Energy Hedging & Risk Management Glossary

8/7/2019 Energy Hedging & Risk Management Glossary

1/17

Eherly Fedlkhl& _ksc Mbhblemeht LgissbryB `imprefehskve siur`e ia khairmbtkih air bhyihekhvigved kh eherly fedlkhl bhd rksc mbhblemeht.


2/17

?

B`ùmugbtkih-

ers, wfi b`ùmugbte tfe immidkty tfey bre trbdkhl.

Bmerk`bh Ptyge Iptkih-

Bh`kggbry PervkèsBhy servkè requkred oy b system iperbtir ti degkver

kh`gude obgbh`khl servkès, gibd aiggiwkhl, ir privkd-

BZK

BroktrbleTfe skmugtbheius pur`fbse ia b ìmmidkty/derkvb-

Bskbh Iptkih (Bverble Zrkè Iptkih)

Bssi`kbted Lbs (wet lbs)

Hih-bssi`kbted lbs, ir dry lbs, ks hbturbg lbs tfbt

i`ùrs ih kts iwh.

Bt-Tfe-Mihey Iptkih (BTM)

tfe ùrreht prkè kh tfe uhdergykhl mbrcet

O

Ob`cwbrdbtkihB mbrcet wfere tfe prkè air hebroy degkvery ks fklfer

tfbh air aurtfer airwbrd mihtfs. Tfe ippiskte ia ob`c-

ObrleQesseg `brrykhl ikg, usubggy ih rkvers, ìhtbkhkhl oe-

tweeh 6,::: bhd 5:,::: oog, ir weklfkhl 2,::: ti

2:,::: tihhes. Kh tfe UP, obrles `bh oe up ti, bhd

i``bskihbggy iver, 2::,::: oog kh `bpb`kty.

ObrregB vigumetrk` uhkt ia mebsure air `rude ikg bhd petri-

geum pridu`ts. 2 obrreg ks 4? UP lbggihs.

B

Eherly Fedlkhl& _ksc Mbhblemeht LgissbryB ìmprefehskve siurè ia khairmbtkih air bhyihekhvigved kh eherly fedlkhl bhd rksc mbhblemeht.


3/17

Eherly Fedlkhl & _ksc Mbhblemeht Lgissbry

0

Obse GibdTfe mkhkmum bmiuht ia ege`trk` piwer degkvered ir

requkred iver b lkveh perkid ia me bt b stebdy rbte.

Tfe mkhkmum ìhhuius gibd ir dembhd kh b piwer

system iver b lkveh perkid ia me

Obse Gibd ZgbhtB pgbht hirmbggy iperbted ti tbce bgg ir pbrt ia tfe

mkhkmum ìhhuius gibd ia b system, bhd wfk`f

ìhsequehtgy priduès ege`trk`kty bt bh essehbggy

ìhstbht rbte. B obse gibd pgbht typk`bggy fbs regbvegy

fklf xed ìsts bhd giw uhkt iperbhl ìsts. Trbdk-

ihbggy, hu`gebr pgbhts fbve oeeh ìhskdered bs obse

gibd pgbhts.

ObsksTfe dkerehè oetweeh tfe prkè ia b spit ìmmid-

kty bhd b airwbrd ìmmidkty3 tfe dkerehè oetweeh

tfe prkè ia b ìmmidkty bt ihe gi`bih bhd bhitfer

gi`bih.

Obsks PwbpObsks swbps bre used ti fedle expisure ti obsks rkscs,

su`f bs gi`bihbg rksc ir me expisure rksc.

OebrksfTfe oegkea tfbt tfe prkè ks likhl ti abgg.

OkdBh khdk`bih ia wkggkhlhess ti ouy b spe`ked bmiuht

ia b ìmmidkty bt b spe`k` prkè

Ogb`c-P`figesIpihs prk`khl tfeiry derkved oy Aksfer Ogb`c bhd

Myrih P`figes, obsed ih tfe tfeiry tfbt prkè vigbg-

kty ks rbhdim briuhd b lkveh trehd.

Orktksf Tfermbg Uhkt (OTU)Tfe qubhty ia febt requkred ti rbkse ihe piuhd ia

wbter (boiut ihe pkht) ihe delree Abfrehfekt bt ir

hebr kts pikht ia mbxkmum dehskty. B ìmmih uhkt ia

mebsuremeht air lbs prkès. 2:04 Otus = 2 ùok` aiit.

Bh MMOtu (-mkg Otus) ks riulfgy equkvbgeht ti b Mà (b

tfiusbhd uok` aeet).

OuggksfTfe oegkea tfbt tfe prkè ks likhl ti rkse.

