Glossary Of Terms
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ANCILLARY SERVICES
A system that helps control the flow of electricity and provides energy reserves to maintain reliability by creating a market for buying and selling ancillary services. This market is created by an independent system operator and is designed to ensure reliability of power supply to end-users. Ancillary services can include regulation, spinning reserve, non-spinning reserve and replacement reserve.
ARBITRAGE
The difference in price of a specified commodity either in the same location or in different geographical locations.
AT-THE-MONEY
An option whose strike is the same as the prevailing market price of the underlying rate or price whether it for spot or a forward contract.
AVAILABLE TRANSFER CAPABILITY (ATC)
A measure of the transfer capability remaining in the physical transmission network for further commercial activity over and above already committed uses. ATC is defined as the Total Transfer Capability (TTC), minus the Transmission Reliability Margin (TRM), minus the sum of existing transmission commitments (which includes retail customer service) and the Capacity Benefit Margin (CBM).