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UK Electricity Definitions

EFA: Electricity Forward Agreement

1 Kilowatt (KW)	1000 watts
1 Megawatt (MW) - Main Trading Unit	1000 Kilowatts
1 Gigawatt (GW)	1000 Megawatts
1 Terawatt (TW)	1000 Gigawatts
1 Megawatt Hour (MWh)	1 Megawatt of electricity for 1 hour

UK Power trades according to the EFA Calendar that runs on a rolling 4/4/5 week convention.

Month	Weeks
January	4 weeks
February	4 weeks
March	5 weeks
April	4 weeks
May	4 weeks
June	5 weeks
July	4 weeks
August	4 weeks
September	5 weeks
October	4 weeks
November	4 weeks
December	5 weeks

Period	Weeks
Quarter 1	Weeks 1 to 13
Quarter 2	Weeks 14 to 27
Quarter 3	Weeks 28 to 39
Quarter 4	Weeks 40 to 52
Summer	Weeks 14 to 39 inclusive (April through September)
Winter	Weeks 40 to 13 inclusive (October through March)

Hense an Annual product will be 52 weeks starting Week 14 (April) or Week 40 (October) as opposed to the calendar year which is traded in Gas & European Power.

Week 1 commences at 11pm on the Sunday of the week that includes the first Thursday of the year.

Time Periods Traded

The EFA day runs from 11pm through to 11pm the next day.

Composed of blocks 1 through 6, each one being a 4 hour block.

Commonly quoted periods: day/weekend/week/month/season/annual.

Common block shapes traded for 1 week period or greater:

Baseload	WD 1/2/3/4/5/6 and WE 1/2/3/4/5/6
Peaks	WD 3/4/5 (applicable on a bank holiday as well)
Offpeaks	WD 1/2/6 and WE 1/2/3/4/5/6
Overnights	WD 1/2 and WE 1/2
Days	WD 3/4/5/6 and WE 3/4/5/6

When trading Day-ahead, and where that denotes a Saturday, Sunday or bank holiday, blocks 3/4/5 can be traded together and is often referred to as a 'Peak' product although, by definition, this term applies only to a weekday. If in doubt please check.

'Day-ahead' when traded on a Friday, referes to the following Monday NOT Saturday.

B.O.F.M (Balance of Front Month)
This period commences on the day after Day-ahead (i.e. D + 1) and terminates at the end of the balace of the EFA month. Where trading of B.O.F.M. occurs on a Friday, B.O.F.M commences on a Tuesday (11pm Monday).

Clearing

A clearing service is offered on the Spectron UK Power screen to APX members only, and is offered on baseload (blocks 1 through 6 inclusive) and peaks (blocks 3 to 5 inclusive) from Day-ahead ,weeks and months through to the front 6 seasons. Any cleared trade is transferred automatically through to the APX, who take care of the notification procedure.

Spark Spreads

Screen title: 100K Th Vs 60 MWs
This refers to the efficiency rate of 49.1349% that is achieved by trading 100,000 Therms of gas versus 60MW of power, that is used as a market standard. The minimum order in £/MWh is for 30 MW and continues in multiples thereof. Standard GTMA and NBP 1997 contracts are used as default hence a slight misalignment of times and start/end dates between the power and gas contracts.

Screen Headings/Product Definitions

WD	Weekday
WE	Weekend
BSLD	Blocks 1/2/3/4/5/6
UK PEAKS WD 3/4/5	Except where Day-ahead denotes Saturday, Sunday or bank holiday in which case applies to blocks 3/4/5. (Note: a bank holiday is always categorised as WD not WE.)
UK OFFPEAKS	WD 1/2/6 and WE 1/2/3/4/5/6. When trading a single day, the offpeak is always blocks 1/2 and 6 irrespective of it being a weekday or weekend.
WK (43) WE	Saturday and Sunday combination (weekend) in Week (43)
WK (43)	Runs from 11pm Sunday Week (42) through to 11pm Sunday Week (43)
B.O.W.	Balance of the Front EFA week, incluidng Day-ahead
B.O.F.M.	Balance of the Front Month (does not include Day-ahead)
B.O.F.S	Balance of the front Season (does not include Day-ahead)
DAYS	WD and WE 3/4/5/6
NIGHTS	WD and WE 1/2

Please note: Any trade which includes Day-ahead is always posted through the screen i.e. can be negotiated OTC but execution must be through the UK Power screen.

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UK Electricity Definitions