Power A-Z

A
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1st Run/2nd Run
Other names for the daily forecasts by ECMWF or GFS. EC 1st / 2nd are named EC 12Z / 00Z in the meteorological community - 1st & 2nd (&...) are not commonly used terminology

aLMo
Alpine Model
The Alpine Model is the most important short range forecast by MeteoSwiss

APX
Amsterdam Power Exchange

ARA
Antwepen Rotterdam Amsterdam
used in the shipping industry - often used in relation to coal contracts

Av
Average

B
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Base
All 24 hours of the day - see also Peak and Off Peak

Bearish
A market condition in which the prices are falling or are expected to fall

Benchmark
Generic term for comparing forecasted vs. actual values (price, temperature, wind, etc)

Bullish
A financial market of a certain group of securities in which prices are rising or are expected to rise. The term "bull market" is most often used in respect to the stock market, but really can be applied to anything that is traded, such as bonds, currencies, commodities, etc

C
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CHP
Combined Heat and Power

CIF
Cost Insurance Freight
CIF is a common term in a sales contract that may be encountered in international trading when ocean transport is used. When a price is quoted CIF, it means that the selling price includes the cost of the goods, the freight or transport costs and also the cost of marine insurance.

Cons
Consumption

D
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DA
Day Ahead
Refers to the following day

DK1
Danmark west
Trading/price area

DK2
Danmark east
Trading/price area

DMI
Dansk meteorologisk institut
The Danish met office

DWD
Deutscher Wetterdienst
The German met office

E
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EC
Short for ECMWF

ECMWF
European Centre for Medium-Range Weather Forecasts
ECMWF is an international organization supported currently by 23 European countries. The office is located in Reading in London. The EC weather model is global.

EEX
European Energy Exchange
European Energy Exchange operates the Spot and Derivatives Markets for power, CO2 emission allowances and coal in Germany

Ensemble
The Ensemble weather prognoses are meant to address the uncertainty of the weather for each of the forecast days. The Ensemble weather forecasts are 51 (EC) and 11(GFS) runs of the forecasting model with small differences in the input values (atmospheric conditions).

EUA
EU Allowance (C02-emissions)
EU Allowances, the tradable unit under the EU ETS. Equals 1 tonnne of CO2

EU ETS
Trading Scheme within the European Union of carbon emitting allowances. The first compliance phase is from 2005 to 2007, while phase II is from 2008 to 2012.

EXAA
Energy Exchange Austria

F
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G
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GFS
Global Forecast System United States based weather forecast model, formerly Aviation Model

GWh
gigawatt
"= 1000 MWh=10^3 KWh"

H
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Hirlam
High Resolution Limited Area Modelling
Short range weather forecast model. We currently use it for wind forecasts for Denmark

I
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IPE
International Petroleum Exchange
Located in London.

J
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K
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Kontek
Trading area between Germany & Denmark

 

KWh
Kilowatt Hours
1000 watt hour

 

L
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M
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MA
Month Ahead

MACD
Moving Average Convergence Divergence
Term in technical analysis

MCP
Market Clearing Price
The price cleared at a power exchange, often the hourly prices.

Meteo Swiss
The Swiss met office

MWh
Megawatt Hours
one megavatt hour=1000kilowathours

N
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NBP
National Balancing Point
System price for gas UK

Normal
Generic term for the average or mean value of a parameter - it does not refer to the median NB!

NP
Nord Pool
The Nordic power exchange

NVE
Norwegian Water Resources and Energy Administration

O
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P
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Percentile
Used when presenting probability distributions based on 
ensemble forecasts

Phelix
Physical Electricity Index
The name of the DA contract on the EEX

 

Powernext
Power Next
The French Power Exchange

 

Precip
Short for precipitation
Precip can be either rain or snow

 

Q
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R
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RoR
Run of River

S
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Sideways
Meaning neither bullish nor bearish

SMHI
Swedish Meteorological and Hydrological Institute
The Swedish met office

Spot Price
The current price at which a particular commodity can be bought or sold at specified time and place

 

Synthetic
Model output with actual/observed input parameter values - e.g. Consumption or wind power

T
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Temp
Temperature

TSO
Transmission System Operator

TWh
TeraWatt Hour(s)
1000 GWh=10^6 MWh = 10^9 KWh

U
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V
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W
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WA
Week ahead

WE
Weekend ahead

X
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Y
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Yday
Yesterday

Z
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