liquid fuel.

Coal grade:  This classification refers to coal quality and use.

Briquettes are made from compressed coal dust, with or without a binding agent such as asphalt.
Cleaned coal or prepared coal has been processed to reduce the amount of impurities present and improve the burning characteristics.
Compliance coal is a coal, or a blend of coal, that meets sulfur dioxide emission standards for air quality without the need for flue-gas desulfurization.
Culm and silt are waste materials from preparation plants. In the anthracite region, culm consists of coarse rock fragments containing as much as 30 percent small-sized coal. Silt is a mixture of very fine coal particles (approximately 40 percent) and rock dust that has settled out from waste water from the plants. The terms culm and silt are sometimes used interchangeably and are sometimes called refuse. Culm and silt have a heat value ranging from 8 to 17 million Btu per ton.
Low-sulfur coal generally contains 1 percent or less sulfur by weight. For air quality standards, "low sulfur coal" contains 0.6 pounds or less sulfur per million Btu, which is equivalent to 1.2 pounds of sulfur dioxide per million Btu.
Metallurgical coal (or coking coal) meets the requirements for making coke. It must have a low ash and sulfur content and form a coke that is capable of supporting the charge of iron ore and limestone in a blast furnace. A blend of two or more bituminous coals is usually required to make coke.
Pulverized coal is a coal that has been crushed to a fine dust in a grinding mill. It is blown into the combustion zone of a furnace and burns very rapidly and efficiently.
Slack coal usually refers to bituminous coal one-half inch or smaller in size.
Steam coal refers to coal used in boilers to generate steam to produce electricity or for other purposes.
Stoker coal refers to coal that has been crushed to specific sizes (but not powdered) for burning on a grate in automatic firing equipment.
Coal imports:  Amount of foreign coal shipped to the United States, as reported in the U.S. Department of Commerce, Bureau of the Census, "Monthly Report IM 145."

Coal liquefaction:  A chemical process that converts coal into clean-burning liquid hydrocarbons, such as synthetic crude oil and methanol.

Coal mining productivity:  Coal mining productivity is calculated by dividing total coal production by the total direct labor hours worked by all mine employees.

Coal preparation:  The process of sizing and cleaning coal to meet market specifications by removing impurities such as rock, sulfur, etc. It may include crushing, screening, or mechanical cleaning.

Coal Preparation Processes (Cleaning/Beneficiation/Processing):  In its broadest sense, preparation is any processing of mined coal to prepare it for market, including crushing and screening or sieving the coal to reach a uniform size, which normally results in removal of some non-coal or waste material. The term coal preparation most commonly refers to processing, including crushing and screening, passing the material through one or more processes to remove impurities, sizing the product, and loading for shipment. Many of the processes separate rock, clay, and other minerals from coal in a liquid medium; hence, the term washing is widely used. In some cases, coal passes through a drying step before loading. See Coal Washing.

Coal producing districts:  A classification of coal fields defined in the Bituminous Coal Act of 1937. The districts were originally established to aid in formulating minimum prices of bituminous and subbituminous coal and lignite. Because much statistical information was compiled in terms of these districts, their use for statistical purposes has continued since the abandonment of that legislation in 1943. District 24 was added for the anthracite-producing district in Pennsylvania.

Coal production:  The sum of sales, mine consumption, issues to miners, and issues to coke, briquetting, and other ancillary plants at mines. Production data include quantities extracted from surface and underground mines, and normally exclude wastes removed at mines or associated reparation plants.

Coal rank:  The classification of coals according to their degree of progressive alteration from lignite to anthracite. In the United States, the standard ranks of coal include lignite, subbituminous coal, bituminous coal, and anthracite and are based on fixed carbon, volatile matter, heating value, and agglomerating (or caking) properties.

Coal sampling:  The collection and proper storage and handling of a relatively small quantity of coal for laboratory analysis. Sampling may be done for a wide range of purposes, such as: coal resource exploration and assessment, characterization of their serves or production of a mine, to characterize the results of coal cleaning processes, to monitor coal shipments or receipts for adherence to coal quality contract specifications, or to subject a coal to specific combustion or reactivity tests related to the customer's intended use. During pre-development phases, such as exploration and resource assessment, sampling typically is from natural outcrops, test pits, old or existing mines in the region, drill cuttings, or drilled cores. Characterization of a mine's reserves or production may use sample collection in the mine, representative cuts from coal conveyors or from handling and loading equipment, or directly from stockpiles or shipments (coal rail cars or barges). Contract specifications rely on sampling from the production flow at the mining or coal handling facility or at the loadout, or from the incoming shipments at the receiver's facility. In all cases, the value of a sample taken depends on its being representative of the coal under consideration, which in turn requires that appropriate sampling procedures be carefully followed. For coal resource and estimated reserve characterization, appropriate types of samples include:

Face channel or channel sample: a sample taken at the exposed coal in a mine by cutting away any loose or weathered coal then collecting on a clean surface a sample of the coal seam by chopping out a channel of uniform width and depth; a face channel or face sample is taken at or near the working face, the most freshly exposed coal where actual removal and loading of mined coal is taking place. Any partings greater than 3/8 inch and/or mineral concretions greater than 1/2 inch thick and 2 inches in maximum diameter are normally discarded from a channel sample so as better to represent coal that has been mined, crushed, and screened to remove at least gross non-coal materials.
Column sample: a channel or drill core sample taken to represent the entire geologic coalbed; it includes all partings and impurities that may exist in the coalbed.
Bench sample: a face or channel sample taken of just that contiguous portion of a coalbed that is considered practical to mine, also known as a "bench;" For example, bench samples may be taken of minable coal where impure coal that makes up part of the geologic coalbed is likely to be left in the mine, or where thick partings split the coal into two or more distinct minable seams, or where extremely thick coalbeds cannot be recovered by normal mining equipment, so that the coal is mined in multiple passes, or benches, usually defined along natural bedding planes.
Composite sample: a recombined coalbed sample produced by averaging together thickness-weighted coal analyses from partial samples of the coalbed, such as from one or more bench samples, from one or more mine exposures or outcrops where the entire bed could not be accessed in one sample, or from multiple drill cores that were required to retrieve all local sections of a coal seam.
Coal stocks:  Coal quantities that are held in storage for future use and disposition. Note: When coal data are collected for a particular reporting period (month, quarter, or year), coal stocks are commonly measured as of the last day of this period.

Coal sulfur:  Coal sulfur occurs in three forms: organic, sulfate, and pyritic. Organic sulfur is an integral part of the coal matrix and cannot be removed by conventional physical separation. Sulfate sulfur is usually negligible. Pyritic sulfur occurs as the minerals pyrite and marcasite; larger sizes generally can be removed by cleaning the coal.

Coal synfuel:  Coal-based solid fuel that has been processed by a coal synfuel plant; and coal-based fuels such as briquettes, pellets, or extrusions, which are formed from fresh or recycled coal and binding materials.

Coal type:  The classification is based on physical characteristics or microscopic constituents. Examples of coal types are banded coal, bright coal, cannel coal, and splint coal. The term is also used to classify coal according to heat and sulfur content. See Coal grade.

Coal Washing:  The treatment of coal to remove waste material such as: Dense (heavy) medium processes use a thick solution, usually a mixture of magnetite and water, to separate coal from impurities, such as sulfur, ash, and mercury, by gravity separation. Flotation processes treat fine-sized coal with an oil-based reagent that attracts air bubbles in a liquid medium; the coal floats to the surface as froth, leaving the refuse below. Hydraulic processes use currents of water to separate coal from impurities. Pneumatic processes use currents of air to separate coal from impurities.

Coal zone:  A series of laterally extensive and (or) lenticular coal beds and associated strata that arbitrarily can be viewed as a unit. Generally, the coal beds in a coal zone are assigned to the same geologic member or formation.

Coal-producing regions:  A geographic classification of areas where coal is produced.

Appalachian Region: Consists of Alabama, Eastern Kentucky, Maryland, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia.
Northern Appalachian Region: Consists of Maryland, Ohio, Pennsylvania, and Northern West Virginia.
Central Appalachian Region: Consists of Eastern Kentucky, Virginia, Southern West Virginia, and the Tennessee counties of: Anderson, Campbell, Claiborne, Cumberland, Fentress, Morgan, Overton, Pickett, Putnam, Roane, and Scott.
Southern Appalachian Region: Consists of Alabama, and the Tennessee counties of: Bledsoe, Coffee, Franklin, Grundy, Hamilton, Marion, Rhea, Sequatchie, Van Buren, Warren, and White.
Interior Region (with Gulf Coast): Consists of Arkansas, Illinois, Indiana, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Texas, and Western Kentucky.
Illinois Basin: Consists of Illinois, Indiana, and Western Kentucky.
Western Region: Consists of Alaska, Arizona, Colorado, Montana, New Mexico, North Dakota, Utah, Washington, and Wyoming.
Powder River Basin: Consists of the Montana counties of Big Horn, Custer, Powder River, Rosebud, and Treasure and the Wyoming counties of Campbell, Converse, Crook, Johnson, Natrona, Niobrara, Sheridan, and Weston.
Uinta Basin: Consists of the Colorado counties of Delta, Garfield, Gunnison, Mesa, Moffat, Pitkin, Rio Blanco, Routt and the Utah counties of Carbon, Duchesne, Emery, Grand, Sanpete, Sevier, Uintah, Utah, and Wasatch.
Coal-Producing States:  The States where mined and/or purchased coal originates are defined as follows: Alabama, Alaska, Arizona, Arkansas, Colorado, Illinois, Indiana, Kansas, Kentucky Eastern, Kentucky Western, Louisiana, Maryland, Mississippi, Missouri, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania anthracite, Pennsylvania bituminous, Tennessee, Texas, Utah, Virginia, Washington, West Virginia Northern, West Virginia Southern, and Wyoming.

The following coal-producing States are split in origin of coal, as defined by:

Kentucky, Eastern. All mines in the following counties in Eastern Kentucky: Bell, Boyd, Breathitt, Carter, Clay, Clinton, Elliot, Estill, Floyd, Greenup, Harlan, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Magoffin, Martin, McCreary, Menifee, Morgan, Owsley, Perry, Pike, Powell, Pulaski, Rockcastle, Rowan, Wayne, Whitley, and Wolfe.
Kentucky, Western. All mines in the following counties in Western Kentucky: Breckinridge, Butler, Caldwell, Christian, Crittenden, Daviess, Edmonson, Grayson, Hancock, Hart, Henderson, Hopkins, Logan, McLean, Muhlenberg, Ohio, Todd, Union, Warren, and Webster.
Pennsylvania Anthracite. All mines in the following counties: Carbon, Columbia, Dauphin, Lackawanna, Lebanon, Luzerne, Northumberland, Schuylkill, Sullivan, and Susquehanna. All anthracite mines in Bradford County.
Pennsylvania Bituminous. All mines located in the following counties: Allegheny, Armstrong, Beaver, Bedford, Butler, Cambria, Clarion, Clearfield, Elk, Fayette, Greene, Indiana, Jefferson, Lawrence, Lycoming, Somerset, Venango, Washington, and Westmoreland, and all bituminous mines in Bradford County.
West Virginia, Northern. All mines in the following counties (formerly defined as Coal-Producing Districts 1, 3, ): Barbour, Brooke, Braxton, Calhoun, Doddridge, Gilmer, Grant, Hancock, Harrison, Jackson, Lewis, Marion, Marshall, Mineral, Monongalia, Ohio, Pleasants, Preston, Randolph, Ritchie, Roane, Taylor, Tucker, Tyler, Upshur, Webster, Wetzel, Wirt, and Wood.
West Virginia, Southern. All mines in the following counties (formerly Defined as Coal-Producing Districts 7 ): Boone, Cabell, Clay, Fayette, Greenbrier, Kanawha, Lincoln, Logan, Mason, McDowell, Mercer, Mingo, Nicholas, Pocahontas, Putnam, Raleigh, Summers, Wayne, and Wyoming.
Coalbed Methane Well Gas:  Methane produced from coal seams. Coalbed methane is formed during coalification, which is the geologic process that transforms organic material into coal.

Code of federal regulations:  A compilation of the general and permanent rules of the executive departments and agencies of the Federal Government as published in the Federal Register. The code is divided into 50 titles that represent broad areas subject to Federal regulation. Title 18 contains the FERC regulations.

Cofiring:  The process of burning natural gas in conjunction with another fuel to reduce air pollutants.

Cogeneration:  The production of electrical energy and another form of useful energy (such as heat or steam) through the sequential use of energy.

Cogeneration system:  A system using a common energy source to produce both electricity and steam for other uses, resulting in increased fuel efficiency.

Cogenerator:  A generating facility that produces electricity and another form of useful thermal energy (such as heat or steam), used for industrial, commercial, heating, or cooling purposes. To receive status as a qualifying facility (QF) under the Public Utility Regulatory Policies Act (PURPA), the facility must produce electric energy and "another form of useful thermal energy through the sequential use of energy" and meet certain ownership, operating, and efficiency criteria established by the Federal Energy Regulatory Commission (FERC).(See the Code of Federal Regulations, Title 18, Part 292.)

Coincidental demand:  The sum of two or more demands that occur in the same time interval.

Coincidental peak load:  The sum of two or more peak loads that occur in the same time interval.

Coke (coal):  A solid carbonaceous residue derived from low-ash, low-sulfur bituminous coal from which the volatile constituents are driven off by baking in an oven at temperatures as high as 2,000 degrees Fahrenheit so that the fixed carbon and residual ash are fused together. Coke is used as a fuel and as a reducing agent in smelting iron ore in a blast furnace. Coke from coal is grey, hard, and porous and has a heating value of 24.8 million Btu per ton.

Coke (petroleum):  A residue high in carbon content and low in hydrogen that is the final product of thermal decomposition in the condensation process in cracking. This product is reported as marketable coke or catalyst coke. The conversion is 5 barrels (of 42 U.S. gallons each) per short ton. Coke from petroleum has a heating value of 6.024 million Btu per barrel.

Coke Battery:  A series of coke ovens stacked in rows into which coal is loaded and processed into coke.

Coke breeze:  The term refers to the fine sizes of coke, usually less than one-half inch, that are recovered from coke plants. It is commonly used for sintering iron ore.

Coke button:  A button-shaped piece of coke resulting from standard laboratory tests that indicates the coking or free-swelling characteristics of a coal; expressed in numbers and compared with a standard.

Coke Oven:  A chamber of brick or other heat-resistant material in which coal is heated to separate the coal gas, coal water, and tar. The coal gas and coal water fuse together with carbon and the remaining ash, forming a hard residue commonly referred to as coke. Coke is primarily used in steel production. There are two types of coke ovens: (1) beehive ovens, which were originally built round with a spherical top like an old-fashioned beehive, and have an opening in the top and various small openings for draft at the base. The ovens were developed into banks (rows) of joining cubicles. During the heating process of the coal, tar, gas, and other byproducts are lost. (2) Byproduct ovens, which were built in rectangular form with the front and back removable, and which are arranged so that all volatile byproducts can be pumped out.

Coke oven gas:  The mixture of permanent gases produced by the carbonization of coal in a coke oven at temperatures in excess of 1,000 degrees Celsius.

Coke plants:  Plants where coal is carbonized for the manufacture of coke in slot or beehive ovens.

Coking:  Thermal refining processes used to produce fuel gas, gasoline blendstocks, distillates, and petroleum coke from the heavier products of atmospheric and vacuum distillation. Includes:

Delayed Coking. A process by which heavier crude oil fractions can be thermally decomposed under conditions of elevated temperatures and pressure to produce a mixture of lighter oils and petroleum coke. The light oils can be processed further in other refinery units to meet product specifications. The coke can be used either as a fuel or in other applications such as the manufacturing of steel or aluminum.
Flexicoking. A thermal cracking process which converts heavy hydrocarbons such as crude oil, tar sands bitumen, and distillation residues into light hydrocarbons. Feedstocks can be any pumpable hydrocarbons including those containing high concentrations of sulfur and metals.
Fluid Coking. A thermal cracking process utilizing the fluidized-solids technique to remove carbon (coke) for continuous conversion of heavy, low-grade oils into lighter products.
Coking coal:  Bituminous coal suitable for making coke. See coke (coal).

Cold-deck imputation:  A statistical procedure that replaces a missing value of an item with a constant value from an external source such as a value from a previous survey. See Imputation.

Combined cycle:  An electric generating technology in which electricity is produced from otherwise lost waste heat exiting from one or more gas (combustion) turbines. The exiting heat is routed to a conventional boiler or to a heat recovery steam generator for utilization by a steam turbine in the production of electricity. This process increases the efficiency of the electric generating unit.

Combined cycle unit:  An electric generating unit that consists of one or more combustion turbines and one or more boilers with a portion of the required energy input to the boiler(s) provided by the exhaust gas of the combustion turbine(s).

Combined heat and power (CHP) plant:  A plant designed to produce both heat and electricity from a single heat source. Note: This term is being used in place of the term "cogenerator" that was used by EIA in the past. CHP better describes the facilities because some of the plants included do not produce heat and power in a sequential fashion and, as a result, do not meet the legal definition of cogeneration specified in the Public Utility Regulatory Policies Act (PURPA).

Combined household energy expenditures:  The total amount of funds spent for energy consumed in, or delivered to, a housing unit during a given period of time and for fuel used to operate the motor vehicles that are owned or used on a regular basis by the household. The total dollar amount for energy consumed in a housing unit includes state and local taxes but excludes merchandise repairs or special service charges. Electricity, and natural gas expenditures are for the amount of those energy sources consumed. Fuel oil, kerosene, and LPG expenditures are for the amount of fuel purchased, which may differ from the amount of fuel consumed. The total dollar amount of fuel spent for vehicles is the product of fuel consumption and price.

Combined hydroelectric plant:  A hydroelectric plant that uses both pumped water and natural streamflow for the production of power.

Combined pumped-storage plant:  A pumped-storage hydroelectric power plant that uses both pumped water and natural stream flow to produce electricity.

Combustion:  Chemical oxidation accompanied by the generation of light and heat.

Combustion chamber:  An enclosed vessel in which chemical oxidation of fuel occurs.

Commercial building:  A building with more than 50 percent of its floor space used for commercial activities. Commercial buildings include, but are not limited to, stores, offices, schools, churches, gymnasiums, libraries, museums, hospitals, clinics, warehouses, and jails. Government buildings are included except for buildings on military bases or reservations.

Commercial facility:  An economic unit that is owned or operated by one person or organization and that occupies two or more commercial buildings at a single location. A university and a large hospital complex are examples of a commercial multi-building facility.

Commercial operation (nuclear):  The phase of reactor operation that begins when power ascension ends and the operating utility formally declares the nuclear power plant to be available for the regular production of electricity. This declaration is usually related to the satisfactory completion of qualification tests on critical components of the unit.

Commercial sector:  An energy-consuming sector that consists of service-providing facilities and equipment of businesses; Federal, State, and local governments; and other private and public organizations, such as religious, social, or fraternal groups. The commercial sector includes institutional living quarters. It also includes sewage treatment facilities. Common uses of energy associated with this sector include space heating, water heating, air conditioning, lighting, refrigeration, cooking, and running a wide variety of other equipment. Note: This sector includes generators that produce electricity and/or useful thermal output primarily to support the activities of the above-mentioned commercial establishments.

Commingling:  The mixing of one utility's generated supply of electric energy with another utility's generated supply within a transmission system.

Commissioned agent:  An agent who wholesales or retails a refined petroleum product under a commission arrangement. The agent does not take title to the product or establish the selling price, but receives a percentage of fixed fee for serving as an agent.

Common equity (book value):  The retained earnings and common stock earnings plus the balances in common equity reserves and all other common stock accounts. This also includes the capital surplus, the paid-in surplus, the premium on common stocks, except those balances specifically related to preferred or preference stocks; less any common stocks held in the treasury.

Compact fluorescent bulbs:  These are also known as "screw-in fluorescent replacements for incandescent" or "screw-ins." Compact fluorescent bulbs combine the efficiency of fluorescent lighting with the convenience of a standard incandescent bulb. There are many styles of compact fluorescent, including exit light fixtures and floodlights (lamps containing reflectors). Many screw into a standard light socket, and most produce a similar color of light as a standard incandescent bulb. Compact fluorescent bulbs come with ballasts that are electronic (lightweight, instant, no-flicker starting, and 10to 15% more efficient) or magnetic (much heavier and slower starting).Other types of compact fluorescent bulbs include adaptive circulation and PL and SL lamps and ballasts. Compact fluorescent bulbs are designed for residential uses; they are also used in table lamps, wall sconces, and hall and ceiling fixtures of hotels, motels, hospitals, and other types of commercial buildings with residential-type applications.

