Located in washington dc the ferc has jurisdiction

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Located in Washington, DC, the FErC has jurisdiction over interstate electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, oil pipeline rates, and gas pipeline certification. FErC is an independent regulatory agency within the Depart- ment of Energy. Firm Gas natural gas sold on a continuous basis for a defined contract term. Firm Power Electricity capacity intended to be available at all times during the period covered by a guaranteed com- mitment to deliver, even under adverse conditions, but subject to force majeure interruptions. Firm power consists of either firm energy, firm capacity, or both. Force Majeure Denotes circumstances beyond the control of a com- pany, which force the breaking of a contract. Forward Contract an agreement to make or take delivery of a commod- ity at a known future date, at a price agreed upon at the time the agreement is made. Free on Board (FOB) FoB prices exclude all insurance and freight charges. Most oil is sold either FoB (effectively priced at the loading port) or CIF (effectively priced at the delivery port). FTR Financial transmission right. Ftrs allow market par- ticipants to offset potential losses related to the price risk of delivering energy to the grid. Fuel Switching substituting one fuel for another based on price and availability. Large industries often have the capability of using either oil or natural gas to fuel their operation and making the switch on short notice. Futures Contract a standardized agreement, traded on an exchange, to make or take delivery of a commodity at a known future date, at a price agreed upon at the time the agreement is made. G Gallon Generally accepted across the oil industry to refer to a U.s. Gallon. there are 42 U.s. gallons in a barrel. Gamma the rate of change in delta per unit change in the underlying instrument. Gasoil an intermediate distillate product used for diesel fuel, heating fuel and sometimes as feedstock. Gasoline Volatile motor fuel used in cars. Generation the process of producing electricity by transforming other forms of energy such as steam, heat or falling water. also, the amount of electricity produced, expressed in kilowatt-hours (kWh) or megawatt-hours (MWh). Generator Capacity the maximum output, commonly expressed in mega- watts (MW), that generating equipment can supply to system load. Grid the layout of a power transmission system on a synchronized transmission network.
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- 6 - HDD Kilowatt-Hour (KWh) H HDD Heating Degree Days. a measure of how cold a loca- tion is over a period of time relative to a base temper- ature, most commonly specified as 65 degrees Fahrenheit. the measure is computed for each day by subtracting the average of the day’s high and low tem- peratures from the base temperature (65 degrees), with negative values set equal to zero. Each day's heating degree days are summed to create a heating degree day measure for a specified reference period.
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