Glossary
A certificate that provides partial exemption for prescribed Emissions Intensive Trade Exposed activities from Large-Scale Renewable Energy Target and the Small-Scale Renewable Energy Scheme liabilities. Eligible Emissions Intensive Trade Exposed activities must apply to the Office of the Renewable Energy Regulator annually for Partial Exemption Certificates. These Partial Exemption Certificates can be on-sold to Large-Scale Renewable Energy Target and the Small-Scale Renewable Energy Scheme liable entities. See also Large-Scale Renewable Energy Target, Office of the Renewable Energy Regulator and Small-Scale Renewable Energy Scheme.
Payback period (in yrs) =
Includes both energy and non-energy quantifiable costs and benefits. No discounting of future costs and benefits is done when calculating a simple payback period.
The maximum demand on the electricity system at any time during the year. The underlying cost of supplying electricity, and the wholesale market energy price, is typically the highest at peak periods because system reliability requires the dispatch of high cost flexible ‘peaking’ generation such as Open Cycle Gas Turbine (OCGT) and because electricity transmission and distribution networks must be built to withstand peak demand. The price that end users pay for energy is indirectly affected by peak demand, because ‘market sentiment’ engendered by high wholesale market prices may affect the contract price that a retailer is prepared to offer or accept.
The highest level of demand within a specified period.
A form of demand-side response where an energy user can reduce energy consumption (and demand) during peak periods. See also Demand-side response and Load shifting.
An expression that refers to a particular characteristic of a load profile, which is considered ‘peaky’ if it is particularly variable or volatile. All else being equal, retailers will charge individual end users more for peaky demand. See also Load profile.
Petajoule (1015 Joules).
A curve that shows the distribution of trading interval wholesale energy prices over a year in descending order.
An indirect signal provided by a market price to existing generators and potential new entrants indicating that there may be value in providing additional capacity.