Ourher-TkpTfe pikht bt wfk`f hbturbg lbs ks used bs b aueg.

@

@bgg IptkihBh ipih tfbt lkves tfe ouyer (figder) tfe rklft out

hit tfe iogklbih ti ouy b spe`ked qubhty ia bh

uhdergykhl autures ìhtrb`t bt b xed prkè, ih ir

oeaire b spe`ked dbte. Tfe lrbhtir ia tfe ipih ks

iogkled ti degkver tfe auture bt tfe xed prkè ka tfe

figder exer`kses tfe ipih

@bpb`ktyTfe piwer iutput rbhl ia b leherbtir, typk`bggy kh

melbwbs, mebsured ih bh khstbhtbheius obsks.

@bsf bhd @brryBh broktrble trbhsbìh khvigvkhl tfe skmugtbheius

pur`fbse ia b `bsf ìmmidkty wktf oirriwed mihey

bhd tfe sbge ia tfe bppriprkbte autures ihtrb`t.

@bsf MbrcetTfe pfysk`bg mbrcet uhdergykhl b autures ir ipihs

ìhtrb`t.


4/17


4

@bsf PettgemehtTfe segemeht ia autures ir ipihs oy pbykhl b

`bsf dkerehè, rbtfer tfbh tbckhl/mbckhl pfysk`bg

degkvery.

@fbhhegGkce kt siuhds b `fbhheg kh wfk`f prkès bre mivkhl.

Zbrbggeg trehd gkhes bre drbwh bgihl tfe giws bhd fklfs

ia b prkè `fbrt, airmkhl b `fbhheg kh wfk`f prkès

mive. Tfe trehd gkhes airm brebs ia suppirt bhd resks-

tbhè. Depehdkhl ih tfe trehd, tfe `fbhheg `bh oe b

diwh `fbhheg ir bh up `fbhheg.

@KA@ist, khsurbhè bhd areklft `fbrles air sfkppkhl

pridu`ts.

@kty-LbteZfysk`bg gi`bih wfere lbs ks degkvered oy b pkpegkhe

ti b gi`bg dkstrkouih ìmpbhy.

@gebrkhlTfe prièss ia mbt`fkhl trbdes, segkhl trbdes bhd

privkskih ia b lubrbhtee air trbded ìhtrb`ts, ieh b

servkè perairmed oy ex`fbhles

@gebrkhl AeeB aee fbrled oy b `gebrkhl fiuse air gebrkhl trbdes

@gise IutAkhbgkzkhl b trbhsbìh oy mbckhl bh equbg bhd

ippiskte trbde ti bh ipeh piskih

@HL@impressed hbturbg lbs, bh butimive aueg.

@ileherbtkihTfe priduìh ia oitf ege`trk`kty bhd useaug tfermbg

eherly arim tfe sbme eherly siurè. Hbturbg lbs tehds

ti oe b abvired aueg air ìmokhed-`y`ge ìleherbih

uhkts, kh wfk`f wbste febt ks ìhverted ti ege`trk`kty.

@imokhbtkih FedlkhlB rksc mbhblemeht strbtely tfbt uses b ìmokhbih

ia fedles uskhl dkereht derkvbve khstrumehts

@imokhed @y`geTfe imokhbih ia ihe ir mire lbs turokhe bhd stebm

turokhes kh bh ege`trk` leherbih pgbht. Bh ege`trk`

leherbhl te`fhigily kh wfk`f ege`trk`kty ks priduèd

arim itferwkse gist wbste febt exkhl arim ihe ir

mire lbs (ìmousih) turokhes. Tfe febt ks riuted

ti b ìhvehihbg oikger ir ti b febt reìvery stebm

leherbtir air use oy b stebm turokhe kh tfe priduìh

ia ege`trk`kty. Tfks prièss kh`rebses tfe e`keh`y ia

tfe ege`trk` leherbhl uhkt

@imokhed Febt bhd Ziwer (@FZ)Ziwer pgbht, usubggy emoedded, wfk`f priduès oitf

ege`trk` bhd tfermbg eherly kh tfe airm ia stebm.

@ihlestkih\feh prkès trbde bt skmkgbr gevegs iver b perkid ia

me, tfe `fbrt oeìmes `guered wktf ouskhess

bt tfese gevegs bhd ks reaerred ti bs ìhlested.

@ihlesih brebs bre ieh seeh bs privkdkhl suppirt/

reskstbhè. Tfey bre tfe gevegs bt wfk`f, rbtfer tfbh

orebckhl khti hew lriuhd, prkès tehd ti oil diwh

bhd oeìme trbpped.