Company:  See Firm.

Company automotive (retail) outlet:  Any retail outlet selling motor fuel under the brand name of a company reporting in the EIA Financial Reporting System.

Company outlet:  See Company-operated automotive outlet.

Company-lessee automotive outlet:  One of three types of company automotive (retail) outlets. This type of outlet is operated by an independent marketer who leases the station and land and has use of tanks, pumps, signs, etc. A lessee dealer typically has a supply agreement with a refiner or a distributor and purchases products at dealer tank wagon prices. The term includes outlets operated by commissioned agents and is limited to those dealers who are supplied directly by a refiner or any affiliate or subsidiary company of a refiner.

Company-open automotive outlet:  One of three types of company automotive (retail) outlets. This type of outlet is operated by an independent marketer who owns or leases (from a third party that is not a refiner) the station or land of a retail outlet and has use of tanks, pumps, signs, etc. An open dealer typically has a supply agreement with a refiner or a distributor and purchases products based on either rack or dealer tank wagon prices.

Company-operated automotive outlet:  One of three types of company automotive (retail) outlets. This type of outlet is operated by salaried or commissioned personnel paid by the reporting company.

Company-operated outlet:  See Company-operated retail outlet.

Company-operated retail outlet:  Any retail outlet (i.e., service station) which sells motor vehicle fuels and is under the direct control of a firm that sets the retail product price and directly collects all or part of the retail margin. The category includes retail outlets operated by (1) salaried employees of the firm and/or its subsidiaries and affiliates, (2) licensed or commissioned agents, and/or (3) personnel services contracted by the firm.

Competitive transition charge:  A non-bypassable charge levied on each customer of the distribution utility, including those who are served under contracts with nonutility suppliers, for recovery of the utility's stranded costs that develop because of competition.

Completion (oil/gas production):  The term refers to the installation of permanent equipment for the production of oil or gas. If a well is equipped to produce only oil or gas from one zone or reservoir, the definition of a "well" (classified as an oil well or gas well) and the definition of a "completion" are identical. However, if a well is equipped to produce oil and/or gas separately from more than one reservoir, a "well" is not synonymous with a "completion." (See Well.)

Completion date (oil/gas production):  The date on which the installation of permanent equipment has been completed as reported to the appropriate regulatory agency. The date of completion of a dry hole is the date of abandonment as reported to the appropriate agency. The date of completion of a service well is the date on which the well is equipped to perform the service for which it was intended.

Compliance coal:  A coal or a blend of coals that meets sulfur dioxide emission standards for air quality without the need for flue gas desulfurization.

Compressed natural gas (CNG):  Natural gas compressed to a pressure at or above 200-248 bar (i.e., 2900-3600 pounds per square inch) and stored in high-pressure containers. It is used as a fuel for natural gas-powered vehicles.

Compressor station:  Any combination of facilities that supply the energy to move gas in transmission or distribution lines or into storage by increasing the pressure.

Concentrating solar power or solar thermal power system:  A solar energy conversion system characterized by the optical concentration of solar rays through an arrangement of mirrors to generate a high temperature working fluid. Also see Solar trough, Solar power tower, or Solar dish. Concentrating solar power (but not Solar thermal power) may also refer to a system that focuses solar rays on aphotovoltaic cell to increase conversion efficiency.

Concentrator:  A reflective or refractive device that focuses incident insolation onto an area smaller than the reflective or refractive surface, resulting in increased insolation at the point of focus.

Concession:  The operating right to explore for and develop petroleum fields in consideration for a share of production in kind (equity oil).

Concessionary purchases:  The quantity of crude oil exported during a reporting period, which was acquired from the producing government under terms that arise from the firm's participation in a concession. It includes preferential crude where the reporting firm's access to such crude is derived from a former concessionary relationship.

Condensate (lease condensate):  Light liquid hydrocarbons recovered from lease separators or field facilities at associated and non-associated natural gas wells. Mostly pentanes and heavier hydrocarbons. Normally enters the crude oil stream after production.

Condenser cooling water:  A source of water external to a boiler's feed system is passed through the steam leaving the turbine in order to cool and condense the steam. This reduces the steam's exit pressure and recaptures its heat, which is then used to preheat fluid entering the boiler, thereby increasing the plant's thermodynamic efficiency.

Conditionally effective rates:  An electric rate schedule that has been put into effect by the FERC subject to refund pending final disposition or refiling.

Conductor:  Metal wires, cables, and bus-bar used for carrying electric current. Conductors may be solid or stranded, that is,built up by a assembly of smaller solid conductors.

Conference of the parties (COP):  The collection of nations that have ratified the Framework Convention on Climate Change(FCCC). The primary role of the COP is to keep implementation of the FCCC under review and make the decisions necessary for its effective implementation. Also see Framework Convention on Climate Change (FCCC).

Configuration maps:  Geographic information containing transmission line, substation, and terminal information. Its hows the normal operating voltages and includes information about other operational and political boundaries.

Congestion:  A condition that occurs when insufficient transfer capacity is available to implement all of the preferred schedules for electricity transmission simultaneously.

Connected load:  The sum of the continuous ratings or the capacities for a system, part of a system, or a customer's electric power consuming apparatus.

Connection:  The physical connection (e.g., transmission lines, transformers, switch gear, etc.) between two electric systems permitting the transfer of electric energy in one or both directions.

Conservation:  A reduction in energy consumption that corresponds with a reduction in service demand. Service demand can include buildings-sector end uses such as lighting, refrigeration, and heating; industrial processes; or vehicle transportation. Unlike energy efficiency, which is typically a technological measure, conservation is better associated with behavior. Examples of conservation include adjusting the thermostat to reduce the output of a heating unit, using occupancy sensors that turn off lights or appliances, and car-pooling.

Conservation feature:  A feature in the building designed to reduce the usage of energy.

Conservation program:  A program in which a utility company furnishes home weatherization services free or at reduced cost or provides free or low cost devices for saving energy, such as energy efficient light bulbs, flow restrictors, weather stripping, and water heater insulation.

Consolidated entity:  See Firm.

Consolidated Metropolitan Statistical Area (CMSA):  An area that meets the requirements of a metropolitan statistical area, has a population of one million or more, and consists of two or more component parts that are recognized as primary metropolitan statistical areas.

Construction:  An energy-consuming subsector of the industrial sector that consists of all facilities and equipment used to perform land preparation and construct, renovate, alter, install, maintain, or repair major infrastructure or individual systems therein. Infrastructure includes buildings; industrial plants; and other major structures, such as tanks, towers, monuments, roadways, tunnels, bridges, dams, pipelines, and transmission lines.

Construction costs (of the electric power industry):  All direct and indirect costs incurred in acquiring and constructing electric utility plant and equipment and proportionate shares of common utility plants. Included are the cost of land and improvements, nuclear fuel and spare parts, allowance for funds used during construction, and general overheads capitalized, less the cost of acquiring plant and equipment previously operated in utility service.

Construction expenditures (of the electric power industry):  The gross expenditures for construction costs (including the cost of replacing worn out plants), and electric construction costs, and land held for future use.

Construction pipeline (of a nuclear reactor):  The various stages involved in the acquisition of a nuclear reactor by a utility. The events that define these stages are the ordering of a reactor, the licensing process, and the physical construction of the nuclear generating unit. A reactor is said to be "in the pipeline" when the reactor is ordered and "out of the pipeline" when it completes low power testing and begins operation toward full power.

Construction work in progress (CWIP):  The balance shown on a utility's balance sheet for construction work not yet completed butin process. This balance line item may or may not be included in the rate base.

Constructive surplus or deficit:  The amounts representing the exchange of services, supplies, etc., between the utility department and the municipality and its other departments without charge or at a reduced charge. Charges to this account include utility and other services, supplies, etc., furnished by the utility department to the municipality or its other departments without charge, or the amount of the reduction, if furnished at a reduced charge. Credits to the account consist of services, supplies, office space, etc., furnished by the municipality to the utility department without charge on the amount of the reduction, if furnished at a reduced charge.

Consumer (energy):  Any individually metered dwelling, building, establishment, or location using natural gas, synthetic natural gas, and/or mixtures of natural and supplemental gas for feedstock or as fuel for any purpose other than in oil or gas lease operations; natural gas treating or processing plants; or pipeline, distribution, or storage compressors.

Consumer charge:  An amount charged periodically to a consumer for such utility costs as billing and meter reading, without regard to demand or energy consumption.

Consumer Price Index (CPI):  These prices are collected in 85 urban areas selected to represent all urban consumers about 80 percent of the total U.S. population. The service stations are selected initially and on a replacement basis, in such a way that they represent the purchasing habits of the CPI population. Service stations in the current sample include those providing all types of service (i.e., full, mini, and self service).

Consumption:  See Energy consumption.

Consumption per square foot:  The aggregate ratio of total consumption for a particular set of buildings to the total floorspace of those buildings.

Continuous delivery energy sources:  Those energy sources provided continuously to a building.

Continuous mining:  A form of room pillar mining in which a continuous mining machine extracts and removes coal from the working face in one operation; no blasting is required.

Contract price:  The delivery price determined when a contract is signed. It can be a fixed price or a base price escalated according to a given formula.

Contract receipts:  Purchases based on a negotiated agreement that generally covers a period of 1 or more years.

Contracted gas:  Any gas for which Interstate Pipeline has a contract to purchase from any domestic or foreign source that cannot be identified to a specific field or group. This includes tailgate plant purchases, single meter point purchases, pipeline purchases, natural gas imports, SNG purchases, and LNG purchases.

Contribution to net income:  The FRS (Financial Reporting System survey) segment equivalent to net income. However, some consolidated items of revenue and expense are not allocated to the segments, and therefore they are not equivalent in a strict sense. The largest item not allocated to the segments is interest expense since this is regarded as a corporate level item for FRS purposes.

Control:  Including the terms "controlling," "controlled by," and "under common control with," means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting shares, by contract, or otherwise.

Control total:  The number of elements in the population or a subset of the population. The sample weights for the observed elements in a survey are adjusted so that they add up to the control total. The value of a control total is obtained from an outside source. The control totals are given by the number of households in one of the 12 cells by categorizing households by the four Census regions and by three categories of metropolitan status (Metropolitan Statistical Area central city, Metropolitan Statistical Area outside central city, and non Metropolitan Statistical Area). The control totals are obtained from the Current Population Survey.

Conventional blendstock for oxygenate blending (CBOB):  Motor gasoline blending components intended for blending with oxygenates to produce finished conventional motor gasoline.

Conventional gasoline:  Finished motor gasoline not included in the oxygenated or reformulated gasoline categories. Note: This category excludes reformulated gasoline blendstock for oxygenate blending (RBOB) as well as other blendstock.

Conventional hydroelectric plant:  A plant in which all of the power is produced from natural streamflow as regulated by available storage.

Conventional mill (uranium):  A facility engineered and built principally for processing of uraniferous ore materials mined from the earth and the recovery, by chemical treatment in the mill's circuits, of uranium and/or other valued coproduct components from the processed one.

Conventional mining:  The oldest form of room pillar mining, which consists of a series of operations that involve cutting the coal bed, so it breaks easily when blasted with explosives or high pressure air, and then loading the broken coal.

Conventional oil and natural gas production:  Crude oil and natural gas that is produced by a well drilled into a geologic formation in which the reservoir and fluid characteristics permit the oil and natural gas to readily flow to the wellbore.

Conventionally fueled vehicle:  A vehicle that runs on petroleum-based fuels such as motor gasoline or diesel fuel.

Conversion company:  An organization that performs vehicle conversions on a commercial basis.

Conversion factor:  A factor for converting data between one unit of measurement and another (such as between short tons and British thermal units, or between barrels and gallons). (See Appendices (heat rates, conversion factors, and more) for further information on conversion factors.) See Btu Conversion Factor and Thermal Conversion Factor.

Converted (alternative-fuel) vehicle:  A vehicle originally designed to operate on gasoline/diesel that was modified or altered to run on an alternative fuel after its initial delivery to an end-user.

Cooling:  Conditioning of room air for human comfort by a refrigeration unit (such as an air conditioner or heat pump) or by circulating chilled water through a central cooling or district cooling system. Use of fans or blowers by themselves, without chilled air or water, is not included in this definition of cooling.

Cooling Degree Days (CDD):  A measure of how warm a location is over a period of time relative to a base temperature, most commonly specified as 65 degrees Fahrenheit. The measure is computed for each day by subtracting the base temperature (65 degrees) from the average of the day's high and low temperatures, with negative values set equal to zero. Each day's cooling degree days are summed to create a cooling degree day measure for a specified reference period. Cooling degree days are used in energy analysis as an indicator of air conditioning energy requirements or use.

Cooling pond:  A natural or manmade body of water that is used for dissipating waste heat from power plants.

Cooling system:  An equipment system that provides water to the condensers and includes water intakes and outlets; cooling towers; and ponds, pumps, and pipes.

Cooperative electric utility:  An electric utility legally established to be owned by and operated for the benefit of those using its service. The utility company will generate, transmit, and/or distribute supplies of electric energy to a specified area not being serviced by another utility. Such ventures are generally exempt from Federal income tax laws. Most electric cooperatives have been initially financed by the Rural Utilities Service (prior Rural Electrification Administration), U.S. Department of Agriculture.

Coordination service:  The sale, exchange, or transmission of electricity between two or more electric utilities that typically have sufficient generation and transmission capacity to supply their load requirements under normal conditions.

Coordination service pricing:  The typical price components of a bulk power coordination sale are an energy charge, a capacity, or reservation charge, and an adder. The price for a particular sale may embody some or all of these components. The energy charge is made on a per-kilowatt basis and is intended to recover the seller's system incremental variable costs of making a sale. Because the nonfuel expenses are usually hard to quantify, and small relative to fuel expense, energy charges quoted are usually based on fuel cost. A capacity charge is set at a certain level per kilowatt and is normally paid whether or not energy is taken by the buyer. An adder is added to that energy charge to recover the hard quantify nonfuel variable costs. There are three types of adders  percentage, fixed, and split savings. A percentage adder increases the energy charge by a certain percentage. A fixed adder adds a fixed amount per kilowatt hour to the energy charge. Split savings adders are used only in economy energy transactions. They split production costs savings between the seller and the buyer by adding one half of the savings to the energy cost.

Cord of wood:  A cord of wood measures 4 feet by 4feet by 8 feet, or 128 cubic feet.

Correlation (statistical term):  In its most general sense, correlation denotes the interdependence between quantitative or qualitative data. It would include the association of dichotomized attributes and the contingency of multiple classified attributes. The concept is quite general and may be extended to more than two variates.The word is most frequently used in a somewhat narrower sense to denote the relationship between measurable variates or ranks.

Cost model for undiscovered resources:  A computerized algorithm that uses the uranium endowment estimated for a given geological area and selected industry economic indexes to develop random variables that describe the undiscovered resources ultimately expected to be discovered in that area at chosen forward cost categories.

Cost of capital:  The rate of return a utility must offer to obtain additional funds. The cost of capital varies with the leverage ratio, the effective income tax rate, conditions in the bond and stock markets, growth rate of the utility, its dividend strategy, stability of net income, the amount of new capital required, and other factors dealing with business and financial risks. It is a composite of the cost for debt interest, preferred stock dividends, and common stockholders' earnings that provide the facilities used in supplying utility service.

Cost of debt:  The interest rate paid on new increments of debt capital multiplied by 1 minus the tax rate.

Cost of preferred stock:  The preferred stock dividends divided by the net price of the preferred stock.

Cost of retained earnings:  The residual of an entity's earnings over expenditures, including taxes and dividends, that are reinvested in its business. The cost of these funds is always lower than the cost of new equity capital, due to taxes and transactions costs. Therefore, the cost of retained earnings is the yield that retained earnings accrue upon reinvestment.

Cost of service:  A ratemaking concept used for the design and development of rate schedules to ensure that the filed rate schedules recover only the cost of providing the electric service at issue. This concept attempts to correlate the utility's costs and revenue with the service provided to each of the various customer classes.

Cost, insurance, freight (CIF):  A type of sale in which the buyer of the product agrees to pay a unit price that includes the f.o.b. value of the product at the point of origin plus all costs of insurance and transportation. This type of transaction differs from a "delivered" purchase in that the buyer accepts the quantity as determined at the loading port (as certified by the Bill of Lading and Quality Report) rather than pay on the basis of the quantity and quality ascertained at the unloading port. It is similar to the terms of an f.o.b. sale except that the seller, as a service for which he is compensated, arranges for transportation and insurance.

Cost-based rates (electric):  A ratemaking concept used for the design and development of rate schedules to ensure that the filed rate schedules recover only the cost of providing the service. FERC definition

Cost-of-service regulation:  A traditional electric utility regulation under which a utility is allowed to set rates based on the cost of providing service to customers and the right to earn a limited profit.

Costs (imports of natural gas):  All expenses incurred by an importer up to the U.S. point of delivery for the reported quantity {of natural gas} imported.

CPI:   Consumer Price Index

Criteria pollutant:  A pollutant determined to behazardous to human health and regulated under EPA's National Ambient Air Quality Standards. The 1970 amendments to the Clean Air Act require EPA to describe the health and welfare impacts of a pollutant as the "criteria" for inclusion in the regulatory regime.

Crop residue:  Organic residue remaining after the harvesting and processing of a crop.

Crude oil:  A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include          1. Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casing head) gas in lease separators and are subsequently comingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included; 2. Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals; 3. Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.

Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content.

Crude oil acquisitions (unfinished oil acquisitions):  The volume of crude oil either:

acquired by the respondent for processing for his own account in accordance with accounting procedures generally accepted and consistently and historically applied by the refiner concerned, or
in the case of a processing agreement, delivered to another refinery for processing for the respondent's own account.
Crude oil that has not been added by a refiner to inventory and that is thereafter sold or otherwise disposed of without processing for the account of that refiner shall be deducted from its crude oil purchases at the time when the related cost is deducted from refinery inventory in accordance with accounting procedures generally applied by the refiner concerned. Crude oil processed by the respondent for the account of another is not a crude oil acquisition.
Crude oil f.o.b. price:  The crude oil price actually charged at the oil producing country's port of loading. Includes deductions for any rebates and discounts or additions of premiums, where applicable. It is the actual price paid with no adjustment for credit terms.

Crude oil input:  The total crude oil put into processing units at refineries.

Crude oil landed cost:  The price of crude oil at the port of discharge, including charges associated with purchasing, transporting, and insuring a cargo from the purchase point to the port of discharge. The cost does not include charges incurred at the discharge port (e.g., import tariffs or fees, wharfage charges, and demurrage).

Crude oil less lease condensate:  A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Such hydrocarbons as lease condensate and natural gasoline recovered as liquids from natural gas wells in lease or field separation facilities and later mixed into the crude stream are excluded. Depending upon the characteristics of the crude stream, crude oil may also include: 1. Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casinghead) gas in lease separators and are subsequently comingled with the crude stream without being separately measured; 2. Small amounts of on hydrocarbons produced with the oil, such as sulfur and various metals.

Crude oil losses:  Represents the volume of crude oil reported by petroleum refineries as being lost in their operations. These losses are due to spills, contamination, fires, etc., as opposed to refining processing losses.

Crude oil production:  The volume of crude oil produced from oil reservoirs during given periods of time. The amount of such production for a given period is measured as volumes delivered from lease storage tanks (i.e., the point of custody transfer) to pipelines, trucks, or other media for transport to refineries or terminals with adjustments for (1) net differences between opening and closing lease inventories, and (2) basic sediment and water (BSw).

Crude oil qualities:  Refers to two properties of crude oil, the sulfur content, and API gravity, which affect processing complexity and product characteristics.

Crude oil refinery input:  The total crude oil put into processing units at refineries.

Crude oil stocks:  Stocks of crude oil and lease condensate held at refineries, in pipelines, at pipeline terminals, and on leases.

Crude oil stream:  Crude oil produced in a particular field or a collection of crude oils with similar qualities from fields in close proximity, which the petroleum industry usually describes with a specific name, such as West Texas Intermediate or Saudi Light.

Crude oil used directly:  Crude oil consumed as fuel by crude oil pipelines and on crude oil leases.

