A-C | D-E | F-I | L-N| O-Q | R | S-Z | Acronyms
failure-to-activate flag - A flag placed on a forward-reserve resource when the resource fails to respond according to its offer data and the ISO's instructions when asked to activate its claimed 10-minute nonspinning reserve or 30-minute operating reserve. A Failure-to-Activate flag results in a financial penalty.
failure-to-reserve flag - A flag placed on a market participant's delivered forward-reserve megawatts associated with a reserve zone when these megawatts are less than the participant's associated forward-reserve obligation. A Failure-to-Reserve flag results in a forfeiture of payment for any forward-reserve megawatts not delivered plus a financial penalty.
fast-start resource - A generation unit that can start up and be at full load in less than 30 minutes, which helps with recovery from contingencies and assists in serving peak demand.
Financial Transmission Rights (FTR) - A financial instrument that a market participant can buy to hedge the price risk of day-ahead congestion caused by constraints on the transmission system. FTR holders have a right to receive, or an obligation to pay, the dollar amounts associated with congestion based on the amount of electric energy (MW) flowing between two specific locations.
firm supply - Fuels under delivery contracts that include priority transportation service that cannot be interrupted or restricted.
first contingency - The largest impact on the system when a first power element (generation or transmission facility) of a system is lost. See N-1.
fixed demand - When market participants buy a specified amount of electricity as a price-taker. A clearing price above which demand is reduced is not specified.
flag - To designate or mark, as in to flag nonperformance with a market obligation or to flag a unit which has been committed to meet the requirements for voltage support or local second-contingency protection reliability.
forced outage - A type of unplanned outage that involves the unexpected removal from service of a generating unit, transmission facility, or other facility or portion of a facility due to an emergency failure or the discovery of a problem.
Forward Capacity Auction (FCA) - The "descending-clock" annual auction of the Forward Capacity Market during which the price for capacity will be decreased until the quantity of capacity remaining in the auction equals the quantity of capacity needed.
Forward Capacity Market (FCM) - In New England, the locational capacity market whereby the ISO will project the needs of the power system three years in advance and then hold an annual auction to purchase power resources to satisfy the region's future needs. The aim of the FCM is to send appropriate price signals to attract new investment and maintain existing resources where and when they are needed, thus ensuring the reliability of the New England electricity grid.
forward reserve - The 10-minute nonspinning reserves and 30-minute operating reserves the ISO purchases on a forward basis on behalf of market participants.
Forward Reserve Market (FRM) - In New England, a market used for acquiring the generating resources needed to satisfy the requirements for 10-minute nonspinning reserves and 30-minute operating reserves.
frequency - The rate of oscillation (cycles/second) of the alternating current in an electrical power system, measured in hertz (Hz). In the United States, the rate is 60 Hz.
frequency bias - A control area's response to an interconnection frequency error, typically expressed in megawatts per 0.1 Hz (MW/0.1 Hz).
generating resource, generating unit, generator - A facility that produces electric energy (see resource).
generation - The production of electric energy from other sources of energy, expressed in megawatts; supply.
grid - The network of the transmission lines, substations, and associated equipment of an electric power system.
heat rate - A measure of the efficiency of a thermal power plant; the amount of heat, measured in British thermal units (Btus), required to produce a kilowatt-hour of electrical output. The lower the heat rate, the more efficient the facility.
hour ending (HE) - A term that denotes the preceding hourly time period. For example, 12:01 a.m. to 1:00 a.m. is hour ending 01. Hour ending 18 is the time period from 5:01 p.m. to 6:00 p.m.
hub - A specific set of predefined nodes for which locational marginal prices are calculated and used to establish a reference price for electric energy purchases and the transfer of day-ahead adjusted load obligations and real-time adjusted load obligations and for the designation of Financial Transmission Rights. The current New England hub consists of 32 nodes.
Hydro-Qubec Installed Capacity Credit (HQICC) - A monthly value that reflects the annual installed capacity benefits of the HQ Interconnection, as determined by the ISO using a standard methodology on file with FERC.
increment offer - A financial offer to sell electric energy at a specified location in the day-ahead energy market; virtual supply not associated with a physical generator. In speaking, sometimes referred to as an "inc" (pronounced "ink".)
Independent System Operator (ISO) - An independent, federally regulated organization formed at the recommendation of FERC to impartially coordinate, control, and monitor the operation of a regional bulk electric power system, including the dispatch of electric energy over the system and the monitoring of the electricity markets, for ensuring the safety and reliability of the system.
inframarginal revenues - The revenues earned by generators through the electric energy market that are in excess of the generators' short-run variable costs for fuel and other operating expenses, which assists in recovering fixed costs, the largest portion being capital costs.
injection - A location on the transmission system where generation is injected, also source.
in merit, in merit order - The designation for a supply offer that is accepted and dispatched because it was less expensive than other accepted and dispatched supply offers. Also see economic-merit order.
interchange - Transfers of electric energy that cross Balancing Authority boundaries.
Interchange Authority - An entity responsible for authorizing the implementation of valid and balanced interchange schedules between Balancing Authority Areas and ensuring the communication of interchange information needed for reliability assessment.
interchange schedule - The agreed-upon specifications for the transfer of electric energy between two control areas including, for example, the size of the transaction in megawatts, the start and end times, the beginning and ending ramp times, and the rate.
interconnection - The connection between two bulk electric power systems or control areas.
interconnection-reliability operating limit (IROL) - A system operating limit that, if violated, could lead to instability, uncontrolled separation, or cascading outages that have an adverse impact on the reliability of the bulk electric power system.
intermediate-load generating unit - A generating unit that is used during the transition between baseload and peak-load requirements.
intermittent power resource (IPR) - A resource whose output amount and availability are intermittent and not subject to the control of ISO New England or the plant operator because of the intermittent source of fuel (e.g., wind, solar, run-of-river hydro) the resource uses or contractual obligations (e.g. qualifying facilities). IPRs can be resources having less than 5 MW operating within the distribution system.
Internal Bilateral for Load (IBL) - An IBT in the Real-Time Energy Market is when the buyer receives a reduction in load obligation and the seller receives a corresponding increase in load obligation in the amount of the megawatt sale.
Internal Bilateral for Market (IBM) -
- An IBT for Energy under which the buyer receives a reduction in its day ahead adjusted load obligation and a real time adjusted load obligation while the seller receives a corresponding increase in its day ahead adjusted load obligation and in its real time adjusted load obligation in the amount of the megawatt sale. (An IBT for Energy can apply in the Day-Ahead Energy Market and Real-Time Energy Market or just the Real-Time Energy Market.)
and/or
- An IBT for Regulation under which the buyer receives a reduction in the regulation obligation and the seller receives a corresponding increase in the regulation obligation in the amount of the megawatt sale.
internal bilateral transaction (IBT) - The purchase or sale of electric energy or regulation obligations between two market participants internal to New England.
interruptible load - Load that can be interrupted by the system operator.
intertie - The circuit that connects two or more control areas or systems.