@ihsigkdbtkihZrkès mivkhl kh b oribdgy skdewbys rbhle ber b

sfbrp mive kh ihe dkreìh. Ka tfe prkès fbve rkseh

sfbrpgy, tfe lbkhs bre ìhsigkdbted, ieh air severbg

dbys ber tfe mbnir mive.


5/17


5

@ihtbhliMbrcet sktubih wfere prkès bre fklfer air airwbrd

degkvery dbtes tfbh air hebrer degkvery dbtes. Ippiskte

ia ob`cwbrdbih.

@ihwby@ihwby, Cbhsbs. Tfe mbkh pripbhe trbdkhl fuo kh tfe

Mkdwest Uhkted Ptbtes.

@ivered IptkihBh ipih wrkeh blbkhst bh uhdergykhl piskih

@urve-gi`c PwbpB swbp wfk`f gi`cs tfe iuhterpbrty khti bh exkshl

prkè regbihsfkp kh tfe airwbrd ùrve, wktf tfe bkm

ia oehehl arim bhy sfks kh tfe airwbrd ùrve e.l.

oetweeh ob`cwbrdbih bhd ihtbhli

@usfkhl@usfkhl, Icgbfimb. Tfe degkvery pikht air H[MEV

\TK rude ikg autures.

@rb`c PprebdTfe sprebd dkerehbg wfk`f represehts rehkhl mbr-

lkhs. Air exbmpge, ka rude ikg ks trbdkhl bt $15/OOG bhd

lbsigkhe ks trbdkhl bt ?.?5/lbg tfeh tfe rb`c sprebd ks

$?;.5:.

D

Delree DbyDelree dbys bre mebsured bs tfe humoer ia delrees

boive ir oegiw b stbhdbrdkzed temperbture ih bhy

lkveh dby. Kh wkhter, trbders trb`c febhl delree

dbys weec oy weec, ir mihtf oy mihtf, hirmbggy

blbkhst b stbhdbrd temperbture ia 15A, ih tfe obsks ia

fiw mbhy delrees ia febt bre requkred ti orkhl tfe

temperbture up 15A. Kh summer, tfe mbrcet trb`cs

ìigkhl delree dbys, wfk`f bre ìmputed kh tfe

ippiskte mbhher.

DegtbTfe rbte ia `fbhle ia tfe vbgue ia bh ipih wktf

respe`t ti `fbhles kh tfe prkè ia tfe uhdergykhl

ìmmidkty

Degtb FedlkhlTfe prièss wfereoy tfe lrbhtir ia bh ipih de`kdes

ti ouy ir segg mire ir gess ia bh uhdergykhl autures

ìhtrb`t kh irder ti prite`t blbkhst oekhl de`gbred

upih oy tfe ipihs figder. Ka degtb fedlkhl, tfe

lrbhtir ia b `bgg ipih wkgg ouy mire ia tfe autures

ìhtrb t ka kt rkses kh vbgue tiwbrds tfe strkce prkè (bs

tfe priobokgkty ia oekhl de`gbred upih rkses tiwbrds

2::%). Tfe lrbhtir ia b put ipih wkgg typk`bggy segg

mire ia tfe uhdergykhl autures ìhtrb`t ka kt sgkdes kh

vbgue (bs tfe priobokgkty ia oekhl de`gbred upih rkses

tiwbrds 2::%)

Degtb HeutrbgB stbte wfere tfe lrbhtir ia bh ipih fbs obgbhèd

tfe priobokgkty ia oekhl de`gbred upih tfriulf

ouykhl/seggkhl tfe uhdergykhl autures ihtrb`t.

Dembhd Pkde MbhblemehtBgg b`vkes ir prilrbms uhdertbceh oy bh ege`trk`-

kty system ir ìhsumers ti khuehè tfe bmiuht bhd

mkhl ia ege`trk`kty use.

DemurrbleTfe detehih ir degby ia b vesseg kh gibdkhl ir uh-

gibdkhl oeyihd tfe me blreed upih. Demurrble

`fbrles bre usubggy khùrred air bhy degby.


6/17


1

Dkaaerehtkbg-

Dry LbsHbturbg lbs wfk`f dies hit ìhtbkh gkqukd fydri`br-

oihs. Lbs ks usubggy prkèd ih b dry obsks.

E

EKB

EAZEx`fbhle ia autures air pfysk`bg> reaers ti tfe ex`fbhle

Eggkitt \bve

tfree- wbve trehd, tfe exteht bhd sìpe ia wfk`f bre

Euripebh Iptkih

expkry. Tfese typk`bggy trbde kh tfe IT@ mbrcets.

Ex`fbhle-Trbded

su`f bs H[MEV ir K@E, wktf stbhdbrd ìhtrb`ts bhd

ruges

Exer`kse

rklfts ti tfe ìhtrb`t bhd ks degkvered b gihl (`bgg) ir

prkè.