Crude oil, refinery receipts:  Receipts of domestic and foreign crude oil at a refinery. Includes all crude oil in transit except crude oil in transit by pipeline. Foreign crude oil is reported as a receipt only after entry through customs. Crude oil of foreign origin held in bonded storage is excluded.

Crystalline fully refined wax:  A light colored paraffin wax having the following characteristics:

viscosity at 210 degrees Fahrenheit (D88)-59.9 SUS (10.18 centistokes) maximum;
oil content (D721)-0.5 percent maximum;
other +20 color, Saybolt minimum.
Crystalline other wax:  A paraffin wax having the following characteristics:

viscosity at 210 deg. F(D88)-59.9 SUS (10.18centistokes) maximum;
oil content (D721)-0.51 percent minimum to 15 percent maximum.
Cubic foot (cf), natural gas:  The amount of natural gas contained at standard temperature and pressure (60 degrees Fahrenheit and 14.73 pounds standard per square inch) in a cube whose edges are one foot long.

Cull wood:  Wood logs, chips, or wood products that are burned.

Culm:  Waste from Pennsylvania anthracite preparation plants, consisting of coarse rock fragments containing as much as 30 percent small sized coal; sometimes defined as including very fine coal particles called silt. Its heat value ranges from 8 to 17 million Btu per short ton.

Cultivar:  A horticulturally or agriculturally derived variety of a plant.

Cumulative depletion:  The sum in tons of coal extracted and lost in mining as of a stated date for a specified area or a specified coal bed.

Current (electric):  A flow of electrons in an electrical conductor. The strength or rate of movement of the electricity is measured in amperes.

Current assets:  Cash and other assets that are expected to be turned into cash, sold, or exchanged within the normal operating cycle of the utility, usually one year. Current assets include cash, marketable securities, receivables, inventory, and current prepayments.

Current liabilities:  A debt or other obligation that must be discharged within one year or the normal operating cycle of the utility by expending a current asset or the incurrence of another short-term obligation. Current liabilities include accounts payable, short-term notes payable, and accrued expenses payable such as taxes payable and salaries payable.

Current ratio:  The ratio of current assets divided by current liabilities that shows the ability of a utility to pay its current obligations from its current assets. A measure of liquidity, the higher the ratio, the more assurance that current liabilities can be paid.

Customer choice:  The right of customers to purchase energy from a supplier other than their traditional supplier or from more than one seller in the retail market.

Customs district (coal):  Customs districts, as defined by the Bureau of the Census, U.S. Department of Commerce, " Monthly Report EM 545, " are as follows:

Eastern: Bridgeport, CT, Washington, DC, Boston, MA, Baltimore, MD, Portland, ME, Buffalo, NY, New York City, NY, Ogdensburg, NY, Philadelphia, PA, Providence, RI, Norfolk, VA, St. Albans, VT.
Southern: Mobile, AL, Savannah, GA, Miami, FL, Tampa, FL, New Orleans, LA, Wilmington, NC, San Juan, PR, Charleston, SC, Dallas-Fort Worth, TX, El Paso, TX, Houston-Galveston, TX, Laredo, TX, Virgin Islands.
Western: Anchorage, AK, Nogales, AZ, Los Angeles, CA, San Diego, CA, San Francisco, CA, Honolulu, HI, Great Falls, MT, Portland, OR, Seattle, WA.
Northern: Chicago, IL, Detroit, MI, Duluth, MN, Minneapolis, MN, St. Louis, MO, Pembina, ND, Cleveland, OH, Milwaukee, WI.
Customs import value (C.I.V.):  The price for a one-time open market transaction for near-term delivery of a specific quantity of product at a specific location where the commodity is purchased LDQUO; on the spot RDQUO; at current market rates. See also spot market terms associated with specific energy types.

Cut-off grade (uranium):  The lowest grade, in percent U3O8, of uranium ore at a minimum specified thickness that can be mined at a specified cost.

CWIP:   Construction Work In Progress

Cycle:  The time period running from the startup of one reactor cycle to the startup of the following cycle.

Cycle/reactor history:  A group of assemblies that have been irradiated in the same cycles in an individual reactor and are said to have the same cycle/reactor history.

Cycling (natural gas):  The practice of producing natural gas for the extraction of natural gas liquids, returning the dry residue to the producing reservoir to maintain reservoir pressure and increase the ultimate recovery of natural gas liquids. The reinjected gas is produced for disposition after cycling operations are completed.

Sözlüğün Devamı : http://www.eia.gov/tools/glossary/



FAYDALI BULABİLECEĞİNİZ BİR BAŞKA SÖZLÜK - ELEKTRİK ENERJİSİ SÖZLÜĞÜ
ANOTHER USEFUL GLOSSARY - ELECTRIC POWER INDUSTRY GLOSSARY



CME Grup'un Finans Piyasalarında Sık Kullanılan Terimlerle İlgili Çalışması CME Group's Work About Commonly Used Terms in the Finance Market


A
Account Equity
The net worth of a commodity account as determined by combining the ledger balance with any unrealized gain or loss in open positions as marked to the market.
Account Executive
The agent of a commission house who serves customers/traders by entering their commodity futures and options orders, reporting trade executions, advising on trading strategies, etc.
Active Month
In the metals markets, the nearest base contract month that is not the current delivery month. The base months for each metals futures are defined by each individual contract. For other contracts this may designate the closest month to expiration or the expiration month that has the most trading volume.
ACT or CEA
The term "Act" or “CEA” shall mean the Commodity Exchange Act, as amended from time to time.
actuals
An actual physical commodity someone is buying or selling, e.g., soybeans, corn, gold, silver, Treasury bonds, etc.
adjusted futures price
The cash-price equivalent reflected in the current futures price. This is calculated by taking the futures price times the conversion factor for the particular financial instrument (e.g., bond or note) being delivered.
against actuals
A transaction generally used by two hedgers who want to exchange futures for cash positions. Also referred to as "Exchange for Physicals" (EFP) or "versus cash".
Allocation Claim System (ACS)
CME's electronic give-up system. ACS allows executing firms to give-up (allocate) trades at the execution price to the designated carrying firms(s), utilizing their current trade entry systems and CME's Trade Management System. ACS may be utilized for trades executed and given up to a single firm, as well as trades given up to multiple firms (see Give-up System).
Alternative Delivery Procedure (ADP)
A provision of a futures contract that allows buyers and sellers to make and take delivery under terms or conditions that differ from those prescribed in the contract. An ADP may occur at any time during the delivery period, once long and short futures positions have been matched for the purpose of delivery.
American Gas Association (AGA)
American Gas Association. Major natural gas industry trade association, based in Alexandria, Virginia. AGA conducts technical research and helps create standards for equipment and products involved in every facet of the natural gas industry. It also compiles statistics which are considered industry standards.
American Petroleum Institute (API)
The primary U.S. oil industry trade association, based in Washington, D.C. API conducts research and sets technical standards for industry equipment and products from wellhead to retail outlet. It also compiles statistics which are regarded as industry benchmarks.
American Society for Testing Materials (ASTM)
Grade and quality specifications for petroleum products and metals are determined by the ASTM in test methods.
american-style option
Type of option contract that can be exercised at the buyer's discretion on any trading day up to and including the expiration date. This differs from a European style option, which may only be exercised on its expiration date.
all or none (AON)
An order type, if the order can execute in total, then it executes. Otherwise it stays in the order book until it can execute in total.
API Gravity
The scale created by the American Petroleum Institute to indicate the 'lightness' or 'heaviness' of crude oils and other liquid hydrocarbons. Calibrated in API degrees (or degrees API), it is used to expresses the relative density of oil.The scale is an inverse measure— the lighter the crude the higher the API gravity, and vice versa.The higher the API degree, the higher the market value of the hydrocarbon being measured. Oil with API greater than 30º is termed light; between 22º and 30º, medium; below 22º, heavy; and below 10º, extra heavy.
application program interface (API)
The specific method prescribed by a computer operating system or by an application program by which a programmer writing an application program can communicate with the operating system or another application.
Application Service Provider (ASP)
Application service provider (ASP); a company that offers individuals and firms access via the Internet to applications and related services that would otherwise have to be located in their personal computers.
Approved Carriers
Armored carriers approved by the Exchange for the transportation of gold, platinum, and palladium.
approved delivery facility
Any bank, depository, stockyard, mill, warehouse, plant or elevator authorized by the Exchange for delivery of Exchange contracts.
approved warehouse
Any warehouse which has been officially approved by the exchange and from which actual deliveries of commodities may be made on futures contracts.
arbitrage
The simultaneous purchase of cash, futures, or options in one market against the sale of cash, futures or options in a different market in order to profit from a price disparity.
ask price
Also called the "offer." Indicates a willingness to sell a futures or options on futures contract at a given price.
as-of trade
An unmatched trade from a previous day that is resubmitted to the CME clearing system; trade is submitted "as of" the original trade date.
Assay
To test a metal or an oil for purity or quality.
assignment (options)
The process by which the CME clearing house, in response to a long exercising its option, randomly selects a seller to fulfill its obligation to buy or sell the underlying futures contract at its strike price. The assigned seller of a put must buy the underlying futures contract; the assigned seller of a call must sell the underlying futures contract.
assignments (delivery)
The process by which the CME clearing house selects the long position to accept delivery on a contract for which a seller has submitted a delivery notice.
associated gas
Natural gas present in a crude oil reservoir, either separate from or in solution with the oil.
Associated Person (AP)
A person, commonly called a commodity broker, associated with and soliciting customers and orders for a futures commission merchant or introducing broker. The AP must pass a Series 3 examination, be licensed by the Commodity Futures Trading Commission and be a member of the National Futures Association.
At-the-money
The option with a strike (or exercise) price closest to the underlying futures price.
Automated trading system (ATS)
Automated trading system (ATS); a trading method in which a computer makes decisions and enters orders without a person entering those orders. This is a programmatic way of representing the trader.
Automatic Exercise
Following options expiration, an option which is in-the-money is exercised automatically by the clearinghouse, unless the holder of the option submits specific instructions to the contrary. Please refer to individual contract specifications for Automatic Exercise guidelines. 
average daily volume
Volume for a specified time period divided by the number of business days within that same time period.
Average Price System (APS)
CME Rule 553 enables clearing firms, in defined circumstances, to confirm average prices when multiple prices are received on the execution of an order or a series of orders ("series averaging") during a single trading session. The APS is the vehicle through which the exchange computes an average price. Firms then allocate such trades (at the average price) to the carrying firm(s) or may sub-allocate those trades to customer accounts on their books.
average temperature
The average of a day's high and low temperatures, from midnight to midnight.
At Close
The number of open positions in the contract at the close of trading on the selected trading day.
B
backbone
Network used to interconnect several networks together.
back months
The futures or options on futures contracts being traded that are further from expiration that the current or “front month” contract. Also called deferred or distant months.
backspreads
Selling one or more at-the-money options and buying a larger number of out-of-the-money options. Backspreads may generate trading profits if implied volatility increases and/or the underlying instrument’s price moves sufficiently in the anticipated direction.
Backwardation
Market situation in which futures prices are lower in  succeeding delivery months. Also known as an inverted market. The opposite of contango.
balance of trade
The difference between a country's imports and exports.
bar chart
A graph of prices, volume and open interest for a specified time period used by the chartist to forecast market trends. For example, a daily bar chart plots each trading session's open, high, low and settlement prices.
Barrel
A unit of volume measure used for petroleum and refined products. 1 barrel = 42 U.S. gallons.
Barrels per Day
Barrel per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. For example, an oil field might produce 100,000 bpd, and a country might consume 1 million bpd.
Baseload
The minimum amount of electric power delivered or required over a given period of time at a steady rate. Usually references the minimum amount of power that a utility or distribution company must make available to its customers, or the amount of power required to meet minimum demands based on reasonable expectations of customer requirements. Baseload values typically vary from hour to hour in most commercial and industrial areas
Base Metals
Copper, aluminum, lead, nickel, and tin. These metals are defined as base because they oxidize or corrode relatively easily.
Base Metals
Copper, aluminum, lead, nickel, and tin. These metals are defined as base because they oxidize or corrode relatively easily.
basis
The difference between the spot or cash price and the futures price of the same or a related commodity. Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations. The local cash market price minus the price of the nearby futures contract is equal to the basis.
basis point
One-hundredth (.01) of a full index point or percentage.
Basis Risk
The uncertainty as to whether the cash-futures spread will widen or narrow between the time a hedge position is implemented and liquidated.
Batch
A measured amount in which crude oil and refined product shipments are sent through a pipeline.
Bcf
In reference to a Natural Gas meausre of capacity or supply, a billion cubic feet.
bear
One who believes prices will move lower.
bear market
A market in which prices are declining.
bear spread (options)
A vertical spread involving the sale of the lower strike call and the purchase of the higher strike call, called a bear call spread. Also, a vertical spread involving the sale of the lower strike put and the purchase of the higher strike put, called a bear put spread.
bear spread (Futures)
In most commodities and financial instruments, the term refers to selling the nearby contract month, and buying the deferred contract, to profit from a change in the price relationship.
beta
A measure of an asset's return in relation to an underlying factor or index; e.g. the relationship between the movement of an individual stock or a portfolio and that of the overall stock market.
bid price
An offer to buy a specific quantity of a commodity at a stated price or the price that the market participants are willing to pay.
bid/ask spread
The price difference between the bid and offer price.
block trade
A privately negotiated futures or option on futures transaction that is executed apart from the public auction market and that is permitted in designated contracts subject to specified conditions.  These trades are governed by Rule 526 (“Block Trades”).
blowoff volume
An extraordinarily high volume trading session occurring suddenly in an uptrend, possibly signaling the end of the trend.
board
The Board of Directors of the exchange, or any other body acting in lieu of and with the authority of the Board.
bond
Instrument traded on the cash market representing a debt a government entity or of a company.
Bottom Sediment & Water (BS&W)
Water often found in crude oil and residual fuel.
breakaway gap
A chart pattern described by gap in prices that may signal the end of a price pattern and the beginning of an important market move.
breakeven
The point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium; put breakeven equals the strike price minus the premium.
Bretton Woods Agreement of 1944
An agreement that established fixed-rate trading bands for the world's major foreign currencies. The agreement also provided for central bank currency market intervention and tied the price of the U.S. dollar to gold at $35 per ounce. The agreement collapsed in 1971, when President Nixon devalued the dollar and allowed the major currencies to "float" on the world market.
British Thermal Unit (BTU)
The amount of heat required to increase the temperature of a pound of water 1o Fahrenheit. A Btu is used as a common measure of heating value for different fuels. Prices of different fuels and their units of measure (dollars per barrel of crude, dollars per ton of coal, cents per gallon of gasoline, cents per thousand cubic feet of natural gas) can be easily compared when expressed as dollars and cents per million Btus.
Broad-Based Index Future
A futures contract based upon an index that is not considered narrow-based as defined in Section 1a(25) of the Commodity Exchange Act. 
brokerage
The fee paid to an agent to facilitate the execution of orders.
brokerage house
A firm that handles orders to buy and sell futures and options contracts for customers.
bull
One who expects prices to rise.
bull market
A market in which prices are rising.
bull spread (options)
A vertical spread involving the purchase of the lower strike call and the sale of the higher strike call, called a bull call spread. Also, a vertical spread involving the purchase of the lower strike put and the sale of the higher strike put, called a bull put spread.
bull spread (futures)
In most commodities and financial instruments, the term refers to buying the nearby month, and selling the deferred month, to profit from the change in the price relationship.
bundle
The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
Business Day
Any day on which the Exchange is open for business.
butterfly options spread
A three-legged option spread in which each leg has the same expiration date but different strike prices.
butterfly spread
The placing of two inter-delivery spreads in opposite directions with the center delivery month common to both spreads.
Buyer's Market
A condition of the market in which there is an abundance of goods available and hence buyers can afford to be selective and may be able to buy at less than the price that previously prevailed. See seller's market.
By-Laws
The By-Laws of the Exchange, unless otherwise specified.
C
combination order or spread order
A combination of buy and/or sell orders for the same account, except as provided by Rule 527, at the market, at a fixed differential or by some other appropriate pricing convention. Also referred to as a spread order.
Cabinet Trade (aka cab, cabinet price)
A trade to close out a deep out-of-the-money option contract position at price less than the minimum trading tick. Variable cabinet prices are eligible for trading on the floor; a fixed cabinet price of one-half the minimum trading tick is eligible to trade on CME Globex.
calendar spread (futures)
Also called a intra-commodity spread. The simultaneous purchase and sale of the same futures contract, but different contract months. (i.e., buying a September CME S&P 500® futures contract and selling a December CME S&P 500 futures contract).
calendar spread (options)
The simultaneous purchase and sale of options on futures contracts of the same strike price, but different expiration dates.
call option
A contract between a buyer and seller in which the buyer pays a premium and acquires the right, but not the obligation, to purchase a specified futures contract at the strike price on or prior to expiration. The seller receives a premium and is obligated to deliver, or sell, the futures contract at the specified strike price should a buyer elect to exercise the option. Also see American Style Option and European Style Option.
Cap
A supply contract between a buyer and a seller, whereby the buyer is assured that he will not have to pay more than a given maximum price. This type of contract is analogous to a call option.
Capacity
In reference to electricity, the maximum load that a generating unit or generating station can carry under specified conditions for a given period of time without exceeding approval limits of temperature and stress.
Capacity (purchased)
The amount of electric energy and capacity available for purchase from outside a utility system.
car
A contract or unit of trading. Originally, one contract, or "car," was the quantity of a commodity that would fill a railroad car. See also lot.
carrying charge
For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differential between the yield on a cash instrument and the cost of funds necessary to buy the instrument. Also referred to as cost of carry.
carrying firm
A firm that carries on its books positions that were executed by it or by another firm.
carryover
Last year's ending stocks of a storable commodity.
cash commodity
The actual physical commodity or financial instrument as distinguished from the futures contract that is based on the physical commodity or financial instrument. Also referred to as “spot.”
cash for futures
See Exchange For Physicals.
cash market
A place where people buy and sell the actual commodities, i.e., grain elevator, bank, etc. Spot usually refers to a cash market price for a physical commodity that is available for immediate delivery. A forward contract is a cash contract in which a seller agrees to deliver a specific cash commodity to a buyer sometime in the future. Forward contracts, in contrast to futures contracts, are privately negotiated and are not standardized.
cash price
Current market price of the actual or physical commodity. Also called the spot price.
cash sales
The sale of commodities in local cash markets such as elevators, terminals, packing houses and auction markets.
cash settlement
A settlement method used in certain future and option contracts where, upon expiration or exercise, the buyer does not receive the underlying commodity but the associated cash position. For buyers not wishing to take actual possession of the underlying physical commodity, cash settlement is sometimes a more convenient method of transacting business. For example, the purchaser of an E-mini S&P future is unable to take ownership of the index at expiration. Therefore he simply pays or receives the difference between the purchase price and the price of S&P futures contract at settlement.
Casinghead Gas
Gas present in an oil well that is removed when it flows to the surface at the well's casing.
Cathode
A flat rectangular piece of metal which has been refined by electrolysis. Copper is commonly traded and delivered in this form.
CBOT
The Board of Trade of the City of Chicago, Inc.
CEA or ACT
The term "Act" or “CEA” shall mean the Commodity Exchange Act, as amended from time to time.
central bank
A government bank that regulates a country's banks and manages a nation's monetary policy. The Federal Reserve is the central bank in the United States, whereas the European Central Bank (ECB) is the central bank of the European Monetary Union.
certificate of incorporation
The Certificate of Incorporation of the Exchange, unless otherwise specified.
Cetane Number
A measure of the ignitability of diesel fuel. Diesel fuel generally has to meet a cetane number specification of 40. As a measure of performance, the cetane number serves a similar purpose to the octane number of gasoline.
CFTC or Commission
The U.S. Commodity Futures Trading Commission as created by the Commodity Futures Trading Commission Act of 1974.
Chairman
The Chairman of the Board of Directors, or one acting in lieu of and with the authority of the Chairman of the Board.
Change
The day-over-day change in open interest.
Chicago Board of Trade (CBOT)
The Board of Trade of the City of Chicago, Inc.
Chicago Mercantile Exchange (CME)
Acronym for the CHICAGO MERCANTILE EXCHANGE INC. On July 9, 2007, Chicago Mercantile Exchange Holdings Inc. and Chicago Board of Trade Holdings, Inc. completed the merger of their companies, creating the world's largest and most diverse exchange now known as CME Group A CME/Chicago Board of Trade Company.
Chief Executive Officer or CEO

The Chief Executive Officer of the Exchange or one duly authorized to act in lieu of and with the authority of the Chief Executive Officer.

