Encore Glossary |
Find here terms and their explanations commonly used in Energy Industry, Finance and Trading Boards
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| There are 19 entries in the glossary. |
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| Naked | A long or short market position taken without having an offsetting short or long position. A trader who executes one side of a spread is said to be naked until he executes the other side. |
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| Naphtha | A volatile, colorless product of petroleum distillation. Used primarily as a paint solvent, cleaning fluid, and blendstock in gasoline production. |
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| Naphthenes | One of the three basic hydrocarbon classifications found naturally in crude oil. Naphthenes are widely used as petrochemical feedstocks. |
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| National Futures Association | Futures industry trade association which promulgates rules of conduct and mediates disputes between customers and brokers. |
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| Natural Gas | A naturally occurring mixture of hydrocarbon and non-hydrocarbon gases found in porous rock formations. Its principal component is methane. |
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| 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. |
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| NERC | North America Electric Reliability Council. 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. The NERC regions are: Alaskan System Coordination Council, ASCC; East Central Reliability Coordination Agreement, ECAR; Electric Reliability Council of Texas, ERCO; Mid-America Interpool Network, MAIN; Mid-Atlantic Area Council, MAAC; Mid-Continent Area Power Pool, MAPP; Northeast Power Coordinating Council, NPCC; Southeastern Electric Reliability Council, SERC; Southwest Power Pool, SPP; Western System Coordinating Council, WSCC. |
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| Net Capacity | The maximum load that a generating unit, station or other electrical apparatus can carry under specified conditions for a given period of time without exceeding approved limits of temperature. |
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| Net Position | The difference between an individual or firm's open long contracts and open short contracts in any one commodity. |
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| NETA | New Electricity Trading Arrangement. This came into force on the 27th March 2001 and replaced the old 'electricity pool'. NETA is a new wholesale market, comprising trading between generators and suppliers of electricity in England and Wales. Under NETA, bulk electricity will be traded forward through bi-lateral contracts and on one or more power exchanges. Those trading will include generators, suppliers, traders and customers. |
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| Netback | 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. |
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| Neutral Spread | Another name for a delta neutral spread. Spreads may also be lot neutral, where the total number of long contracts and the total number of short contracts of the same type are approximately equal. |
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| NGC | National Grid Company, the company which runs the England and Wales Balancing Mechanism and transmission system. |
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| NHH | Non Half hourly sites - sites that take a power supply less than 100kW. |
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| 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. |
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| Non-associated Gas | Natural gas in a reservoir which contains no crude oil. |
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| Non-Firm Energy | The quality sale of transmission service offered to customers that anticipates possible interruption of deliveries. |
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| Notional Settlement | A reference price based on trading activity during a certain range close to the end of the day that is used to calculate the maximum daily price fluctuation for trading on the NYMEX ACCESS after-hours electronic trading system when the regular settlement price has not been established in time for the start of the NYMEX ACCESS session. The system is then updated with final settlement prices later in the session. |
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| NYMEX ACCESS | NYMEX ACCESS is an international after-hours trading system offered by the New York Mercantile Exchange. The Exchange provides the user with the equipment, software, and services. ACCESS stands for American Computerized Commodity Exchange System and Services. |
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Glossary V2.0 |