Dkaaerehtkbg Pwbp

Diuoge-up Pwbp

ti diuoge tfe swbp vigume oeaire tfe prk`khl perkid

prkè. Tfe me`fbhksm oy wfk`f tfks ks b`fkeved

-

arim tfe sbge ks used ti suoskdkze tfe swbp prkè.

DIEUhkted Ptbtes Depbrtmeht ia Eherly

Diw TfeiryTfeiry ia mbrcet mivemeht devegiped oy @fbrges

-

skve fklfer pebcs bhd fklfer triulfs kh bh uptrehd,

bhd giwer pebcs bhd giwer triulfs kh b diwhtrehd.

Diw dkvkdes trehds khti prkmbry, seìhdbry bhd mkhir.

-

erh te`fhk`bg tfeiry.


7/17



8/17


6

L

LbggihTfere bre 4? UP lbggihs kh b obrreg.

LbmmbTfe rbte ia `fbhle kh degtb per uhkt `fbhle kh tfe

uhdergykhl khstrumeht.

LbsikgBh khtermedkbte dksggbte pridu`t used air dkeseg

aueg, febhl aueg bhd simemes bs aeedsti`c. Kh UP

pbrgbhè> Hi. ? Febhl Ikg.

LbsigkheQigbge mitir aueg used kh `brs.

Leherbtkih

Tfe prièss ia pridu`khl ege`trk`kty oy trbhsairmkhlitfer airms ia eherly su`f bs stebm, febt ir abggkhl

wbter. Bgsi, tfe bmiuht ia ege`trk`kty priduèd, ex-

pressed kh ckgiwb-fiurs (c\f) ir melbwb-fiurs

(M\f).

LeherbtirB priduèr ia ege`trk`kty, oitf gkterbggy bhd lurbvegy.

Lklbniuge (LN)B niuge ks bh khterhbihbg uhkt ia eherly dehed bs

tfe eherly priduèd arim ihe wb iwkhl air ihe

seìhd. B very smbgg uhkt ia eherly, tfere bre 0-1-mkg

niuges kh b ckgiwb-fiur. Air lbs, ihe lklbniuge = :.;1

Mà uhder stbhdbrd temperbture bhd pressure

ìhdkihs.

Lriup 0Airmergy tfree rbkgribd impbhkes kh Tugsb, Icgbfimb.

Lriup 0 hiw reaers ti tfe pkpegkhe prkè ia petrigeum

ìmmidkes arim Tugsb ti Mkhhesitb kh tfe UP.

F

Febd bhd PfiugdersB reversbg pberh `fbrb`terkzed oy b fklf, b fklfer

fklf, b giwer fklf, bhd b orebc oegiw tfe gkhe nikhkhl

tfe giws oetweeh tfe fklfs, tfe si-`bgged he`c-gkhe.

FedleTfe reduìh ia rksc oy ìverkhl bh`kpbted ìmmkt-

mehts, kh tfe auture, tfriulf b swbp, auture ir ipih

ìhtrb`t.

Fehry FuoB pkpegkhe khter`fbhle hebr Erbtf, Giukskbhb, wfere b

humoer ia khterstbte bhd khtrbstbte pkpegkhes khterìh-

he`t tfriulf b febder system iperbted oy Pbokhe Zkpe

Gkhe. Kt ks tfe stbhdbrd degkvery pikht air tfe H[MEV

hbturbg lbs autures ihtrb`t kh tfe UP.

Fkstirk` QigbtkgktyTfe `fbhle kh tfe bosigute vbgue ia b ìmmidkty ir

khstrumeht iver b èrtbkh perkid, expressed bs b per-

èhtble ia tfe giwest prkè reìrded kh tfbt perkid.

K

KEBKhterhbihbg Eherly Bleh`y


9/17


;

Kmpgked QigbtkgktyTfe vigbgkty kmpgked oy b èrtbkh ipih prkè.

Khdex PwbpKh tfe hbturbg lbs mbrcet kh Hirtf Bmerk`b, khdex

swbps bre ieh used ti fedle blbkhst gi`bih prkè

rksc (b airm ia obsks rksc). Tfe segger reèkves b xed, ir

itferwkse determkhed, prkè bhd pbys tfe ouyer tfe

puogksfed khdex vbgue air hbturbg lbs arim b spe`ked

gi`bih

Khterruptkoge LbsLbs sigd ti ùstimers wktf b privkskih tfbt permkts

ùrtbkgmeht ir essbih ia servkè bt tfe dks`reih ia

tfe suppgker.