City Gate
Generally refers to the location at which gas changes ownership or transportation responsibility from a pipeline to a local distribution company or gas utility.
Class A Share
A share of Class A Common Stock of CME Group Inc. Class A Shares shall confer no trading rights.
Class of Service
A utility's sales categories such as residential, commercial, industrial, other, and sales for resale.
Clean Cargo
Refined products such as kerosene, gasoline, home heating oil, and jet fuel carried by tankers, barges, and tank cars. All refined products except bunker fuels, residual fuel oil, asphalt, and coke.
clearing
The procedure through which CME Clearing House becomes the buyer to each seller of a futures contract, and the seller to each buyer, and assumes responsibility for protecting buyers and sellers from financial loss by ensuring buyer and seller performance on each contract. This is effected through the clearing process, in which transactions are matched, confirming that both the buyer's and the seller's trade information are in agreement.
clearing fee
A fee charged by the exchange for each contract cleared. There are also clearing fees associated with deliveries, creation of a futures position resulting from an option exercise or assignment, Exchange for Physicals (EFP), block trades, transfer trades and adjustments.
clearing firm
A firm approved to clear trades through CME Clearing House. Memberships in clearing organizations are usually held by companies. Clearing members are responsible for the financial commitments of customers that clear through their firm.
clearing house
The CME Clearing House, also referred to as CME Clearing, a division of CME.
clearing ID
The alpha-numeric firm ID under which the firm's trades will clear.
clearing member
A firm meeting the requirements of, and approved for, clearing membership at the Exchange. The term "clearing member" as used in the Rules shall include all clearing member categories set forth in Rule 900, unless otherwise specified.
clearing non-trade transaction
Composed of transfers, exchange-for-physicals (EFPs), blocks and give-ups. Transfers, blocks and EFPs are privately negotiated, ex-pit transactions, while give-ups relate to post-trade processing. "Cancels" and "replaces" do not generate clearing non-trade transactions.
clearing trade transaction
Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.
Clearport/PNT
(Privately Negotiated Trades): ClearPort is CME Group's clearing service for Over-The-Counter markets. PNT is an acronym for Privately Negotiated Trades, which may be reported through ClearPort or directly into CME Clearing. The number in this column represents the total number of Ex-Pit transactions, or transactions that were completed outside of Globex or Open Outcry trading venues.
clerk
A member's bona fide employee who has been registered by the exchange to work on the trading floor.
close
The period at the end of the trading session officially designated by the exchange during which all transactions are considered "made at the close." Sometimes used to refer to the closing range.
closing bell
Any signal which indicates the conclusion of normal daily trading hours in any commodity.
closing price
The last price of a contract at the end of a trading session.
closing range
The high and low prices, inclusive of bids and offers, recorded during the time period designated by the Exchange as the close of pit trading in a particular contract.
CME
Chicago Mercantile Exchange Inc.
cme clearing
The division of the exchange through which trades are cleared, settled, and guaranteed.
CME clearing house
The division of CME Group that confirms, clears and settles all CME Group trades. CME Clearing also collects and maintains performance bond funds, regulates delivery and reports trading data.
CME ClearPort
A flexible clearing service open to all OTC market participants, that eliminates third-party credit risk and provides capital efficiencies across a wide range of asset classes. CME ClearPort is not an execution platform or mandate or a set of products. It is no longer limited to energy clearing services as in the past nor is it limited to clearing services where OTC positions are substituted into futures.
CME Division
The Chicago Mercantile Exchange Division of the exchange. Holders of the membership interest associated with Chicago Mercantile Exchange Holdings Inc. Class B-1 Stock, who have been elected to membership, are members of the CME Division.
CME Globex
The first global electronic trading system for futures and options has evolved to become the world's premier marketplace for derivatives trading. With continual enhancements, the platform has effectively enabled CME, already known for innovation, to transform itself into a leading high-tech, global financial derivatives exchange.
CME Globex order duration qualifiers
CME Globex allows orders to be placed for various different durations. An order entered into the CME Globex system that does not contain an order duration qualifier will be canceled if it is not filled during the trading day in which it was received or, if it was received between trading days, during the next trading day. Current order durations qualifiers are: Day/Session, Good ’Till Canceled (GTC), Good ’Till Date (GTD), Fill or Kill (FOK) and Fill and Kill (FAK).
CME Globex order types
The CME Globex platform supports a broad array of order functionality, offering convenience and flexibility to meet a variety of individual trading needs. The availability of specific order types varies based on the markets, products and trading applications.
CME Globex user ID
An identifier assigned to access the CME Globex electronic trading engine.
CME Group
A combined entity formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT). We provide the widest range of benchmark futures and options products available on any exchange, covering all major asset classes.
CME Group Inc.
CME Group or CME Group Inc., is the world’s leading and most diverse derivatives marketplace with exchanges that offer the widest range of global benchmark products across all major asset classes, including derivatives based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals and weather, as well as clearing services for exchange traded and over-the-counter products.
Cogenerator
A generating facility that produces electricity and another form of useful thermal energy (such as heat or steam), used for industrial, commercial, heating, or cooling purposes.
Collar
A supply contract between a buyer and seller of a commodity, whereby the buyer is assured that he will not have to pay more than some maximum price, and whereby the seller is assured of receiving some minimum price. This is analogous to an options fence or collar, also known as a range forward.
Combination Utility
A utility which provides both gas and electric service.
commission
The one time fee charged by a broker to a customer when the customer executes a futures or option on futures trade through the brokerage firm.
commodity
Any product approved and designated by the Board for trading or clearing pursuant to the rules of the Exchange.
commodity code
A unique symbol used to identify a particular commodity traded on CME for purposes of submitting data into the Clearing System. This code should not be confused with the ticker symbol, which is the code denoting which commodity price is being quoted.
Commodity Credit Corp
A Government-owned and operated entity that was created to stabilize, support, and protect farm income and prices. CCC also helps maintain balanced and adequate supplies of agricultural commodities and aids in their orderly distribution.
commodity exchange
An exchange that lists designated futures contracts for the trading of various types of derivative products and allows use of its facilities by traders. Must comply with rules set forth by the Commodity Futures Trading Commission (CFTC).
Commodity Futures Modernization Act of 2000 (CFMA)
Commodity Futures Modernization Act of 2000.
Commodity Futures Trading commission (CFTC)
Acronym for the Commodity Futures Trading Commission as created by the Commodity Futures Trading Commission Act of 1974. This government agency regulates the nation's commodity futures industry.
commodity pool
An enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts or commodity options.
commodity pool operator (CPO)
An individual or organization that operates or solicits funds for a commodity pool.
commodity trading advisor (CTA)
A person who, for compensation or profit, directly or indirectly advises others as to the value or the advisability of buying or selling futures contracts or commodity options. Advising indirectly includes exercising trading authority over a customer's account as well as providing recommendations through written publications or other media.
common currency
Currency that is eliminated when calculating a cross rate between two currencies when their exchange rates are expressed in terms of the common currency; normally the US dollar.
Consumer Price Index (CPI)
A measuring the average price of consumer goods and services purchased by U.S. households. It is one of several price indices calculated by national statistical agencies. The percent change in the CPI is a measure of inflation. The CPI can be used to index (i.e., adjust for the effects of inflation) wages, salaries, pensions, or regulated or contracted prices.
Contango Market
A market situation in which prices are higher in the succeeding delivery months than in the nearest delivery month. Opposite of backwardation.
Contingency (or Contingent) Order
An order which becomes effective only upon the fulfillment of some condition in the marketplace.
contract

Depending on the context in which it is used, a term of reference describing either a unit of trading in a particular futures, options or cleared product or a product approved and designated by the Board for trading or clearing pursuant to the rules of the Exchange.

contract grades
The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery of commodities of lesser or greater quality than the standard called for by the exchange.
contract month/year
The month and year in which a given contract is delivered in accordance with the Rules (for physically delivered contracts) or the month and year in which a given contract is finally settled in accordance with the Rules (for cash settled contracts). Synonymous with DELIVERY MONTH/YEAR.
contract size
The actual amount of a commodity represented in a futures or options contract as specified in the contract specifications.
Control Area
A large geographic area within which a utility (or group of utilities) regulates electric power generation in order to maintain scheduled interchanges of power with other control areas and to maintain the required system frequency.
Control Area Operator
An electric entity that operates generating capacity to meet area demand, monitors actual interchange (electric energy flowing between control areas), and can dispatch generating resources to ensure that actual interchange equals scheduled interchange.
controlled account
Any account for which trading is directed by someone other than the owner. Also called a Managed Account or a Discretionary Account.
convergence
A term referring to cash and futures prices tending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.
Conversion (Options)
A delta-neutral arbitrage transaction involving a long futures contract, a long put option, and a short call option. The put and call options have the same strike price and same expiration date.
cooling degree day (CDD)
A day in which the average daily temperature is more than 65 degrees Fahrenheit, and therefore likely to be a day in which people turn on their air conditioning. A Cooling Degree Day is assigned a value that represents the number of degrees that day's average temperature exceeds 65 degrees. For example, if a day's average temperature is 85 degrees, the CDD value for that day would be 20 (85 - 65). If the average temperature is less than or equal to 65 degrees, the CDD value for the day would be zero. (The day would not be sufficiently warm enough to require air conditioning.)
Cooperative (Electric)
A group organized under law into a utility company that will generate, transmit, or distribute supplies of electric energy to a specified area not being serviced by another utility. Typically, a co-op is a not- for-profit organization.
Coordination Transactions (Electric)
Short-term transactions undertaken primarily to maintain the integrity of an electricity distribution system.
Cost, Insurance, and Frieght (CIF)
Cost, Insurance, Freight. Term refers to a sale in which the buyer agrees to pay a unit price that includes the free on board (FOB) value at the port of origin plus all costs of insurance and transportation. This type of transaction differs from a "delivered" agreement in that it is generally ex-duty, and the buyer accepts the quantity and quality at the loading port rather than paying for quality and quantity as determined at the unloading port. Risk and title are transferred from the seller to the buyer at the loading port, although the seller is obliged to provide insurance in a transferable policy at the time of loading.
cost of carry
For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differential between the yield on a cash instrument and the cost of funds necessary to buy the instrument. Also referred to as carrying charge.
country risk
Risk associated with an FX (foreign exchange) transaction, referring to potential political or economic instability.
coupon
The interest rate on a debt instrument expressed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity.
Cover
To offset a short futures or options position.
covered call
Position where a call option is sold in concert with a long position in the futures contract.
crack spread
A specific spread trade involving simultaneously buying and selling contracts in crude oil and one or more derivative products, typically gasoline and heating oil. Oil refineries may trade a crack spread to hedge the price risk of their operations, while speculators attempt to profit from a change in the oil/gasoline price differential.
Crack Spreads
The simultaneous purchase or sale of crude oil against the sale or purchase of refined petroleum products. These spread differentials which represent refining margins are normally quoted in dollars per barrel by converting the product prices into dollars per barrel (multiply the cents-per-gallon price by 42) and subtracting the crude oil price.
Credit Default Swap (CDS)
A contract between two parties specifying a payment in the event of a default of the underlying debt issue. Typically these two party agreements (buyer and seller) are created and traded in an unregulated (Over-The-Counter or OTC) environment. These are derivative contracts in that the pricing of a CDS is tied to the current market perception of the credit worthiness of the debt issuer. A CDS can be constructed on the debt issues of almost any corporation, municipality, bank, government and government agency that are rated for credit worthiness. A CDS buyer pays a premium to the seller and would receive payment from the seller if the underlying credit issue defaults or there is a change in the rating status per the terms of the individual CDS. If there is no default or rating change in the underlying debt, the seller keeps the premium. A credit default swap (CDS) is the most highly utilized type of credit derivative. Most debt holders want to keep the loan in place so they can continue to receive the regular interest and principal payments; but since bond holders are typically very risk averse investors, they are willing to pay a premium to be sure they continue to get paid even if the borrower has a hard time making the payments. CDS contracts are perfect for this, since they are designed to transfer a given risk from one party to another without transferring the underlying bond or other credit asset. It is important to note, however, that a CDS is not insurance. Since a CDS is not insurance, sellers of CDS's are not subject to the reserve requirements nor the government regulations required by insurance companies to ensure there is enough money to pay off in the case of default.
Credit Derivative
A credit derivative is a contractual agreement designed to shift credit risk between parties. Originally used primarily by banks to hedge and diversify the credit risk of their customers in the event they could not pay back their loans. In most basic terms, a credit default swap is similar to an insurance contract, providing the buyer, usually a debt holder, with protection against the borrower not repaying the debt.
credit spread
An option spread in which there is a net collection of premium.
crop (marketing) year
The time span from harvest to harvest for agricultural commodities. The crop marketing year varies slightly with each ag commodity, but it tends to begin at harvest and end before the next year's harvest, e.g., the marketing year for soybeans begins September 1 and ends August 31. The futures contract month of November represents the first major new-crop marketing month, and the contract month of July represents the last major old-crop marketing month for soybeans.
crop reports
Reports compiled by the U.S. Department of Agriculture on various ag commodities that are released throughout the year. Information in the reports includes estimates on planted acreage, yield, and expected production, as well as comparisons to production from previous years.
cross hedging
Hedging a cash commodity using a different but related futures contract when there is no futures contract for the cash commodity being hedged and the cash and futures markets follow similar price trends (e.g., using soybean meal futures to hedge fish meal).
cross margining
The process of allowing for a reduction in performance bond (margin) requirements. This reduction is possible because risk is reduced when offsetting positions are cleared by the same or affiliated clearing members.
cross rate
The exchange rate between two currencies, in which the home country's currency is not included. In the U.S., the Euro/Yen rate would be considered a cross rate, while in Europe or Japan it would be considered a primary pair.
cross trading (CME & CBOT)
Matching of the buying order of one customer against the selling order of another, a practice that is permissible only when executed as required by CME Rule 533, CFTC Regulations and CME Rulebook.
Cross Trading (NYMEX & COMEX)
Offsetting match or trade by a broker of the buy order of one customer against the sell order of another, or a match of a trade made by a broker with his customer, a practice that is permissible only when executed in accordance with the Commodity Exchange Act, Commodity Futures Trading Commission regulations, and rules of the contract market. Neither NYMEX Division nor COMEX Division members are permitted to take the opposite side of a customer's order, except, under certain circumstances, for trades involving long-dated (nine months or more forward) COMEX Division copper futures. Please consult CME Group rule books for additional information.
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.
crush spread
In the soybean futures market, the simultaneous purchase of soybean futures and the sale of soybean meal and soybean oil futures to establish a processing margin.
Cubic Feet per Day (CF/D)
Cubic feet per day. Usually used to quantify the rate of flow of a gas well or pipeline.
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.
cumulative degree day
The sum of the daily Heating Degree Day (HDD) or Cooling Degree Day (CDD) values over a specified period, usually a month or a season. This value would also be the number recorded in that month's or season's HDD or CDD Index value.
currency risk
The potential for a shift in exchange rates, which would be detrimental to a trader's position.
current delivery month
The futures contract which matures and becomes deliverable during the present month or the month closest to delivery. Also called the spot month.
current yield
A term used frequently in bond transactions. Current yield is computed by dividing the annual amount of interest by the price paid for the bond or security. If the security is purchased at a discount from the par or principal value, the current yield with be higher than the stated interest or coupon rate.
Cushion Gas
The amount of gas required in a storage pool to maintain sufficient pressure to keep the working gas recoverable.
customer
A designation that refers to segregated clearing member firm trading activity. Customer trading activity and funds may not be combined with non-segregated house activity within a clearing member firm.
customer type indicator (CTI)
Customer Type Indicator (as it pertains to electronic trading systems): A clearing indicator, required at the time of order entry, which indicates for whom the order is being entered: CTI 1 = Applies to orders entered by a workstation user for his/her own account or an account in which he/she has financial interest. CTI 2 = Applies to orders entered for the proprietary account of the clearing firm. CTI 3 = Applies to orders entered by a member, an ETH permit holder, or by an employee of a member or ETH permit holder, for the account of another member or ETH permit holder (Rule 574.B.) CTI 4 = Applies to all other orders that do not fit the above three categories.
D
daily trading limits
The maximum price range permitted a contract during one trading session. Trading limits are set by the exchange for certain contracts.
day order
An order to buy or sell a contract during that trading day only. Session/Day orders that have been placed but not executed during regular trading hours (RTH) do not carry over to the next trade date. Similarly, Session/Day orders placed during electronic trading hours (ETH) are only executed for that trade date
day trading
Establishing a position or multiple positions and then offsetting them within the same day, ending the day with no established position in the market.
debit spread
An option spread in which there is a net payout of premium.
default
Failure to perform on a contract as required by exchange rules, such as the failure to meet settlement variation, a performance bond call, or to make or take delivery.
deferred
See "back months".
degree day
Term created to assess and acknowledge expected demand for energy. A degree day value is the difference between a day's average temperature and a previously set temperature (in the U.S., 65 degrees Fahrenheit). Degree days above 65 degrees are called Cooling Degree Days because they are days when people are likely to use energy for air conditioning. Heating Degree Days refer to days when people are likely to use energy for heating.
Dekatherm
Ten therms, 1 million British Thermal Units (Btu's)
deliverable grades
The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery of commodities of lesser or greater quality than the standard called for by the exchange. Also referred to as contract grades.
Delivered Transaction (Energy)
Often regarded as synonymous with cost, insurance, and freight in the international cargo trade, its terms differ from the latter in a number of ways. Generally, the seller's risks are greater in a delivered transaction because the buyer pays on the basis of landed quality/quantity. Risk and title are borne by the seller until such time as the commodity, such as oil, passes from shipboard into the connecting flange of the buyer's shore installation. The seller is responsible for clearance through customs and payment of all duties. Any in-transit contamination or loss of cargo is the seller's liability. In delivered transactions, the buyer pays only for the quantity of oil actually received in storage.
delivery
The term has distinct meaning when used in connection with futures contracts. Delivery generally refers to the changing of ownership or control of a commodity under specific terms and procedures established by the exchange upon which the contract is traded. Typically, except for energy, the commodity must be placed in an approved warehouse, precious metals depository, or other storage facility, and be inspected by approved personnel, after which the facility issues a warehouse receipt, shipping certificate, demand certificate, or due bill, which becomes a transferable delivery instrument. Delivery of the instrument usually is preceded by a notice of intention to deliver. After receipt of the delivery instrument, the new owner typically can take possession of the physical commodity, can deliver the delivery instrument into the futures market in satisfaction of a short position, or can sell the delivery instrument to another market participant who can use it for delivery into the futures market in satisfaction of his short position or for cash, or can take delivery of the physical himself. The procedure differs for energy contracts. Bona fide buyers or sellers of the underlying energy commodity can stand for delivery. If a buyer or seller stands for delivery, the contract is held through the termination of trading. The buyer and seller each file a notice of intent to make or take delivery with their respective clearing members who file them with the Exchange. Buyers and sellers are randomly matched by the Exchange. The delivery payment is based on the contract's final settlement price. Some futures contracts, such as stock index futures, are cash settled.
delivery day
The calendar date on which a delivery transaction is to be completed.
delivery month/year
The month and year in which a given contract is delivered in accordance with the Rules (for physically delivered contracts) or the month and year in which a given contract is finally settled in accordance with the Rules (for cash settled contracts). Synonymous with CONTRACT MONTH/YEAR.
delivery month performance bond requirement
Performance bond requirements applicable to all positions in the delivery month as defined by the CME clearing house.
delivery notice
The notice that the seller presents to the CME clearing house stating his intention to make delivery against an open short futures position. This notice is separate and distinct from the warehouse receipt or other instruments that will be used to transfer title during the actual delivery.
delivery point
Those locations designated by the exchange at which actual commodities may be delivered in fulfillment of a futures contract.
delta
The measure of the price-change relationship between an option and the underlying futures price. Equal to the change in premium divided by the change in futures price.
demand
The quantity of a commodity that buyers are willing to purchase in the market at a given price.
depository or warehouse receipt
A document issued by a bank, warehouse or other depository indicating ownership of a stored commodity.
depreciation
Decline in the value of one currency relative to another. Occurs when, because of a change in exchange rates, a unit of one currency buys fewer units of another currency.
derivative
A financial instrument whose value is based upon other financial instruments, such as a stock index, interest rates or commodity indexes.
devaluation (of currency)
A government's reduction of the value of its currency, generally through an official announcement.
deviation
A noticeable or marked departure from the norm, plan, standard, procedure, or variable being reviewed. Similar to variance.
Diesel Fuel
Distillate fuel oil used in compression-ignition engines. It is similar to home heating oil, but must meet a cetane number specification of 40 or more.
differentials
Price differences between classes, grades, and delivery locations of various stocks of the same commodity.
direct quote
Price of a foreign currency in terms of a country’s domestic currency.
Dirty Cargo
Those petroleum products which leave significant amounts of residue in tanks. Generally applies to crude oil and residual fuel oil.
disciplinary offense

Any offense as set forth in Rule 300.E.

discount
(1) The amount a price would be reduced to purchase a commodity of lesser grade; (2) sometimes used to refer to the price difference between futures of different delivery months, as in the phrase "July is trading at a discount to May", indicating that the price of the July futures contract is lower than that of May; (3) applied to cash grain prices that are below the futures price.
discount broker
See "broker."
discount method
A method of paying interest by issuing a security at less than par and repaying par value at maturity. The difference between the higher par value and the lower purchase price is the interest.
discount rate
The interest rate that an eligible depository institution is charged to borrow short-term funds directly from a Federal Reserve Bank.
discretionary account
An arrangement by which the holder of the account gives written power of attorney to another person, often his broker, to make trading decisions. Also known as a controlled or managed account.
Distillate Fuel Oil
Products of refinery distillation sometimes referred to as middle distillates; kerosene, diesel fuel, and home heating oil.
Doctor Test
A qualitative method of detecting undesirable sulfur compounds in petroleum distillates; that is, determining whether an oil is sour or sweet.
double top, bottom
A chart formation that signals a possible price trend reversal.
Downstream
A Petroleum industry term referring to commercial oil and gas operations beyond the production phase; oil refining and marketing, and natural gas transmission and distribution.
Dry Gas
Gas that does not contain liquid hydro-carbons.
E
early out trade call
A notice issued by the exchange requiring firms, brokers, and out trade clerks to be available at a specified time on the Trading Floor to resolve out trades in a particular commodity. Fines are issued against those firms who fail to comply.
econometrics
The application of statistical and mathematical methods in the field of economics to test and quantify economic theories and the solutions to economic problems.
EFP
See "Exchange for Physical (EFP) Trade"
EFR
Exchange for Risk. An EFR is a privately negotiated trade that entails the exchange of a futures position for a corresponding OTC instrument. The number in this column represents the number of EFR transactions for the given date.
EFS
Exchange for Swap. An EFS is a privately negotiated trade in which a position in a futures contract is exchanged for a swap position in the same contract.
Electric Utility
An enterprise that is engaged in the generation, transmission, and/or distribution of electric energy primarily for use by the public and is the major power supplier within a designated service area. Electric utilities include: investor-owned, publicly owned, cooperatively owned, and government-owned entities.
electronic device