Khter-Mihtf PprebdPkmugtbheius pur`fbse bhd sbge ia b auture kh twi

sepbrbte trbdkhl perkids

Kh-Tfe-Mihey IptkihBh ipih wfk`f fbs khtrkhsk` vbgue. B put ipih ks kh-

tfe-mihey wfeh kts strkce prkè ks boive tfe vbgue ia

tfe uhdergykhl autures ihtrb`t. B bgg ipih ks kh-tfe-

mihey wfeh kts strkce prkè ks oegiw tfe vbgue ia tfe

uhdergykhl autures ìhtrb t.

Khtrkhsk` QbgueTfe vbgue ti bh ipih figder ka (s)fe were ti exer`kse

bh ipih tidby.

KZZKhdepehdeht piwer priduèr Uhrelugbted piwer

leherbtirs wfk`f, uhgkce ugkes, fbve hi arbh`fksed

retbkg servkè terrktirkes. Eveh b pgbht oukgt oy bh khves-

tir-iwhed ugkty ti serve kts hbve retbkg gibd ks hit bh

KZZ. Kts sgg b ugkty pgbht. Bgsi, ugkes tfbt airm bgk-

btes bhd oukgd iutskde ia tfekr terrktirkes bh oe KZZs.

C

CkgiwbttIhe ckgiwb equbgs 2::: wbs. Boorevkbtes ti c\.

Ckgiwbtt-Fiur (C\f)Tfe obsk` uhkt air prk`khl ege`trk` eherly, equbg ti ihe

ckgiwb ia piwer suppgked ìhhuiusgy air ihe fiur

(ir tfe bmiuht ia ege`trk`kty heeded ti gklft teh 2::-

wb gklft ougos air ihe fiur). Ihe c\f equbgs 2,:::wb-fiurs. Ihe c\f = 0.0:1 ù ia hbturbg lbs.

G

GbmodbTfe mebsure ia tfe rbte bt wfk`f aueg ks ìhsumed

regbve ti ege`trk` iutput, expressed kh Otus per c\f.

GKOI_ (Gihdih Khterobhc Iaaered _bte)Airwbrd aireklh ex`fbhle khterest rbtes.

GkatkhlTfe b`t ia gibdkhl petrigeum ir petrigeum pridu`ts

bt b termkhbg ir trbhsaer pikht.

Gklft @rude IkgFbs bh BZK lrbvkty fklfer tfbh 00 delrees. Tfe fklfer

tfe BZK lrbvkty, tfe gklfter tfe `rude ikg.

Gklft EhdsLriup ia petrigeum pridu`ts wktf tfe giwest oikgkhl

temperbtures, kh`gudkhl lbsigkhes bhd dksggbte auegs.


10/17


2:

GkterB gkter ks 2,:::tf ia b `uok` meter. Tfere bre 0.


11/17


22

MMPTfe UP Mkherbgs Mbhblemeht Pervkè, bh bleh`y ia

tfe Khterkir Depbrtmeht.

MilbsUsed kh sime mbrcets bs b suostute term air

lbsigkhe.

MimehtumTfe skmpge dkerehè oetweeh tfe prkè hiw bhd tfe

prkè H dbys bli. Mimehtum ks helbve ka tfe prkè

hiw ks oegiw tfe prkè H dbys bli, bhd piskve ka kt

ks boive.

Miht OegvkeuMiht Oegvkeu, Texbs. Tfe mbkh pripbhe trbdkhl fuo

bgihl tfe Uhkted Ptbtes Luga @ibst.

Mivkhl BverbleTfe mebh ia prkès iver b pre-dehed perkid, air

khstbhè, tfe prevkius ve dbys. Tfe mivkhl bverble

air dkereht me perkids `bh oe `fbrted ti leherbte

sfirt- bhd medkum-term ouy/segg sklhbgs.

H

Hbced IptkihB sfirt ipih piskih kh wfk`f tfe wrkter dies hit

fbve tfe uhdergykhl immidkty

Hbtkihbg Eherly OibrdTfe @bhbdkbh relugbtiry oidy wfk`f iversees khter-

privkh`kbg hbturbg lbs trbde bhd pkpegkhes. Gi`bted kh

@bglbry, Bgoertb.

Hbturbg LbsB hbturbggy i`ùrrkhl mkxture ia fydri`broih bhd hih-

fydri broih lbses aiuhd kh pirius leigilk`bg airmb-

ihs oehebtf tfe ebrtfs surabè, ieh kh bssi`kbih

wktf petrigeum. Tfe prkh`kpbg ihstueht ks metfbhe

HLGHbturbg lbs gkqukds. @bh kh`gude etfbhe, pripbhe,

outbhe, ksioutbhe bhd hbturbg lbsigkhe/ìhdehsbte.

Hit ti oe ìhaused wktf GHL, gkqueed hbturbg lbs.

GHL ks br`kbggy gkqueed metfbhe, hit tfe febvker

arbìhs dehed bs HLGs.

H[FHew [irc Fbroir Tfe degkvery pikht air tfe H[MEV

lbsigkhe bhd febhl ikg ihtrb`ts.

H[MEVHew [irc Mer`bhge Ex`fbhle. Bgsi chiwh kh tfe

eherly khdustry bs tfe H[ Mer`.

HE\Ikg bhd petri`femk`bgs mbrcet boorevkbih air Hirtf-

west Euripe.

I

IaaerBh khdk`bih ia wkggkhlhess ti segg b spe`ked bmiuht

ia b ìmmidkty bt b spe`k` prkè.

Iaa-ZebcGklft gibd fiurs. Tfe me ia tfe dby wfeh b piwer

system wiugd experkehè kts gklftest gibd, usubggy kh

tfe mkddge ia tfe hklft.


12/17


2?

IZE@Tfe Irlbhkzbih ia tfe Zetrigeum Expirhl @iuh-

trkes. Lriup ia `rude-pridu`khl ìuhtrkes wfk`f fbs

used kts ìgge`ve weklft ia priduìh skhè IZE@

wbs aiuhded kh 2;1: kh bh bempt ti khuehè ikg

prkès.

Ipeh KhterestIpeh khterest ks tfe humoer ia ipeh ìhtrb`ts ih b

lkveh auture ir ipihs ìhtrb`t. Gihls ir sfirts tfbt

fbve hit oeeh `gised iut bre IK. Pfirt-ìverkhl/

prit-tbckhl wkgg tehd ti reduè IK.

IptkihsB ìhtrb`t uhder wfk`f tfe wrkter ia tfe ipih lkves

simeihe tfe rklft out hit tfe iogklbih ti ouy ir segg

bh uhdergykhl ìmmidkty, air khstbhè, b autures ìh-

trb`t. Ipihs `bh oe iver-tfe-ìuhter ir ex`fbhle-

trbded.

IZKPIkg Zrkè Khairmbih Pervkè

Iut ia tfe Mihey Iptkih (ITM)Bh ipih wktf bh exer`kse prkès giwer tfbh tfe ùr-

reht mbrcet geveg ia tfe uhdergykhl khstrumeht. Pu`f

bh ipih fbs hi khtrkhsk` vbgue, out fbs lit me

vbgue, bs prkè `fbhles kh tfe uhdergykhl mklft orkhl

kt ob`c khti tfe mihey.

Iver tfe @iuhter (IT@)Okgbterbg mbrcets kh wfk`f ìhtrb`ts air autures, ip-

ihs bhd swbps bre wrkeh ih b tbkgir-mbde obsks.

Z

ZBDDZetrigeum Bggi`bih air Deaehse Dkstrk`t. B lriup ia

ve leilrbpfk` brebs kh tfe UP used kh reaerehè ti

petrigeum dkstrkouih.

ZbrckhlZrivkdkhl b ùstimer wktf tempirbry lbs stirble,

typk`bggy bt b mbrcet fuo.

Zbrtk`kpbtkih PwbpPkmkgbr ti b relugbr swbp kh tfbt tfe xed prkè pbyer

ks auggy prite`ted wfeh prkès rkse boive tfe blreed

(xed) prkè, wktf tfe dkerehè tfbt tfe `gkeht pbr-

`kpbtes kh bhy prkè de`rebse.

Zebc DembhdTfe mbxkmum gibd durkhl b spe`ked perkid ia me

Zebc GibdTfe mbxkmum ege`trk`bg gibd dembhd kh b stbted

perkid ia me. Ih b dbkgy obsks, pebc gibds i`ùr bt

mkdmirhkhl bhd/ir kh tfe ebrgy evehkhl

Zebc Gibd Zgbht (Zebcer)B pgbht usubggy fiuskhl giw-e`keh`y, quk`c respihse

stebm uhkts, lbs turokhes, dkesegs, ir pumped-stirble

fydriege`trk` equkpmeht hirmbggy used durkhl tfe

mbxkmum gibd perkids. @fbrb`terkzed oy quk`c stbrtmes bhd leherbggy fklf iperbhl ìsts, out giw

`bpktbg ìsts

Zebckhl @bpb`kty@bpb`kty ia leherbhl equkpmeht hirmbggy reserved

air iperbih durkhl tfe fiurs ia fklfest dbkgy, weecgy,

ir sebsihbg gibds.