Any type of voice or data communications interface, including but not limited to a computer, headset, trading device, microphone, telephone or camera.
electronic trading
Computerized system for placing orders, bid and offer posting, and trade execution. The CME Globex platform is an example of an electronic trading system.
ETH session (electronic trading hours)
The trading session during which the CME Globex system is used. Contact the CME Globex Control Center (GCC) for the current schedule of trading hours.
emergency
Any occurrence or circumstance listed below which, in the opinion of the Exchange, requires immediate action and threatens or may threaten fair and orderly trading, clearing, delivery or liquidation of any contracts on the Exchange. Occurrences and circumstances which the Exchange may deem emergencies are set forth in the Rules. 
ending stocks
The amount of a storable commodity remaining at the end of a year.
EOO
See "exchange of options for options trade"
EOS Trader (Enhanced Options System)
CME EOS trader is a web-based front-end system that offers access to advanced options trading functionality on the CME Globex platform in all product groups. CME EOS Trader makes trading CME Options electronically easier than ever. Connect over the internet. Enjoy direct access through CME Globex, virtually 24 hours a day. Get unsurpassed liquidity and transparency. And take advantage of enhanced functionality not available on the legacy CITRIX System.
equilibrium price
The price at which the quantity demanded of a commodity is equal to the quantity supplied.
equity
(1) Instrument traded on the cash market representing a share in the capital of a company; (2) The net value of a commodity account as determined by combining the ledger balance with an unrealized gain or loss in open positions as marked to the market.
eurodollars
U.S. dollars on deposit with a bank outside of the United States and, consequently, outside the jurisdiction of the United States. The bank could be either a foreign bank or a subsidiary of a U.S. bank.
euribor (euro interbank offered rate)
The average interest rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank.
European central bank
The European Monetary Union's central bank, which governs monetary policy for member countries.
European style option
Type of option contract which can only be exercised on expiration date.
European terms
A method of quoting exchange rates, which measures the amount of foreign currency needed to buy one U.S. dollar, i.e., foreign currency unit per dollar. Reciprocal of European Terms is another method of quoting exchange rates, which measures the U.S. dollar value of one foreign currency unit, i.e., U.S. dollars per foreign units.
excess margin
The dollar amount by which the equity exceeds the margin requirements in a performance bond account.
exchange
A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts. See futures Exchange.
exchange basis facility (EBF) trade
An Exchange-for-Physical (EFP) trade transacted in the context of interest rate contracts (see definition of Exchange-for-Physical).
Exchange Certified Stocks
Stocks of commodities held in depositories or warehouses certified by an Exchange-approved inspection authority as constituting good delivery against a futures contract position. Current total certified stocks are reported in the press for many important commodities such as Gold, Silver and Platinum.
Exchange for Physical (EFP) Trade
A privately negotiated and simultaneous exchange of an Exchange futures position for a corresponding cash position. An EFP is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.
exchange for risk (EFR) trade
A privately negotiated and simultaneous exchange of an Exchange futures position for a corresponding OTC swap or other OTC instrument. An EFR is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.
exchange official
An employee or member designated by the Exchange to perform or execute certain acts.
Exchange of Futures for Cash
A transaction in which the buyer of a cash commodity transfers to the seller a corresponding amount of long futures contracts, or receives from the seller a corresponding amount of short futures, at a price difference mutually agreed upon. In this way, the opposite hedges in futures of both parties are closed out simultaneously.
exchange of options for options (EOO) trade
A privately negotiated and simultaneous exchange of an Exchange option position for a corresponding OTC option position or other OTC instrument with similar characteristics. An EOO is one type of an authorized Exchange for Related Position (EFRP) trade governed by Rule 538.
exchange traded funds
Shares issued by financial institutions that allow participants to trade benchmark indexes like a stock.
exercise
To invoke the right granted under the terms of an options contract to buy or sell the underlying futures contract. The option holder (long) is the one who exercises the option. Call holders exercise the right to buy the underlying future, while put holders exercise the right to sell the underlying future. The short option holder is assigned a position opposite to that of the option buyer. CME Clearing removes the option and creates the futures positions on the firms' books on the day of exercise.
exercise notice
A notice tendered by a brokerage firm informing the CME clearing house that the holder of the option would like to exchange their option for the underlying futures contract.
exercise or strike price
The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.
exercise price
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts which are exercised into multiple futures contracts, the exercise price represents the spread price differential between the futures contracts.
exhaustion gap
A chart pattern described by gap in prices near the top or bottom of a price move that may signal an abrupt turn in the market.
expiration
The last day of trading for a futures contract. The last day on which an option may be exercised and exchanged for the underlying contract.
expiration date
The term "expiration date" shall mean the last day on which an options contract may be exercised.
ex pit transaction
Trades made outside the trading pit. There are two types of valid ex pit transactions: 1. An exchange of cash for futures (exchange for physicals) involving the simultaneous purchase of cash commodities in exchange for a futures contract, at a price difference mutually agreed upon.2. A transfer trade involving the transfer of a customer's account between brokerage firms. Ex-pit transactions are not guaranteed by the CME Clearing until the initial settlement is met.
extrinsic value
The amount of money option buyers are willing to pay for an option in the anticipation that, over time, a change in the underlying futures price will cause the option to increase in value. In general, an option premium is the sum of time value and intrinsic value. Any amount by which an option premium exceeds the option's intrinsic value can be considered time value.
F
Fair Value (Futures)
Most frequently used in reference to a stock index futures contract price being in equilibrium to the underlying cash index. The equilibrium to the futures price would be the spot price after considering compounded interest (and dividends not received due to being long the futures contract rather than the physical stocks) over a period of time.
Fair Value (Options)
Generally refers to the market price of an option being in line with its theoretical value as predicted by an options pricing formula.
fast market
Term used to define unusually hectic market conditions.
FCM
See “Futures Commission Merchant”
federal funds
In the United States, federal funds are bank reserves at the Federal Reserve. Banks keep reserves at Federal Reserve Banks to meet their reserve requirements and to clear financial transactions. Transactions in the federal funds market enable depository institutions with reserve balances in excess of reserve requirements to lend reserves to institutions with reserve deficiencies. These loans are usually made for 1 day only, i.e. "overnight." The interest rate at which the funds are lent is called the federal funds rate.
federal funds rate
The rate of interest charged for the use of federal funds. See federal funds.
Federal Reserve System(Fed)
The central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (part private, part government) banking system composed of (1) the presidentially-appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) 12 regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury. The current Federal Reserve Chairman is Dr. Ben S. Bernanke.
feed ratio
A ratio used to express the relationship of feeding costs to the dollar value of livestock. Steer/Corn Ratio. The relationship of cattle prices to feeding costs.
Feedstock (Energy)
The supply of crude oil, natural gas liquids, or natural gas to a refinery or petrochemical plant or the supply of some refined fraction of intermediate product to some other manufacturing process.
fill-and-kill-order (FAK)
A FAK order is immediately filled in whole or in part at the specified price. Any remaining quantity is eliminated.
fill-or-kill-order (FOK)
FOK orders are canceled if not immediately filled for the total quantity at the specified price or better.
Financial Information eXchange (FIX) API
An Application Program Interface (API) utilizing the propocol developed for international real-time information exchange designed to allow firms and Independent Software Vendors (ISVs) to easily integrate their order entry and routing systems with CME. It is a software library of functions that enables a member's order management system to communicate with exchange order routing systems. Member firms can run the CME FIX API on their computers to electronically send orders to and receive fills from the CME Globex platform or from the firm's exchange floor operations.
Fineness
The purity of precious metal measured in parts per thousand.
Fine Weight
The weight of precious metal contained in a coin or bullion as determined by multiplying the gross weight by the fineness.
firm
The term "firm" shall mean a corporation, partnership, association, sole proprietorship or other eligible entity.
Firm Energy
The highest quality sales of electric transmission service offered to customers under a filed rate schedule that anticipates no planned interruption.
firm number
A three digit numeric code used in CME's Clearing System to identify a clearing firm.
Firm Service
Utility service which assumes no interruption except if residential customers' supply is threatened. Opposite of interruptible service.
firmsoft
FirmSoft is a browser-based order management tool that provides real-time visibility into working and filled orders, across multiple firm IDs, in the CME Globex® order management database. FirmSoft provides important alternative access to working and filled orders during system failures.
first notice day
The first day on which a notice of intent to deliver a commodity in fulfillment of a futures contract can be made by the clearinghouse to a buyer. The clearinghouse also informs the sellers who they have been matched up with
Financial Information Exchange (FIX)
An electronic communications protocol developed to provide a uniform method of exchanging real-time infomation specifically related to financial transactions.
FIX user ID
The client application’s logon ID for the CME FIX servers. The server authenticates this ID during the logon process. Only the assigned user ID may be used to logon to the CME FIX server. Examples: 00100A, 80502B. Assignee: support and QA team.
flat
Market slang to indicate that all open positions have been offset and an account has no exposure to market risk. The three common ways to describe a trader’s position in the market are long, short or flat.
flex option
Non-standard option in which the buyer and seller can agree to terms where the strike price may exceed the eligible range of standard strikes, the expiration date can be any business date other than the standard expiration date, or the option can be defined to expire as "American" or "European" style and the option can have any listed futures as its underlying.
floor
Except as otherwise provided by the Exchange, the term "Floor" shall mean any trading floor on which Exchange contracts are listed for open outcry trading.
floor broker
An individual who executes orders on the Floor of the exchange for any other person and who is registered as a floor broker under the CEA.
floor trader
An exchange member who trades for his own account on the Floor of the Exchange and who is registered as a floor trader under the CEA.
following day (or other similar expression)
The following, or subsequent, business day.
Force Majeure
A standard clause which indemnifies either or both parties to a transaction whenever events which the Exchange declares to be reasonably beyond the contract.
foreign exchange
See FX
Foreign Exchange Market (FX)
The exchange of one currency for another. Markets exist in over-the-counter, forward and FX Futures where buyers and sellers conduct foreign exchange transactions. CME® FX futures offer financial institutions, investment managers, corporations and private investors ways manage the risks associated with currency rate fluctuation and to take advantage of profit opportunities stemming from changes in currency rates.
forward contract
A private, cash-market agreement between a buyer and seller for the future delivery of a commodity at an agreed price. In contrast to futures contracts, forward contracts are not standardized and not transferable.
forward points
A metric that can be employed to calculate forward exchange rates. , Forward Points express the premium or discount for the base currency in terms of the quote currency. Forward Points are a function of the spot exchange rate, interest rates, and time. Forward points are added to the spot rate to obtain the forward rate.
Fractionation
The process whereby saturated hydrocarbons from natural gas are separated into distinct parts or "fractions" such as propane, butane, ethane, etc.
Free on Board (FOB)
A transaction in which the seller provides a commodity at an agreed unit price, at a specified loading point within a specified period; it is the responsibility of the buyer to arrange for transportation and insurance.
Fuel Oil
Refined petroleum products used as a fuel for home heating and industrial and utility boilers. Fuel oil is divided into two broad categories, distillate fuel oil, also known as No. 2 fuel, gasoil, or diesel fuel; and residual fuel oil, also known as No. 6 fuel, or outside the United States, just as fuel oil. No. 2 fuel is a light oil used for home heating, in compression ignition engines, and in light industrial applications. No. 6 oil is a heavy fuel used in large commercial, industrial, and electric utility boilers.
full carrying charge market
A futures market where the price difference between delivery months reflects the total costs of interest, insurance, and storage.
full-service-broker
See "broker."
fundamental analysis
The study of supply and demand information to aid in anticipating futures price trends.
fungibility
Futures contracts capable of mutual substitution the interchangeability of contracts. For example, five E-mini S&P 500 contracts are fungible and able to offset one standard-sized S&P 500 contract.
futures
Standardized contracts for the purchase and sale of financial instruments or physical commodities for future delivery on a regulated commodity futures exchange.
futures commission merchant (FCM)
An individual or organization which solicits or accepts orders to buy or sell futures or options on futures contracts and accepts money or other assets from customer in connection with such orders. An FCM must be registered with the CFTC.
futures contract
A legally binding agreement to buy or sell a commodity or financial instrument at a later date pursuant to the Rules of the Exchange.
Futures-Equivalent
A term frequently used with reference to speculative position limits for options on futures contracts. The futures-equivalent of an options position is the number of options multiplied by the previous day's risk factor or delta for the options series. For example, 10 deep out-of-the money options with a risk factor of 0.20 would be considered two futures-equivalent contracts. The delta or risk factors used for this purpose is the same as that used in delta-based margining and risk analysis systems.
futures exchange
A board of trade designated by the Commodity Futures Trading Commission to trade futures or option contracts on a particular commodity. Commonly used to mean any exchange on which futures are traded. CME Group including all its divisions.
Futures Industry Association (FIA)
Futures Industry Association. A national not-for-profit futures industry trade association that represents the brokerage community on industry, regulatory, political, and educational issues.
G
GALAX-C
CME hand-held trading terminals.
gamma
The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
gap
A price area at which the market didn't trade from one day to the next. See breakaway gap, exhaustion gap, and runaway gap. >
gap theory
A type of technical analysis that studies gaps in prices.
Gasoil
European designation for No. 2 heating oil and diesel fuel.
Gasoline, Straight-Run
Also known as raw gasoline. Gasoline which is obtained directly from crude oil by fractional distillation. Straight-run gasoline generally must be upgraded to meet current motor fuel specifications.
Generation (Electricity)
The process of producing electric energy by transforming other forms of energy. The amount of energy produced is expressed in watthours.
Gigajoule (GJ)
One billion joules, approximately equal to 948,211 British thermal units. One million Btus equals 1.0546175 GJ.
Gigawatt (GW)
One billion watts.
give up
An order to be given to another member firm in clearing system, an allocation. An order executed by clearing firm A and given to clearing firm B where it will be cleared and processed. Give-up order indicator of "GU" is populated in F-Ex field.
give-up system
ACS (Allocation Claim System) is the CME's electronic give-up system. ACS allows executing firms to give-up (allocate) trades at the execution price to the designated carrying firms(s), utilizing their current trade entry systems and CME's Trade Management System. ACS may be utilized for trades executed and given up to a single firm, as well as trades given up to multiple firms.
Global Command Center (GCC)
CME Global Command Center, the exchange department that supports and maintains CME's electronic trading system.The CME® Global Command Center (GCC) can assist registered CME Globex contacts in canceling orders during emergency situations, when an order cannot be canceled through ordinary means
GLOBEX
GLOBEX refers to CME Globex, an electronic trading platform.
GLOBEX terminal operator
Globex terminal operator refers to 1) any person who physically enters orders into Globex or 2) any automated trading system which enters orders into Globex, either directly or through an automated order routing system or independent software vendor. All Globex terminal operators must be identified to the Exchange in accordance with the provisions of Rule 576 (Identification of Globex Terminal Operators).
GLOBEX trading hours
Those hours designated by the Board of Directors for trading particular contracts on GLOBEX.
GLOBEX user ID
An identifier assigned to access the GLOBEX electronic trading engine.
Good Delivery
Approved metals brands acceptable for delivery against the metals contracts.
good-til-canceled (GTC)
Also known as an open order a GTC order, in the absence of a specific limiting designation, will remain in force during RTH and ETH until executed, canceled or the contract expires.
good-till-date (GTD)
GTD orders remain in force during RTH and ETH through the specified date unless executed or canceled.
Grade 1 Copper
Copper which is good for delivery against the COMEX Division high grade copper futures contract and meets the ASTM specification B115-91.
grades
Standards set for the quality of a commodity.
grading certificates
Certificates that verify the quality of a commodity.
grain terminal
Large grain elevator facility with the capacity to ship grain by rail and/or barge to domestic or foreign markets.
grantor
A seller of an option. See also Writer.
Gross Domestic Product
One of the ways of measuring the size of the economy. GDP is defined as the total market value of all final goods and services produced within a country in a given period of time (usually a calendar year).
gross margining
A method by which a clearing firm's customer margins are based on the firm's positions and applicable submitted spreads. For example, if a firm had only two accounts for two customers in its customer origin and one of those accounts had three open long positions and the other had two open short positions, the firm's margin would be based on five open positions if the firm did not submit spreads (rather than one net long position).
gross position
The sum of a clearing firm's current open positions in a given contract.
gross processing margin
Refers to the difference between the cost of a commodity and the combined sales income of the finished products which result from processing the commodity. Various industries have formulas to express the relationship of raw material costs to sales income from finished products. One example would be the difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.
Guaranty Fund deposit
The amount required to be deposited with the Clearing House by the clearing member as a guaranty of its obligations to the Clearing House.
H
haircut
In determining whether assets meet capital requirements, a percentage reduction in the stated value of assets. In computing the worth of assets deposited as performance bond, a reduction from market value.
Hallmark (Precious Metals)
A stamped impression on the surface of a precious metals bar that indicates the producer, serial number, weight, and purity of metal content.
head and shoulders
A sideways price formation at the top or bottom of the market that may indicate a major market reversal.
heating degree day (HDD)
A day in which the average daily temperature is less than 65 degrees Fahrenheit, and therefore likely to be a day in which people turn on their heat. A heating degree day is assigned a value that represents the number of degrees that days average temperature is less than 65 degrees. For example, if a day's average temperature is 45 degrees, the Heating Degree Day (HDD) value for that day would be 20 (65-45). If the average temperature is greater than or equal to 65 degrees, the HDD value for the day would be zero. (The day would not be sufficiently cold to require heating.)
Heating Oil
No. 2 fuel oil, a distillate fuel oil used either for domestic heating or in moderate capacity commercial-industrial burners.
Heavy Crude
Crude oil with a high specific gravity and a low API gravity due to the presence of a high proportion of heavy hydrocarbon fractions.
hedge
The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually involves simultaneous, opposite positions in the cash market and futures market.
hedger
An individual or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity. See pure hedger, selective hedger.
Hedge Ratio
1) Ratio of the value of futures contracts purchased or sold to the value of the cash commodity being hedged, a computation necessary to minimize basis risk. 2) The ratio, determined by an option's delta, of futures to options required to establish a riskless position. For example, if a $1/barrel change in the underlying Oil futures price leads to a $0.25/barrel change in the options premium, the hedge ratio is four (four options for each futures contract).
hedging
(1) Taking a position in a futures market opposite to a position held in the cash market to minimize the risk of financial loss from an adverse price change; (2) A purchase or sale of futures as a temporary substitute for a cash transaction which will occur later. See long hedge and short hedge.
hedging line of credit
Financing received from a lender for the purpose of hedging the sale and purchase of commodities.
hidden quantity
Order qualifier: indicates that the total quantity will not be displayed to the market, but only per increments as indicated. Difference between order quantity and displayed quantity is hidden.
high
The highest price of the day for a particular futures contract.
historical volatility
The volatility of a financial instrument based on historical returns. This phrase is used particularly when it is wished to distinguish between the actual volatility of an instrument in the past, and the current volatility implied by the market.
hog/corn ratio
The relationship of feeding costs to the dollar value of hogs. It is measured by dividing the price of hogs ($/hundredweight) by the price of corn ($/bushel). When corn prices are high relative to pork prices, fewer units of corn equal the dollar value of 100 pounds of pork. Conversely, when corn prices are low in relation to pork prices, more units of corn are required to equal the value of 100 pounds of pork. A ratio used to express the relationship of feeding costs to the dollar value of livestock.
holder
One who purchases an option (also called the buyer).
holiday
Any day declared to be a holiday by these rules or by a resolution of the Board on which the Exchange is closed. When any such holiday falls on Sunday, the following Monday shall be considered such holiday. When any such holiday falls on Saturday, the immediately preceding Friday shall be considered such holiday.
horizontal spread
The purchase of either a call or put option and the simultaneous sale of the same type of option with typically the same strike price but with a different expiration month. Also referred to as a calendar spread.
house
(1) A designation that refers to proprietary, non-segregated clearing member firm trading activity; (2) A clearing member or a firm.
house account
Clearing firm's proprietary, non segregated trading account.
hundredweight
100 pounds. Abbreviated as cwt.
Hydrocarbons
Organic chemical compounds containing hydrogen and carbon atoms. They form the basis of all petroleum products.
I
An interface to the CME Globex electronic trading platform.
Imbalance Energy
Discrepancy between the amount that a seller contracted to deliver and the actual volume of power delivered. Imbalances are resolved through monetary payment.
implied volatility
The volatility implied by the market price of the option based on an option pricing model. In other words, it is the volatility that, given a particular pricing model, yields a theoretical value for the option equal to the current market price.
Inadvertent Energy
The imbalance of energy flows back and forth that are on-going and routine between a generator of power and the centers of demand. These imbalances are typically settled through exchanges of physical product.
Independent (Energy)
Term generally applies to a non-integrated oil or natural gas company, usually active in only one or two sectors of the industry. An independent marketer buys petroleum products from major or independent refiners and resells them under his own brand name or buys natural gas from producers and resells it. There are also independents which are active exclusively either in oil or gas production or refining.
Independent Power Producer (IPP)
A non-utility power generating company that is not a qualifying facility (See Qualifying Facility).
Independent Software Vendor (ISV)
A vendor who makes and sells software products that run on one or more computer hardware or operating system platforms. At CME, ISVs provide front-end applications certified by CME for trading on the CME Globex platform.
index
An indicator that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to these instruments. The index variations give trends of the market/market segment measured.
Indicative Opening Price (IOP)
CME Indicative Opening Price. Calculated in real-time during pre-opening phase, each time an order is entered / modified / cancelled. Maximizes the quantities to be traded while minimizing the non-executed quantities.
indirect quote
Price of the domestic currency in terms of the foreign currency.
indirect rate parity
Forward premium (or discount) that is dependent on the interest rate differential between two currencies
inflation
An economic term describing conditions in which overall prices for goods and services are rising.
initial margin
See initial performance bond.
initial performance bond
The minimum deposit a clearing firm must require from customers for each contract, when an account is new or when the account’s equity falls below minimum maintenance requirements required by the Exchange.
instrument
A product traded at CME, i.e., the CME S&P 500 Index futures contract.
Integration (Energy)
A term that describes the degree in, and to, which one given company participates in all phases of the petroleum industry.
interbank rates
The price that major banks quote each other for currency transactions.
intercommodity spread
A spread in which the long and short legs are in two different but generally related commodity markets. Also called an Intermarket Spread. See spread trade.
interdelivery spread
A spread trade involving the simultaneous purchase of one delivery month of a given commodity futures contract and the sale of another delivery month of the same contract on the same exchange. See spread trade.
Interest Earning Facility 2 (IEF 2)
CME Clearing program developed to support the acceptance of money market mutual fund shares at CME to be used as performance bond collateral and to satisfy Guaranty Fund requirements.
Interest Earning Facility 4 (IEF 4)
CME Clearing collateral program designed to allow clearing firms to satisfy core, reserve and concentration performance bond requirements with a wide range of collateral, consistent with CFTC Regulation 1.25.
Interest Earning Facility 5 (IEF 5)
CME Clearing program in which clearing members can earn a monthly hard dollar benefit by depositing US dollar cash in a CME bank account at a select financial institution. Clearing members can satisfy a portion of their core and all of their reserve and concentration requirements by directing cash deposits into CME's account.
intermarket spread
See Intercommodity Spread
Interruptible Service (Energy)
Utility service which expects and permits interruption on short notice, generally in peak-load periods, in order to meet the demand by firm service customers. Interruptible service customers usually pay a lower rate than firm service customers. Opposite of Firm Service.
in-the-money
A call option with a strike price lower (or a put option with a strike price higher) than the current market value of the underlying futures commodity. Therefore someone who exercised their option on a future would receive a futures position that was already “in the money”.
intracommodity spread
A spread involving two different months of the same commodity. Also called an Interdelivery Spread.
intrinsic value
The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price minus futures price. For a call: futures price minus strike price.
introducing broker (IB)
A firm or individual that solicits and accepts orders to buy or sell futures or options on futures contracts from customers but does not accept money or other assets from such customers. An IB must be registered with the CFTC.
inverted market
A futures market in which the relationship between two delivery months of the same commodity is abnormal.
investigative and hearing committees
The investigative and hearing committees of the Exchange are the Business Conduct Committee, the Clearing House Risk Committee, the Floor Conduct Committee, the Probable Cause Committee, Hearing Panels of the Board of Directors and such other committees created for this purpose by the Board.
invisible supply
Uncounted stocks of a commodity in the hands of wholesalers, manufacturers, and producers that cannot be identified accurately; stocks outside commercial channels but theoretically available to the market.
Invisible Supply
Uncounted stocks of a commodity in the hands of wholesalers, manufacturers and producers which cannot be identified accurately; stocks outside commercial channels but theoretically available to the market.
In-Well Transfer
An inventory transfer of propane held in underground caverns or storage.
J
Jet Fuel
Kerosene-type; high-quality kerosene product used primarily as fuel for commercial turbojet and turboprop aircraft engines.
Jobber
A middleman. A gasoline jobber, for example, might buy from refiners and would resell to small distributors or consumers.
Joule
A metric unit of energy.
K
kappa
A measure of the rate of change in an option's theoretical value for one-unit change in the volatility assumption.
Karat
A measure of the purity of gold. Pure gold is 24-karat.
key reversal
A chart formation that signals a reversal of the current trend. In an uptrend, the market must open above the previous day's close, make a new high for the trend and then close below the previous day's low. In a downtrend, the market must open below the previous day's close, make a new low for the trend and then close higher than the previous day's high. Key reversals on days of high volume are given more weight than others.
Kilowatt (KW)
One thousand watts.
Kilowatt Hour (Kwh)
Amount of electricity needed to light ten 100-watt light bulbs for a one-hour period. One thousand watts used for one hour.
L
lagging indicators
Market indicators showing the general direction of the economy and confirming or denying the trend rather than predicting its direction as implied by the leading indicators. Also referred to as concurrent indicators.
Landed Price (Energy)
The actual delivered cost of oil to a refiner, taking into account all costs from production or purchase to the refinery.
last intent day
The final day on which notices of intent to deliver on futures contracts may be presented to the Clearing House.
last inventory day
The final day in which long firms need to report their long position via the CME Clearing deliveries system.
Last Notice Day
The final day on which notices of intent to deliver on futures contracts may be issued.
last trading day
The day on which trading ceases in futures contract for a particular contract month.
leading indicators
Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies reporting slower deliveries, change in manufacturers' unfilled orders for durable goods, plant and equipment orders, new building permits, index of consumer expectations, change in material prices, prices of stocks, change in money supply.
lead month
The most current contract month in which delivery may take place in physically delivered contracts or in which cash settlement may take place in cash-settled contracts.
Lease (Metals)
Financial instrument based upon the contango in the gold or silver market to finance precious metals inventory.
leg
Each component transaction of a spread or swap.
leverage
The ability to control large dollar amounts of a commodity with a comparatively small amount of capital.
Licensed Warehouses (Metals)
Warehouses which have been approved for the storage of copper deliverable against the COMEX Division copper futures contract.
Licensed Weighmaster (Metals)
An organization approved by the Exchange to witness and verify the weighing of copper delivered against the COMEX Division copper futures contract.
Lifting (Oil)
Refers to tankers and barges loading cargoes of petroleum at a terminal or transshipment point.
Light Crude
Crude oil with a low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions.
Light Ends
The more volatile products of petroleum refining, such as butane, propane, and ethane.
limit move
A contract's maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the exchange. See Price Limit.
limit order
A Limit order allows the buyer to define the maximum price to pay and the seller the minimum price to accept (the limit price). A Limit order remains on the book until the order is either executed, canceled or expires. Any portion of the order that can be matched is immediately executed.
Liquefied Natural Gas (LNG)
Natural gas which has been made liquid by reducing its temperature to minus 258 degrees Fahrenheit at atmospheric pressure. Its volume is 1/600 of gas in vapor form.
Liquefied Petroleum Gas (LPG)
Propane, butane, or propane-butane mixtures derived from crude oil refining or natural gas fractionation. For convenience of transportation, these gases are liquefied through pressurization.
liquid
A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price. Institutional investors are inclined to seek out liquid investments so that their trading activity will not influence the market price.
liquidate
To offset an existing position.
liquidity
A condition that describes the ability to execute orders of any size quickly and efficiently without a substantial affect on the price. Institutional investors are inclined to seek out liquid investments so that their trading activity will not influence the market price.
liquidity data bank
A computerized profile of CBOT market activity, used by technical traders to analyze price trends and develop trading strategies. There is a specialized display of daily volume data and time distribution of prices for every commodity traded on the Chicago Board of Trade.
livestock cycle
A long, repeating pattern of increasing and decreasing livestock supply and prices.
Load (Energy)
The amount of power carried by a utility system or subsystem, or the amount of power consumed by an electric device, at a specified time. Load is also referred to as demand.
Load Following
The daily varying of power output by a generator.
loan program
A federal program in which the government lends money at preannounced rates to farmers and allows them to use the crops they plant for the upcoming crop year as collateral. Default on these loans is the primary method by which the government acquires stock of agricultural commodities.
Local Distribution Company (LDC)
Company that distributes natural gas primarily to end-users. A gas utility.
locals
Exchange members who trade for their own accounts and/or fill orders for customers.
London Inter-bank Offered Rate (LIBOR)
The price at which short term deposits are traded among major banks in London. Basically, the interest rate that banks charge each other for loans (usually in Eurodollars). The LIBOR is officially fixed once a day by a small group of large London banks, but the rate changes throughout the day.
long
One who has bought futures or options contracts to create an open position or owns a cash commodity. Opposite of Short.
long cash
To own the physical commodity.
long hedge
The purchase of a futures contract in anticipation of an actual purchase in the cash commodity market. Used by processors or exporters as protection against an advance in the cash price. See hedge.
long position
A market position in which the trader has bought a futures contract or options on futures contract that does not offset a previously established short position.
long the basis
Position where a hedger is long the cash market and short in the futures market.
lot
A unit of trading (used to describe a designated number of contracts). For example, a trade quantity of one equals a "one lot;" a trade quantity of four equals a "four lot." Also called cars.
low
The lowest price of the day for a particular futures contract.
M
maintenance margin
See maintenance performance bond.
maintenance performance bond
The minimum equity that must be maintained for each contract in a customer's account subsequent to deposit of the initial performance bond. If the equity drops below this level, a deposit must be made to bring the account back to the initial performance bond level.
Major (Energy)
A term broadly applied to those multinational oil companies which by virtue of size, age, or degree of integration are among the preeminent companies in the international petroleum industry.
managed account
An arrangement by which the owner of the account gives written power of attorney to someone else, usually the broker or a commodity trading advisor, to buy and sell without prior approval of the account owner. Often referred to as a discretionary Account.
managed futures
The term managed futures describes an industry comprised of professional money managers know as commodity trading advisors (CTAs).  These trading advisors manage client assets on a discretionary basis using global futures markets as an investment medium.  Trading advisors take positions based on expected profit potential.  All CTAs involved must be registered with the Commodity Futures Trading Commission (CFTC), a US government regulatory agency. While many casual observers most closely associate managed futures and Commodity Trading Advisors with trend following, the reality is that the strategies and approaches within managed futures vary tremendously, and that the one common unifying these is that these managers trade highly liquid, exchange-traded instruments and deep foreign exchange markets.  As a result, the terms many fund managers choose to implement, including lock-ups, gates, side pockets, and penalties for early redemptions, rarely apply to investments in managed futures. Liquidity and transparency also simplify risk management, and investing via separately managed accounts, a common practice among managed futures investors, mitigates the risk of fraud since investors retain custody of assets.
margin
See Performance Bond.
margin call
See Performance Bond Call.
Market Data Application Programming Interface (MD API)
Market Data Application Programming Interface, to be used in conjunction with CME's order entry APIs. Employs TIBCO technology. CME developed the Market Data API,which allows firms to receive real-time market data from the electronic markets, and at a later date, also from the open outcry markets.
market-if-touched (MIT)
An order that automatically becomes a market order if the price is reached. An MIT order to buy becomes a limit order if and when the instrument trades at a specific or lower trigger price; an MIT order to sell becomes a limit order if and when the instrument trades at a specified or higher trigger price. On CME Globex, this order type is only available via CME Globex Trader, which is scheduled to be decommissioned by the end of 2007.
market maker
A firm or person with trading privileges on an exchange who has an obligation to buy when there is an excess of sell orders and to sell when there is an excess of buy orders. In the futures industry, this term is sometimes loosely used to refer to a floor trader or local who, in speculating for his own account, provides a market for commercial users of the market.
market-on-close (MOC)
An order submitted at any time within a trading session, but only executed on the close.
market order (MKT)
An order placed at any time during the trading session to immediately execute the entire order at the best available offer price (for buy orders) or bid price (for sell orders).
market on open (MOO)
A market order entered before an opening, to be executed immediately upon the open of the trading session.
marketplace
An organized venue, apart from CME, for the trade of securities, commodities or derivative instruments including, but not limited to, futures, options, options on futures or Security Futures Products.
market profile
Market Profile is an analytical tool that organizes price and time information to reveal trends and patterns as they develop. Its ability to identify areas where price is being accepted and where price is being rejected allowing traders of any market to adjust their trading accordingly.
market reporter
A person employed by the exchange and located in or near the trading pit who records prices as they occur during trading.
market segment
A part of a market that relates to a place, an exchange authority, a type of security (equity / bond / option / future), and a list of securities with a given set of trading methods
market value
The current value of all commodities held in a performance bond account.
market with protection
Electronic market orders at CME Group are implemented using a “Market with Protection” approach. Unlike a conventional Market order, where customers are at risk of having their orders filled at extreme prices, Market with Protection orders are filled within a predefined range of prices (the protected range). The protected range is typically the current best bid or offer, plus or minus 50 percent of the product’s No Bust range. If the entire order cannot be filled within the protected range, the unfilled quantity remains on the book as a Limit order at the limit of the protected range.
mark-to-market
To debit or credit on a daily basis a margin account based on the close of that day's trading session. In this way, buyers and sellers are protected against the possibility of contract default.
matched trade
The execution of the buy and sell orders that together consummate a trade; consists of one or more contracts and occurs when the same price is specified by buy and sells orders, for a specified number of contracts.
maturity
Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.
maximum price fluctuation
The maximum amount the contract price can change up or down during one trading session, as stipulated by exchange rules. Consult CME Clearing contract specifications for specific price limit information.
Mcf (Energy)
Initials for Thousand Cubic Feet, typically in reference to a quantity of natural gas.
Megawatt (MW)
One Million watts.
Megawatt Hour (Mwh)
Amount of electricity needed to light ten thousand 100-watt light bulbs for a one-hour period. One million watts used for one hour.
member
An individual owning or holding a membership in the Exchange.
member firm
An entity to which membership privileges on the Exchange have been conferred.
member performance bond
The minimum equity that must be maintained for each contract in a member's account subsequent to deposit of the initial margin. Also see member rate.
membership or membership interest
The trading right associated with a Class B Share in any of the following classes: Class B-1 (CME Membership), Class B-2 (IMM Membership), Class B-3 (IOM Membership) and Class B-4 (GEM Membership). A membership or membership interest may only be purchased or sold with its associated Class B Share.
Middle Distillate
Hydrocarbons that are in the so-called "middle boiling range" of refinery distillation. Examples are heating oil, diesel fuels, and kerosene.
Million British Thermal Units (MMBtu)
Approximately equal to a thousand cubic feet (Mcf) of natural gas. Also know as Dekatherm.
minimum price fluctuation
The smallest increment of price movement possible in trading a given contract often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.
misclear
The incorrect matching of trades between two brokers or between two clearing firms.
money supply
The amount of money in the economy, consisting primarily of currency in circulation plus deposits in banks: M-1 U.S. money supply consisting of currency held by the public, traveler's checks, checking account funds, NOW and super- NOW accounts, automatic transfer service accounts, and balances in credit unions. M-2 U.S. money supply consisting M-1 plus savings and small time deposits (less than $100,000) at depository institutions, overnight repurchase agreements at commercial banks, and money market mutual fund accounts. M-3 U.S. money supply consisting of M-2 plus large time deposits ($100,000 or more) at depository institutions, repurchase agreements with maturities longer than one day at commercial banks, and institutional money market accounts.
Motor Gasoline (Mogas)
A complex mixture of relatively volatile hydrocarbons, with or without small quantities of additives, which have been blended to form a fuel suitable for use in spark-ignition engines.
Motor Oil
Refined lubricating oil, usually containing additives, used in internal combustion engines.
moving average chart
A chart recording moving averages (three-day, ten-day, etc.) of market prices.
moving averages
A statistical price analysis method of recognizing different price trends. A moving average is calculated by adding the prices for a predetermined number of days and then dividing by the number of days.
Mutual Offset System (MOS)
In 1984 the CME and the Singapore Exchange (SGX) established a mutual offset agreement, which resulted in the implementation of the Mutual Offset System (MOS. In accordance with this agreement, trades executed on one exchange can be transferred to the books of a firm on the other exchange. Currently only Eurodollar, Euroyen, Euroyen LIBOR and Nikkei Yen futures are eligible contracts for MOS.
N
naked futures position
An open futures position that is not covered by an offsetting futures position or by an options contract against which it can be spread.
naked options position
An open options contract that is not covered by an offsetting position in the underlying futures commodity or by another options contract against which it can be spread.
Naphthenes
One of the three basic hydrocarbon classifications found naturally in crude oil. Naphthenes are widely used as petrochemical feedstocks.
Naptha
A volatile, colorless product of petroleum distillation. Used primarily as a paint solvent, cleaning fluid, and blendstock in gasoline production.
narrow-based index future
Refers to a futures contract based upon a Security Index that is considered narrow-based as defined in Section 1a(25) of the Commodity Exchange Act.
National Futures Association (NFA)
The National Futures Association. NFA is an independent self-regulatory organization for the U.S. futures industry with no ties to any specific marketplace.
National Introducing Brokers Association
Established in 1991—the National Introducing Brokers Association is one of the foremost, nationally recognized organizations representing professionals in the futures and options industry.
Natural Gas
A naturally occurring mixture of hydrocarbon and non-hydrocarbon gases found in porous rock formations. Its principal component is methane.
Natural Gas Liquids (NGL)
A general term for all liquid products separated from natural gas in a gas processing plant. NGLs include propane, butane, ethane, and natural gasoline.
nearby
The nearest active trading month of a futures or options on futures contract. Also referred to as the lead month.
near-the-money
The relationship between an option’s strike price and the value of the underlying instrument, where the strike price is near the underlying instrument’s current market price.
negative yield curve
A chart in which the yield level is plot on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates. However, the yield curve is referred to as negative or inverted as short term rates begin to rise above longer term ones.
negotiable warehouse receipt
A legal document issued by a warehouse describing and guaranteeing the existence of a specific quantity (and sometimes a specific grade) of a commodity stored in the warehouse.
Netback (Energy)
Industry term referring to the net free on board cost of product offered on a delivered or cost, insurance, and freight basis. It is derived by subtracting all costs of shipment from the landed price.
net change
The amount of increase or decrease from the previous trading period's settlement price.
net margining
A method by which a clearing firm's margins are based on the net position, e.g. the remaining position after netting long positions in a contract against the short positions in the customer origin. For example, if a firm had only two accounts for two customers in its customer segregated origin and one of those accounts had three open long positions and the other had two open short positions, the firm's margin would be based on the one net long position.
net position
The difference between the long contracts and the short contracts held in any one commodity.
Net Position
The difference between an individual or firm's open long contracts and open short contracts in any one commodity.
Nominal Price
The declared price for a futures month sometimes used in place of a closing price when no recent trading has taken place in that particular delivery month; usually an average of the bid and asked prices.
Non-associated Gas
Natural gas in a reservoir which contains no crude oil.
non-FCM
A clearing member of the exchange that is not required to register with the CFTC as a futures commission merchant because it handles no U.S. customer business.
non-member
Any Person who is not a Member of the Exchange
non-member firm

An entity to which membership privileges on the Exchange have not been conferred.

North America Electric Reliability Council (NERC)
A group formed in 1968 by the electric utility industry to promote the reliability and adequacy of bulk power supply in the electric utility systems of North America. NERC consists of 10 regional reliability councils and encompasses essentially all the power regions of the contiguous United States, Canada, and Mexico.
not held
A discretionary note on an order telling the floor broker that he or she won't be held accountable if the trade is executed outside the requirements of the order.
notice
Except as otherwise specifically provided, a notice in writing emailed to or personally served upon the person to be notified, left at his usual place of business during business hours or mailed by U.S. First Class Mail, Certified Mail, Registered Mail or by overnight delivery to his last known place of business or residence.
notice day
The day the buyer with the oldest long position is matched with the seller's intent and both parties are notified of delivery obligations.
notional value
The underlying value (face value), normally expressed in U.S. dollars, of the financial instrument or commodity specified in a futures or options on futures contract.
O
Octane Number
A measure of the resistance of gasoline to pre-ignite or knock when burned in an internal combustion engine.
offer (ask or sell)
An offer to sell a specific quantity of a commodity at a stated price. (Opposite of a bid.)
Off-Peak (Energy)
The load for the remaining hours that are not on-peak (See on-peak).
offset
To remove an open position from an account by establishing a position equal to or opposite the existing position, making or taking delivery, or exercising an option (i.e., selling if one has bought, or buying if one has sold.
offsetting a hedge
For a short hedger, to buy back futures and sell a commodity. For a long hedger, to sell back futures and buy a commodity. Also called lifting a hedge.
omnibus account
An account of one Futures Commission Merchant (FCM), the originating FCM, which resides on the books of another FCM (the carrying FCM), in which the transactions of two or more persons are combined and carried in the name of the originating FCM rather than in the name of the individual customers. 
On-Peak (Energy)
Refers to hours of the business day when demand is at its peak. For example, the NYMEX Division California-Oregon border and Palo Verde electricity futures contracts define the on-peak period from the hour ending 0700 to the hour ending 2200 (6 A.M. to 10 P.M.), prevailing time. In the physical market, on-peak definitions vary by North America Electric Reliability Corporation region.
opening
The period at the beginning of the trading session officially designated by the exchange during which all transactions are considered made "at the opening."
opening price
The price at which the first transaction was completed.
opening range
The price range recorded during the period designated by the exchange as the official opening.
open interest
The total number of futures contracts long or short in a delivery month or market that has been entered into and not yet offset or fulfilled by delivery Also known as Open Contracts or Open Commitments. Each open transaction has a buyer and a seller, but for calculation of open interest, only one side of the contract is counted.
open market operation
The buying and selling of government securities Treasury bills, notes, and bonds by the Federal Reserve.
open order
An order that remains good until filled, canceled, or eliminated. See Good-'till-canceled
open outcry
A method of public auction for making bids and offers in the trading pits of futures exchanges.
open position
A long or short position that has not been liquidated.
option contract
A contract that gives the bearer the right, but not the obligation, to be long or short a futures contract at a specified price within a specified time period. The specified price is called the strike price. The futures contract that the long may establish by exercising the option is referred to as the underlying futures contract.
option assignment
See Assignment
option buyer
One who purchases an option and pays a premium.
option premium
The price a buyer pays for an option. Premiums are arrived at through open competition between buyers and sellers on the trading floor of the exchange.
option seller (writer)
One who sells an option and receives a premium.
Options Series
All options of the same class which share a common strike price.
or better order (OB)
Order qualifier that instructs a broker to fill an order at a specific price or better.
order
A request by a trader to buy or sell a given futures instrument with specified conditions such as price, quantity, type of order.
order-cancels-order (OCO)
An order qualifer that consists of two linked orders, typically (but not always) a Limit order and a Stop order, that both work until one order is filled, at which time the other order is canceled.
order to pay
A payment guarantee provided by a buyer's (or in some cases, the seller's) paying bank to CME's agent bank to guarantee payment on a currency delivery transaction. Orders to Pay are due by 1:00 p.m. on the day following the last day of trading in currencies.
order types
ORDER TYPES
(Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.) 
Open Outcry Order Types
ALL-OR-NONE (AON) ORDER
An order to be executed in designated contracts in a trading pit via open outcry only for its entire  quantity at a single price, with a size at or above a predetermined    threshold.
DISREGARD TAPE (DRT) or NOT-HELD ORDER  
Absent any restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over price and time in execution of the order, including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation. 
ENTER OPEN STOP (EOS) ORDER
An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved.
FILL OR KILL (FOK) ORDER
A designation, added to an order, instructing the broker to fill the order immediately in its entirety or not all. If the order is not filled immediately in its entirety, it is cancelled.
LIMIT ORDER
An order with instructions to be executed at a specific price ("limit price") or better.
MARKET (MKT) ORDER
An order with instructions to be executed upon receipt by a floor broker at the best available price.
MARKET IF TOUCHED (MIT) ORDER
A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched.
MARKET ON CLOSE (MOC) ORDER 
An order to be executed as a market order only in the closing range.
ONE-CANCELS-OTHER (OCO) ORDER 
A combination of two orders, in which the execution of either one automatically cancels the other.
OPEN ORDER (GOOD-TILL-CANCELLED)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session.
OPENING ONLY ORDER
An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled.
STOP ORDER
An order which becomes a market order when the price designated on the order (the "Stop Price") is elected as described below.
A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price.
STOP-CLOSE ONLY ORDER
A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price.
STOP LIMIT ORDER
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price.
Globex Order Types
The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide                 (http://www.cmegroup.com/globex/files/GlobexRefGd.pdf)
COMBINATION ORDER
A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention.
HIDDEN QUANTITY ORDER
An order which displays only a small portion of the order to the marketplace. When the displayed quantity has been filled, another portion of the order will then be displayed to the marketplace.      
LIMIT ORDER
An order to be executed at a specific price ("limit price") or better.
MARKET WITH PROTECTION ORDER
An order to execute as much of order as possible at the best current offer price (for buy orders) or bid  price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit of the protected range.
MINIMUM QUANTITY ORDER
An order which is executed only if a certain minimum quantity of that order can be immediately    matched.
STOP LIMIT ORDER
 An order which becomes eligible for execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit order.
STOP WITH PROTECTION ORDER
An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When the stop price is triggered, the order enters the order book as a limit order with the limit     price equal to the trigger price plus or minus the predefined protected range. Any quantity which cannot  be filled within the protected range will remain in the order book as a limit order at the limit price.
Globex Order Duration Qualifiers
An order eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which it was received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following duration qualifiers:
DAY
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered.
FILL AND KILL
An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated.
GOOD ‘TILL CANCELED (GTC)
An order which will remain in force until executed, cancelled or the contract expires.
GOOD ‘TILL DATE (GTD)
An order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.

origin
The type of account (house, customer, or customer non-segregated) for which a trade was executed. Also see segregation type.
Outages
A planned outage is the shutdown of a generating unit, transmission line, or other facility for inspection and maintenance, in accordance with an advance schedule. A forced outage is the unplanned loss of service of a generating unit, transmission line, or other facility for purposes other than inspection and maintenance.
out-of-the-money
A term used to describe an option that has no intrinsic value. A call option with a strike price higher (or a put with a strike price lower) than the current market value of the underlying futures commodity. Since it depends on current prices, an option can vary from in the money to out of the money with market price movements during the life of the options contract.
overbought
A technical opinion of a market which has risen too high in relation to underlying fundamental factors.
oversold
A technical opinion of a market which has fallen too low in relation to underlying fundamental factors.
Over the Counter (OTC) Market
A market in which custom-tailored contracts such as stocks and foreign currencies are bought and sold between counterparties and are not exchange traded.
P
packs
The simultaneous purchase or sale of an equally weighted, consecutive series of four futures contracts, quoted on an average net change basis from the previous day's settlement price. Packs provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
panel
A subcommittee selected in accordance with committee procedure to adjudicate or make a particular determination.  A decision of a panel shall be deemed a decision of the committee.
panelist
An individual appointed to an Exchange committee who is entitled to participate in a decision on any matter under consideration by the committee or panel thereof.
Paper Barrels
A term used to denote trade in non-physical oil (futures, forwards, swaps, etc.) markets which give a buyer or seller the right to a certain quantity and quality of crude oil or refined products at a future date, but not to any specific physical lot.
Par Grade
The grade or grades specified in a given futures contract for delivery. A contract may permit substitutions for and deviations from the par grade subject to specified premiums or discounts. Also know as Basis Grade.
participating exchange
An exchange or clearing house that has entered into a business relationship with the Exchange for clearing, order routing or any other business purpose.
partner clearinghouse
The term “Partner Clearinghouse” means a derivatives clearing organization or a clearinghouse which has agreed to act in concert with the Exchange to facilitate clearance of Security Futures Products as defined herein. A Partner Clearinghouse shall be considered a Clearing Member for purposes of the Rules except to the extent otherwise provided in an agreement between the Exchange and the Partner Clearinghouse.
payment-in-kind program
A government program in which farmers who comply with a voluntary acreage-control program and set aside an additional percentage of acreage specified by the government receive certificates that can be redeemed for government-owned stocks of grain.
performance bond
The minimum amount of funds that must be deposited as a performance bond by a customer with his broker, by a broker with a clearing member or by a clearing member with the Clearing House. 
performance bond call
A request from a brokerage firm to a customer to bring performance bond deposits up to minimum levels or a request by CME Clearing to a clearing firm to bring clearing performance bonds back to levels required by the Exchange Rules. Most exchanges refer to this as a "margin call."
performance bond to clearing house
The minimum dollar deposit required by CME Clearing from its clearing members in accordance with their positions. This is one of the financial safeguards that help to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.
person
It shall include the singular or plural, and individuals, associations, partnerships, corporations and trusts.
Petrochemical
An intermediate chemical derived from petroleum, hydrocarbon liquids, or natural gas, such as ethylene, propylene, benzene, toluene, and xylene.
Petroleum
A generic name for hydrocarbons, including crude oil, natural gas liquids, refined, and product derivatives.
Petroleum Administration for Defense Districts (PADD)
The United States is divided into five distinct marketing regions in which prices might differ due to variations in the supply or demand.
Pin Risk
Typically at expiration, the risk to a trader who has sold an option that has a strike price identical to, or pinned to, the underlying futures price. In this case, the trader will not know whether he will be required to assume his options obligations.
Pipeline
A pipe through which oil or natural gas is pumped between two points, either offshore or onshore.
pit
The area on the trading floor of where trading in a specific futures or options contracts is conducted by open outcry.
plain vanilla swap
An individual simultaneously buys and sells the same amount of the same currency with the same counterparty, with the two legs of the transaction maturing on different dates and trading at different exchange rates.
point and figure chart
A graph of prices charted where Xs denote price increases and Os represent price decreases. A method used by technical analyst to help anticipate price movement.
position
An obligation to perform in the futures or options market. A long position is an obligation to buy at a specified date in the future. A short position is an obligation to sell at a specified date in the future. However a vast majority of all open positions are simply offset prior to expiration. See also call option and put option.
position adjustment
The position adjustment may increase or decrease a position in a given contract and origin by equal quantities long and short to correct discrepancies in position reporting. The adjustment is made to reconcile out of balance trade conditions between clearing records and transaction records.
position limit
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limits.
position trader
A trader who takes a position in anticipation of a longer term trend in the market. Unlike a day trader a position trader hopes to maintain the position over a longer period of time.
Posted Price (Energy)
The price some refiners will pay for crude of a certain API gravity from a particular field or area.
Pour Point
A temperature 5 degrees Fahrenheit higher than the temperature at which crude oil or a refined product stops flowing.
Power Marketer
A wholesale power entity that has registered with the Federal Energy Regulatory Commission to buy and sell wholesale power from and to each other and other public entities at market-derived prices. Power marketing companies include investor-owned, utility-affiliated companies; natural gas marketing companies; financial intermediaries; independent power producers; and entrepreneurs. Typically, power marketers do not own generating facilities.
premium
(1) The price paid by the purchaser of an option to the grantor (seller);(2) The amount by which a cash commodity price trades over a futures price or another cash commodity price.
president

The president of the Exchange, or one duly authorized to act in lieu of and with the authority of the President.

president of the clearing house

The President of the Clearing House, or one duly authorized to act in lieu of and with the authority of the President of the Clearing House.

Price Gap
A chart pattern of the price movement of a commodity when the low price of one bar on a Bar Chart is higher than the high of the preceding bar (or inversely, the high is lower than the low of the preceding bar); depicting a price or price range where no trades take place. The price patterns are used by technical analysts to try to recognize changes in a price trend.
price limit
The maximum daily price fluctuations on a futures contract during any one session, as determined by the Exchange. (Also known as limit).
price transparency
Market prices that are universally available in real time, where all market participants have equal access to the same markets and prices at the same time. This facilitates a fair and anonymous trading environment where the best bid and best offer have priority. A level playing field.
primary dealer
A designation given by the Federal Reserve System to commercial banks or broker/dealers who meet specific criteria. Among the criteria are capital requirements and meaningful participation in the Treasury auctions.
primary market
(1) For producers, their major purchaser of commodities; (2) in commercial marketing channels, an important center at which spot commodities are concentrated for shipment to terminal markets; and (3) to processors, the market that is the major supplier of their commodity needs.
Primary Stocks (Energy)
Stocks of crude oil or refined products held in storage at leases, refineries, natural gas processing plants, pipelines, tankfarms, and bulk terminals that can store at least 50,000 barrels of refined products.
prime rate
Interest rate charged by institutional banks to their larger most creditworthy customers.
Processing Plant (Energy)
Plant which separates natural gas into methane and the various other gases (e.g., propane, butane, ethane).
Producer Price Index (PPI)
A measure of the average change in prices received by domestic producers for their output. Most of the data is collected through a systematic sampling of producers in manufacturing, mining, and service industries, and is published monthly by the Bureau of Labor Statistics.
Prompt Barrel (Energy)
Liquid petroleum product which will move or become available within three to four days.
Propane
A natural hydrocarbon occurring in a gaseous state under normal atmospheric pressure and temperature, however, propane is usually liquefied through pressurization for transportation and storage. Propane is primarily used for rural heating and cooking and as a fuel gas in areas not serviced by natural gas mains and as a petrochemical feed stock.
Pump Over (Energy)
An intra, or inter-facility transfer. For example, when one pipeline pumps crude oil or refined products from its tanks or mainline into the mainline or storage tank of the receiving pipeline.
purchase and sales (P&S) statement
A statement issued by an FCM to a customer when his or her futures or options position has changed, showing the number of contracts involved, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges, and the net profit or loss on the transactions.
purchase date
The date on which a long position, used to assign agricultural deliveries, is established on a clearing firm's books.
pure hedger
A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.
put option
A contract that provides the purchaser the right (but not the obligation) to sell a futures contract at an agreed price (the strike price) at any time during the life of the option. A put option is purchased in the expectation of a decline in price.
Q
qualifier
The time for which the order is valid FAK, Session, FOK, Day, GTC, GTD. Validity field options. See CME Globex Order Duration Qualifiers
Qualifying Facility (QF)
A generator or small power producer that meets certain ownership, operating, and efficiency criteria established by the Federal Energy Regulatory Commission, and has filed with FERC for QF status or has self-certified. QFs are physical generating facilities.
quantity
Number of units or lots of a futures contract. Sometimes also called size.
quote
(1) The actual price, bid, or asked price of either cash commodities or futures contracts; (2) An indication of current bids and offers in the market on a particular instrument or spread.
quote currency
Currency being used to pay for the transaction.
R
rally
A market reaction resulting in an upward movement of prices. The opposite of a decline.
range
The difference between the highest and lowest prices recorded during a given time period, trend, or trading session.
ratio spread
This strategy, which applies to both puts and calls, involves buying or selling options at one strike price in greater number than those bought or sold at another strike price.
reciprocal of european terms
One method of quoting exchange rates, which measured the U.S. dollar value of one foreign currency unit, i.e., U.S. dollars per foreign units. See European Terms.
reclaim
An act carried out by a seller who has tendered a live cattle delivery certificate that the assigned buyer has retendered. A seller will do this to collect the retender fee. To reclaim, the original seller establishes a long position in the pit and submits a reclaim notice. If no one demands the certificate of delivery, the seller takes assignment of his own retendered certificate and collects the accrued retender fee, thus eliminating the delivery obligation.
reference price
The price of future contract used as "reference" e.g., for determining an opening price, starting an algorithm, or figuring into an index; is usually the settlement price or last closing price.
reference regular trading hours
For a contract's CME Globex trading hours on a given calendar day beginning after that contract's RTH session on that calendar day and ending no later than 4:00 p.m., Chicago time, on that same calendar day, the Reference Regular Trading Hours (RTH) Session is that contract's second-previous RTH session. For a contract's CME Globex trading hours beginning at or after 4:00 p.m., Chicago time, and ending no later than the start of that contract's next RTH session, the Reference Regular Trading Hours (RTH) Session is that contract's previous RTH session.
Refiner-Distributor
A company that acts as a wholesaler of gasoline, heating oil, or other products which operates its own refinery; may also retail and buy additional supplies to supplement its own refining output.
Refinery
A company that acts as a wholesaler of gasoline, heating oil, or other products which operates its own refinery; may also retail and buy additional supplies to supplement its own refining output.
Reforming Process
The use of heat and catalysts to effect the rearrangement of certain hydrocarbon molecules without altering their composition appreciably; for example, the conversion of low-octane naphthas or gasolines into high-octane number products.
registered representative
A person employed by, and soliciting business for, a commission house or futures commission merchant. See also Associated Person.
regular trading hours (RTH)
Those hours designated for open outcry trading of the relevant product as determined from time to time.
reporting levels
Sizes of positions set by the exchanges and/or the CFTC at or above which commodity traders or brokers who carry these accounts must make daily reports about the size of the position by commodity, by delivery month, and whether the position is controlled by a commercial or non-commercial trader.
repurchase agreement or repo
An agreement between a seller and a buyer, usually in U.S. government securities, in which the seller agrees to buy back the security at a later date.
request for quote (RFQ)
An electronic message disseminated on Globex for the purpose of soliciting bids or offers for specific contract(s) or combinations of contracts. 
reserve requirements
The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain.
Residual Fuel Oil
Heavy fuel oil produced from the residue in the fractional distillation process rather than from the distilled fractions.
resistance line
The place on a chart where the selling of futures contracts is sufficient to halt a rise in prices.
Resting Order
An order away from the market, waiting to be executed.
retender
An act that an assigned long may perform to avoid obligation to receive delivery of live cattle. To avoid obligation, the assigned long must establish a short position on the business day following assignment and pay a retender fee.
retracement
A price move in the opposite direction of a recent trend.
reverse crush spread
The sale of soybean futures and the simultaneous purchase of soybean oil and meal futures.
risk
(1)The possibility of loss. (2) The dollar difference between the current price and the price at which the liquidation of open positions would occur. (3) The portion of the performance bond requirement associated with the likely worst case change in value from one day to the next.
Rollover
As pertaining to an existing futures position, exiting your current delivery month and entering the next expiring month. For example, if long a December contract, offsetting that position (by selling) and entering a postion in the next expiration (by buying).
round-turn
A completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase. A round turn counts both the buy and the sell as one event. In a typical exchange volume measurement, a one-contract trade would be counted as one round turn (i.e., single event, same trade, different customers). From the customer's perspective, a round turn represents two filled orders from his or her brokerage firm - one to take a position and one to offset that position (i.e., same customer, different trades).
rules
The Certificate of Incorporation, By-Laws, rules, interpretations, orders, resolutions, advisories, notices, manuals and similar directives of the Exchange, and all amendments thereto. The trading and clearing of all Exchange futures, options on futures, cleared-only and spot contracts shall be subject to the rules. 
runaway gap
A gap in prices after a trend has begun that signals the halfway point of a market move.
runners
Messengers who rush orders received by phone clerks to brokers for execution in the pit.
S
scalp
To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within secconds.
scalper
A speculator on an exchange floor who trades in and out of the market on very small price fluctuations. The scalper, trading in this manner, provides market liquidity but seldom carries a position overnight.
secondary market
Market where previously issued securities are bought and sold.
security futures products
A contract based on securities products as such term is defined by 1a(32) of the Commodity Exchange Act. Security Futures Products (“SFPs”) include futures contracts based upon a single security (or “stock futures”); futures contracts based upon a narrow-based security index; and, options on any security futures as those terms are defined in Sections 1a(25) and 1a(31) of the Commodity Exchange Act.
segregation type
The account which holds open position for customer (segregated), for the house (non-segregated), and for customer non-segregated origins.
seller
A person who takes a short futures position or grants (sells) a commodity option. An option seller is also called a marker, grantor, or granter, or writer.
Seller's Market
A condition of the market in which there is a scarcity of goods available and hence sellers can obtain better conditions of sale or higher prices. Opposite of buyer's market.
selling climax
An extraordinarily high volume occurring suddenly in a downtrend, signaling the end of the trend.
selling hedge or short hedge
Selling futures contracts to protect against possible declining prices of commodities that will be sold in the future. At the time the cash commodities are sold, the open futures position is closed by purchasing an equal number and type of futures contracts as those that were initially sold. The practice of offsetting the price risk inherent in any cash market position by taking an equal but opposite position in the futures market. Hedgers use the futures markets to protect their business from adverse price changes.
serial options
Options for months for which there are no futures contracts. The underlying futures contract for a serial option month would be the next nearby futures contract.
settlement price