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Zfysk`bg DegkveryTfe trbhsaer ia iwhersfkp ia bh uhdergykhl immidkty

oetweeh b ouyer bhd segger ti sege b autures ihtrb`t

aiggiwkhl expkry.

Zisted ZrkèIutrklft, hih-mbrcet-regbted prkè requested oy b

segger ia rude ikg ir pridu`ts. Ee`vegy, tfe gkst prkè.

ZZM (Zbrts per mkggkih)Typk`bggy used ti desklhbte bmiuht ia metbgs ir itfer

kmpurkes kh rehed ikg pridu`ts.

Zre-Zbkd PwbpOy mebhs ia b pre-pbkd swbp, tfe xed pbymehts tfbt

airm ihe skde ia tfe `bsf-iws leherbted oy b stbh-

dbrd swbp, bhd wfk`f bre hirmbggy pbkd iver tfe gkae

ia tfe swbp, br` dksìuhted fb`c ti tfekr het pre-seht

vbgue bhd pbkd bs bh kmmedkbte `bsf sum ti ihe ia

tfe swbp ìuhterpbres. Tfbt ìuhterpbrty wkgg tfeh

mbce ibhl prkè pby-merkts iver tfe gkae ia tfe

swbp, nust bs kh b stbhdbrd swbp.

ZremkumTfe prkè ia bh ipih, bs determkhed oy bh ipihs

prk`khl mideg.

ZrimptB primpt `brli des`rkoes b `brli bvbkgboge air kmme-

dkbte gkkhl (ihe ti twi dbys). Zrimpt tihhble reaers

ti tbhcers bvbkgboge ti gk `brlies kmmedkbtegy.

Zut IptkihTfe rklft, out hi tfe iogklbih, ti segg b ìmmidkty,

air khstbhè, b auture.

Zuts/@bgg _btkiTfe rbi ia puts ti `bggs kh bh ipihs mbrcet.

_

_b`c ZrkèTfe prkè ia petrigeum pridu`ts bt b rehery ir

wfigesbge gibdkhl rb`c. _b`c-prk khl ks ee`vegy bsf

bhd `brry bt tfe rb`c

_eskstbhèB prkè bt wfk`f seggers bre gkcegy ti ehter tfe mbrcet

kh bh uptrehd.

_eskdsIkg mbrcet nbrlih air reskdubg aueg ikgs.

_eskstbhèB prkè bt wfk`f seggers bre gkcegy ti ehter tfe mbrcet

kh bh uptrehd.

_everse Tiggkhl\feh b lbs pkpegkhe re`bggs lbs used air ege`trk` leh-erbih bhd dkverts kt ti ehd-use mbrcets wfeh lbs

prkès bre fklfer tfbh piwer prkès.

_AL_eairmugbted lbsigkhe. UP spe`ked lbsigkhe airmu-

gbted wktf b fklfer ixyleh ìhteht tfbh pre-2;;:s

lbsigkhes. _AL ks spe`ked ti ìhtbkh ?.


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_igg IverTfe trbhsaer ia b piskih arim ihe autures perkid ti

bhitfer khvigvkhl tfe pur`fbse (sbge) ia tfe hebroy

mihtf bhd skmugtbheius sbge (pur`fbse) ia b aurtfer-

airwbrd mihtf.

P

Peìhdbry MbrcetKh hbturbg lbs, tfe trbdkhl ia trbhspirtbih `bpb`kty.

Pettgemeht ZrkèB prkè estbogksfed bt tfe `gise ia b trbdkhl dby used

ti bgùgbte tfe segemeht ia autures ihtrb`ts.

Pfirt Zisktkih\feh b trbder seggs b immidkty fe diesht iwh, wktf

b vkew ia ouykhl kt `febper bt b gbter dbte, fe ks sbkd

ti oe sfirt.

Piur/Pweet @rudeDehkihs wfk`f des`rkoe tfe delree ia b lkveh

`rudes sugaur ìhteht. Piur `rudes bre fklf kh sugaur,

sweet `rudes bre giw.

Piur/Pweet LbsPiur lbs ks hbturbg lbs wfk`f ìhtbkhs getfbg fydrileh

sugde, bhd must oe purked oeaire oekhl khne`ted

khti b pkpegkhe. Pweet lbs ks lbs aiuhd kh kts hbturbg

stbte wfk`f dies hit heed ti oe purked ti remive

sugaur-oebrkhl ìmpiuhds.

Ppbrc PprebdTfe ist dkerehè ia ìhverhl hbturbg lbs khti ege`-

trk`kty. Kt `bh bgsi oe tfe dkerehè oetweeh lbs bhd

ege`trk`kty autures prkès.

Ppit MbrcetB mbrcet wfere tfe immidkty oekhl trbded ks air km-

medkbte degkvery.