The official daily closing price of futures and options on futures contracts, as determined in accordance with Rule 813, used by the Clearing House for marking all open positions at the close of the daily settlement cycle.
settlement variation
The change in dollar amount calculated by the Clearing House for clearing members figured to the daily settlement price on the basis of their positions.
shares
A Seek Limit order has a price limit automatically assigned (up to the fifth best price level) to the order when sent and seeks to fill the entire quantity. Available only on CME Globex Trader.
short
An open futures or options position where you have been a net seller. The opposite of being long.
short hedge
The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or minimize the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See hedge.
short-term interest rates
Interest rates on loan contracts--or debt instruments such as Treasury bills, bank certificates of deposit, or commercial paper--having maturities of less than one year. Often called money market rates.
short the basis
Position where a hedger is short the cash market and long the futures market.
side
Each buy and sell represents ½ of a trade. Every contract that trades has two sides - the buy side and the sell side. Taken together, these two sides equal one unit of volume known as a round turn.
side-by-side trading
Where a single futures contract trades in two locations at the same time. Usually on a trading floor via open outcry as well as on an electronic trading platform.
single-stock futures (SSF)
OneChicago, LLC is a joint venture created by Chicago Mercantile Exchange® (CME), Chicago Board of Options Exchange® (CBOE), and Chicago Board of Trade® (CBOT), to trade single stock futures (SSF) and narrow-based stock indexes.
Sour Gas
Natural gas found with a sufficiently high quantity of sulfur to require purifying prior to shipment or use.
Sour or Sweet Crude
Industry terms which denote the relative degree of a given crude oil's sulfur content. Sour crude refers to those crudes with a comparatively high sulfur content, 0.5% by weight and above; sweet refers to those crudes with sulfur content of less than 0.5%.
SPAN® performance bond system
The Standard Portfolio Analysis of Risk (SPAN) Performance Bond System). A program that determines portfolio performance bond requirements for futures, options, cash, and other instruments. SPAN is a portfolio based approach to risk management and performance bond calculations. CME Clearing uses SPAN to calculate overnight margin for it’s clearing firms and clearing firms use SPAN to margin their customers.
Spark Spread
The spark spread reflects the costs or anticipated costs of producing power from a specific facility. It can be used as a method of converting millions of Btus to megawatt hours and vice versa, and thus relates well to the electricity and natural gas futures contracts. The spread is simply the heat rate (a proxy for efficiency) of a specific generating unit or power system (the number of Btus needed to make one kilowatt hour of electricity), multiplied by the cost of energy expressed as dollars per British thermal units (Btus). For example, if it takes 10,000 Btus to make one kilowatt hour of electricity, the formula can be simplified by multiplying the price per million Btus (MMBtu) by 10 to equate one MMBtu of natural gas to one megawatt hour (Mwh) of electricity. The usefulness of the spread evaluation is dependent on the market price for power which reflects the relationship of the supply and demand for power, not the efficiencies of the generating units. Other costs affecting the price of power using the spark spread evaluation include those of gas transportation, power transmission, plant operations and maintenance, and fixed costs. Because the electricity futures contract is specified in lots of 736 megawatt hours, and the natural gas futures contracts are specified in units of 10,000 million Btus, one power contract equates to 0.736 natural gas contracts.
Specifications
1) Contract terms specified by the Exchange. 2) Term referring to the properties of a given crude oil or refined petroleum product, which are "specified" since they often vary widely even within the same grade of product. In the normal process of negotiation, seller will guarantee buyer that the product or crude to be sold will meet certain specified limits. Generally, the major properties of oil that are guaranteed are API gravity, sulfur, pour point, viscosity, and BS&W.
Specific Gravity
The ratio of the density of a substance at 60 degrees Farenheit to the density of water at the same temperature.
Speculative Position Limit
The maximum position, either net long or net short, in one commodity futures or options, or in all futures or options of one commodity combined, which may be held or controlled by an entity without a hedge exemption as prescribed by an exchange or the Commodity Futures Trading Commission
speculator
An individual who accepts market risk in an attempt to profit from buying and selling futures and/or options contracts by correctly anticipating future price movements.
spot
The actual physical commodity as distinguished from the futures contract that is based on the physical commodity. Also referred to as “cash commodity.”
spot market
The market in which cash transactions for the physical commodity occurs -- (cattle, currencies, stocks, etc.) are bought and sold for cash and delivered immediately.
spot month
The contract month of a futures contract which is also the current calendar month.
spot price
The price at which a physical commodity for immediate delivery is selling at a given time and place. The cash price.
spread
The price difference between two contracts. Holding a long and a short position in two or more related futures or options on futures contracts, with the objective of profiting from a change in the price relationship.
spread order or combination order
A combination of buy and/or sell orders for the same account, except as provided by Rule 527, at the market, at a fixed differential or by some other appropriate pricing convention. Also referred to as a combination order.
standard deviation
A representation of the risk associated with a financial instrument (stocks, bonds, etc.) or a portfolio of investments. The larger the standard deviation in a given period, the greater implied risk. Risk is an important factor in determining how to efficiently manage investments and understanding the standard deviation gives investors a statistical basis for their decisions.
steer/corn ratio
The relationship of cattle prices to feeding costs. It is measured by dividing the price of cattle ($/hundredweight) by the price of corn ($/bushel). When corn prices are high relative to cattle prices, fewer units of corn equal the dollar value of 100 pounds of cattle. Conversely, when corn prices are low in relation to cattle prices, more units of corn are required to equal the value of 100 pounds of beef. A ratio used to express the relationship of feeding costs to the dollar value of livestock.
stock index
A statistic reflecting the composite value of a selected group of stocks. How a particular stock index tracks the overall market depends on the sampling of stocks, the weighing of individual stocks, and the method of averaging used to establish the index. Many indexes are used to benchmark the performance of portfolios such as mutual funds.
stop close only
A stop order that is executed only if the stop price is triggered during the closing range of the trading session.
stop limit order
A resting Stop Limit order is triggered when the designated price is traded on the market. The order then enters the order book as a Limit order with the customer’s specified limit price. The order is executed at all price levels between the trigger price and the limit price. If the order is not fully executed, the remaining quantity of the order remains in the market. A buy Stop Limit order must have a trigger price greater than the last traded price for the instrument. A sell Stop Limit order must have a trigger price lower than the last traded price.
stop order
An order that becomes a market order when a particular price level is reached. A sell stop is placed below the market; a buy stop is placed above the market. Sometimes referred to as Stop Loss Order.
Stop With Protection
Electronic stop orders at CME Group are implemented using a “Stop with Protection” approach. Unlike a conventional Stop order, where customers are at risk of having their orders filled at extreme prices, Stop with Protection orders are filled within a predefined range of prices (the protected range). A Stop with Protection order is triggered when the designated price is traded on the market. The order then enters the order book as a Limit order with the limit price equal to the trigger price, plus or minus the pre-defined protected range. The protected range is typically the trigger price, plus or minus 50 percent of the No Bust range for that product. The order is executed at all price levels between the trigger and limit price. If the order is not completely filled, the remaining quantity rests in the market at the limit price. A buy Stop order must have a trigger price greater than the last traded price for the instrument. A sell Stop order must have a trigger price lower than the last traded price.
storage gain
The selling price received after storage minus the previous harvest market price.
straddle
The purchase or sale of an equal number of puts and calls, with the same strike price and expiration dates. A long straddle is a straddle in which a long position is taken in both a put and a call option. A short straddle is a straddle in which a short position is taken in both a put and a call option.
strangle
The purchase of a put and a call, in which the options have the same expiration and the put strike is lower than the call strike, called a long strangle. Also the sale of a put and a call, in which the options have the same expiration and the put strike is lower than the call strike, called a short strangle.
strike price
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts which are exercised into multiple futures contracts, the exercise price represents the spread price differential between the futures contracts.
striking price
The terms "exercise price", "strike price" and "striking price" shall be synonymous and mean the price at which the futures contract underlying the options contract will be assigned upon exercise of the option. For options contracts which are exercised into multiple futures contracts, the exercise price represents the spread price differential between the futures contracts.
Strip
The simultaneous purchase (or sale) of futures positions in consecutive months. The average of the prices for the futures contracts bought (or sold) is the price level of the hedge. A six-month strip, for example, consists of an equal number of futures contracts for each of six consecutive contract months. Also known as a calendar strip.
supply
The quantity of a commodity that producers are willing to provide to the market at a given price.
support
The place on a chart where the buying of futures contracts is sufficient to halt a price decline.
Swap (OTC)
A custom-tailored, individually negotiated transaction designed to manage financial risk, usually over a period of one to 12 years. Swaps can be conducted directly by two counterparties, or through a third party such as a bank or brokerage house. The writer of the swap, such as a bank or brokerage house, may elect to assume the risk itself, or manage its own market exposure on an exchange. Swap transactions include interest rate swaps, currency swaps, and price swaps for commodities, including energy and metals. In a typical commodity or price swap, parties exchange payments based on changes in the price of a commodity or a market index, while fixing the price they effectively pay for the physical commodity. The transaction enables each party to manage exposure to commodity prices or index values. Settlements are usually made in cash.
swaps
Simultaneous purchase and sale of currencies or interest rate products in spot and forward market transactions.
synthetic call option
A combination of a long futures contract and a long put, called a synthetic long call. Also, a combination of a short futures contract and a short put, called a synthetic short call.
synthetic futures
A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures. Also, a combination of a put and a call with the same strike price, in which both are bearish, called synthetic short futures.
Synthetic Option
A combination of a futures contract and an option, in which one is bullish and one is bearish.
synthetic put option
A combination of a short futures contract and a long call, called a synthetic long put. Also, a combination of a long futures contract and a short call, called a synthetic short put.
synthetic spot
Futures price information that is consistent with spot market convention where positive or negative forward points are added to the futures price to produce an equivalent spot price.
T
tag
With the FIX protocol, a delimited message component that contains a particular purpose-not just start or stop. Example: Tag 50 in a message indicates the real trader's ID, not just the company he or she works for.
target price
An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis.
Tariff (Energy)
A schedule of rates or charges permitted a common carrier or utility; pipeline tariffs are the charges made by pipelines for transporting crude oil, refined products, or natural gas from an origin to a destination.
TAS
Trade at Settlement. A TAS is an order type that specifies the day's settlement price as the order price. This column represents the number of TAS transactions for the given date.
technical analysis
An approach to forecasting commodity prices which examines patterns of price change, rates of change, and changes in volume of trading and open interest, without regard to underlying fundamental market factors.
TeleSTAT
CME® TeleSTAT is an automated phone system that provides individual traders the ability to cancel and status CME Globex® orders. After entering a unique ID and PIN, users quickly navigate through the menu prompts to expedite their requests
tender (intent)
An intention to deliver, submitted to the Clearing House against a futures contract.
Theoretical Value
An option's value generated by a mathematical model given certain prior assumptions about the term of the option, the characteristics of the underlying futures contract, and prevailing interest rates.
Therm
100,000 British thermal units. A dekatherm is 1 million Btu's.
theta
The measure of the change in an option's premium given a change in the option's time until expiration. Equal to the change in the option's premium divided by the change in time to expiration.
Throughput (Energy)
1) A term used to describe the total volume of raw materials that are processed by a plant such as an oil refinery in a given period. 2) The total volume of crude oil and refined products that are handled by a tank farm, pipeline, or terminal loading facility.
tick
The minimum fluctuation in price allowed for a futures or options contract during a trading session as specified by the contract terms in CME Rulebook.
ticker
Summarized display of almost instantaneous information on instruments of an exchange. Provides information on performed trades by displaying the instrument and the last trade price in scrolling mode.
time
Except as otherwise specifically provided, any reference to time shall mean local Chicago time.
time and sales data
Data that provides price and time information of every transaction throughout the day.
time decay
Decline in the theoretical value of an option position based solely on the passage of time.
Time Spread
The selling of a nearby option and buying of a more deferred option with the same strike price. Also known as a Calendar or Horizontal Spread.
time-stamped
Part of the order-routing process in which the time of day is stamped on an order. An order is time-stamped when it is (1) received on the trading floor, and (2) completed (3) returned to the customer.
time value
The amount by which an option's premium exceeds its intrinsic value. Usually relative to the time remaining before the option expires.
Total Return Asset Contracts (TRAKRS)
Total Return Asset ContractsSM (TRAKRS) are designed to enable customers to track an index of stocks, bonds, currencies or other financial instruments. TRAKRS are futures contracts based on an index that is calculated on a total return basis. Declared dividends and other distributions are included in the calculation of the index.
trade
The term "trade" shall mean any purchase or sale of any commodity futures or options contract made on the Exchange.
trade balance
The difference between a nation's imports and exports of merchandise.
trade date
The date on which a trade was executed.
trade price
The price at which a trade was executed on the original trade date.
trader
(1) A person who takes positions in the futures market, usually without the intention of making or taking delivery; (2) A member of the exchange who buys and sells futures and options through the floor of the exchange. See "day trader", "floor broker", "position trader," and "scalper".
trading day
A trading day shall mean the hours of trading as determined by the board for each contract starting with the opening of trading and ending with the close of trading for such contract.
trading limit
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as position limit.
trading session
A trading session will mean either the pit trading session (the hours designated for open outcry trading for a product) and/or the Globex session (the hours on a particular trading day when a product can be traded on Globex).
Transmission Company (Energy)
Company that transports gas for resale on its own behalf or transports gas for others. Also known as a pipeline company.
Treasury Bill
A Treasury bill is a short-term U.S. government obligation with an original maturity of one year or less. Unlike a bond or note, a bill does not pay a semi-annual, fixed rate coupon. A bill is typically issued at a price below its par value and is therefore a discounted instrument. The level of the discount depends on the level of prevailing interest rates. In general, the higher short-term interest rates are, the greater the discount. The return to an investor in bills is simply the difference between the issue price and par value.
Treasury Bond
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
Treasury Note
Government-debt security with a coupon and original maturity of one to 10 years.
trend
The general direction of the market.
U
underlying
The stock, commodity, futures contract, or cash index against which a futures or options contract is valued.
underlying futures contract
The futures contract that may be purchased (in the case of a call) or sold (in the case of a put upon the exercise of the option.
uptrend
The ability to choose the legs of a spread if the spread is not identified by CME already.
user defined spreads
The ability to choose the legs of a spread if the spread is not identified by CME already.
UTI
Unique Trading Identifier. See "SLE user ID."
V
Variation
Payment made on a daily or intraday basis by a clearing member to the clearinghouse to cover losses created by adverse price movement in positions carried by the clearing member, calculated separately for customer and proprietary positions.
vega
The measure of the change in an option's premium for a 1% change in the volatility of the underlying futures contract. Equal to the change in premium divided by 1% change in volatility.
vertical spread
Buying and selling puts or calls of the same expiration month but having different strike prices.
Virtual Private Network (VPN)
A private data network that makes use of the public telecommunication infrastructure, maintaining privacy through the use of a tunneling protocol and security procedures.
Viscosity
A method of measuring a given liquid's resistance to flow, usually decreasing with increasing temperatures. Material with higher viscosity is more resistant to flow.
volatility
A measurement of the change in price over a given time period.
volatility quote
An alternative means of quoting options, or combinations involving options, by bidding or offering the implied volatility. Any transactions quoted in volatility terms will be translated into price terms for clearing purposes by means of a standard options pricing model maintained and disseminated by the exchange.
volume
The number of contracts in futures or options on futures transacted during a specified period of time.
W
warehouse receipt
A document indicating a specific contract and location information of a commodity in storage; commonly used as the instrument of transfer of ownership in both cash and futures transactions.
Warrant (Metals)
A document of title issued by a warehouse or depository for a specific lot of stored metal that meets the specifications of the corresponding Exchange metals futures contract. Metal that is "on warrant" is eligible for delivery against a short position on the Exchange.
West Texas Intermediate (WTI)
A grade of crude oil deliverable against the New York Mercantile Exchange light, sweet crude oil contract. Nominally, the benchmark crude of the U.S. oil industry.
Wet Barrel (Energy)
A physical barrel of crude oil or refined product as opposed to a "paper barrel."
Wet Gas
Natural gas containing condensable hydrocarbons.
wire house
An individual or organization that solicits or accepts orders to buy or sell futures contracts or options on futures and accepts money or other assets from customers to support such orders. Also referred to as "commission house" or Futures Commission Merchant (FCM).
With Discretion (DISC) or Disregard the Tape (DRT)
A note on an order telling the floor broker to use his or her own good judgment in filling the order.
writer
The issuer or seller of an option contract.
X
Y
yard
Market slang for a billion.
Yield
1) A measure of the annual return on an investment expressed as a percentage. 2) The proportion of heavy or light products which can be derived from a given barrel of crude oil.
yield change
One day's change in the futures' interest rate - equal and opposite to change in the settlement price.
yield curve
A chart that graphically depicts the yields of different maturity bonds of the same credit quality and type. Yield is depicted on the vertical axis and maturity on the horizontal axis. A normal yield curve is upward sloping, with short-term rates lower than long-term rates. An inverted yield curve is downward sloping, with short-term rates higher than long-term rates. A flat yield curve occurs when short-term rates are the same as long-term rates.
yield-to-maturity
The rate of return an investor receives if a fixed-income security is held to maturity.
Z
zero-sum game
Type of game when one player gains only at the expense of another player.