PZ_Uhkted Ptbtes Ptrbtelk` Zetrigeum _eserve

PprebdTfe dkerehè oetweeh twi prkès, ektfer b`riss me

ir oetweeh immidkes ir khstrumehts.

Pprebd (iptkihs)Bh ipih trbde kh wfk`f twi ir mire ipeh piskihs

bre estbogksfed kh irder ti trbde tfe dkerehbgs bhd

iset rksc. Ipih sprebds mby use dkereht strkce

prkès bhd/ir expkry dbtes.

Pprebd-TrbdkhlOuykhl ihe khstrumeht/ìmmidkty bhd seggkhl bh-

itfer, wktf b vkew ti prihl arim tfe `fbhle kh tfe

lbp oetweeh tfe twi mbrcets.

Ptip-Giss IrderOuy ir segg irders put kh tfriulf b oricer, wfk`f bre

butimb`bggy trkllered ka tfe prkè mives boive ir

oegiw b ertbkh geveg.

PtirbleKh ikg> typk`bggy ihgbhd tbhcble ab`kgkes air sfirt- ir

gihl-term stirble ia `rude ir pridu`ts3 simemes

used kh eìhimk` pbrgbhè khter`fbhlebogy wktf tfe

ìhèpt ia ikg sti`cs. Kh hbturbg lbs> ab`kgkes used ti

stire hbturbg lbs wfk`f fbs oeeh trbhsaerred arim kts

irklkhbg gi`bih. Usubggy ihsksts ia hbturbg leigilk`bg

reservikrs gkce depgeted ikg ir lbs egds, wbter-oebrkhl

sbhds sebged ih tip oy bh kmpermeboge `bp ri`c, uh-

derlriuhd sbgt dimes, oedded sbgt airmbihs, ir kh

rbte bses, bobhdihed mkhes.


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Uhìvered Zisktkih (autures)\fere b gihl mbrcet pgbyer fbs oiulft mire ia b

ìmmidkty tfbh fe fbs blreed ti segg, ir wfere b

sfirt mbrcet pgbyer fbs sigd mire ia b ìmmidkty

tfbh (s)fe fbs ti degkver.

Uhìvered Zisktkih (iptkihs)\feh tfe lrbhtir ia bh ipihs piskih fbs hi ìver

kh tfe uhdergykhl autures mbrcet blbkhst b prkè swkhl

kh tfe figders abvir (see degtb fedlkhl).

UPB@Tbhcer bhd mbrcet boorevkbih air UP Btgbh` @ibst.

UPE@Zetri`femk`bg mbrcets boorevkbih air UP Ebst @ibst.

UPL@Mbrcet boorevkbih air Uhkted Ptbtes Luga @ibst.

UP\@Tbhcer bhd mbrcet boorevkbih air UP \est @ibst.

Q

QelbTfe rbte ia `fbhle ia tfe vbgue ia bh ipih wktf

respe`t ti tfe vigbgkty ia tfe uhdergykhl khstrumeht

(bgsi simemes bgged cbppb).

QigbtkgktyB vbgue brkouted ti bh uhdergykhl autures ìhtrb`t

wfk`f determkhes tfe premkum tfbt ks set oy tfe

lrbhtir. Kh`gudes bh egemeht ia fkstirk`bg vigbgkty,

bhd tfe vigbgkty wfk`f tfe lrbhtir ia bh ipih oe-

gkeves wkgg sgg oe seeh kh tfbt autures ihtrb`t.

\

\bttB mebsure ia rebg piwer priduìh ir usble equbg

ti ihe Niuge per seìhd. Tfe rbte ia eherly trbhsaer

equkvbgeht ti 2 bmpere iwkhl uhder b pressure ia

2 vigt.

\et LbsHbturbg lbs ìhtbkhkhl gkqueboge fydri`broihs. Hbt-urbg lbsigkhe, outbhe, pehtbhe bhd itfer gklft fydri-

`broihs `bh oe remived oy `fkggkhl bhd pressure ir

extrbìh. Kt bgsi reaers ti lbs tfbt fbs wbter kh exèss

ia


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Mer`btus Eherly Bdvksirs ks tfe gebdkhl, khdepehdeht, eherly rksc mbhblemeht bdvksiry flrm.

\e privkde iur `gkehts wktf khhivbtkve sigutkihs kh tfe flhbh`kbg bhd pfysk`bg eherly ìmmidkty

mbrcets tfriulf b ìmprefehskve sukte ia qubhtktbtkve bhd qubgktbtkve servkès.

Air mire khairmbtkih, pgebse `bgg us bt +2.

Energy Hedging & Risk Management Glossary

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