Glossary
Megajoule (106 Joules).
Megawatt hour, a unit of electrical energy equal to the work done by one million watts acting for one hour, and is equivalent to 3.6 gigajoules (GJ).
The statutory basis for the rules that govern the operation of the National Electricity Market. See also National Electricity Rules.
The electricity market that extends across the interconnected electricity network covering Queensland, New South Wales, Australian Capital Territory, Victoria, South Australia and Tasmania. See also Western Australian Electricity Market.
The rules governing operation of the National Electricity Market. The rules are made under the National Electricity Law and are maintained by the Australian Energy Market Commission. Separate Rules govern operation of the Western Australian Electricity Market. See also National Electricity Law.
The National Gas Law provides the statutory basis for the rules that govern the operation of Australian gas markets. See also National Gas Rules.
The rules governing access to natural gas pipelines and operation of gas markets. Separate gas markets operate under the National Gas Rules in Victoria, other eastern states and Western Australia. See also Contract carriage, Market carriage and National Gas Law.
Prepared by the Department of Climate Change the National Greenhouse Accounts (NGA) factors are designed for use by companies and individuals to estimate greenhouse gas emissions associated with the consumption of various fuel types.
A condition whereby the lowest long-run average cost of production (usually referred to as the ‘efficient’ cost) can be achieved by a single firm through economies of scale; and where entry of a second producer would involve significant and unnecessary duplication of facilities.
Equals the net savings (ongoing costs and benefits) over the first four years of an opportunity’s implementation, less initial investment and assessment costs.
A lease under which the tenant agrees to pay, in addition to the rent, expenses such as energy, taxes, insurance, maintenance and other costs of the leased property.
An electricity trading arrangement where generators only sell energy they have not already sold through bilateral contracts. This differs from a gross pool market such as the National Electricity Market, where generators are required to sell all of their energy through the wholesale spot market. See also Gross Pool Market.
An entity that owns and operates a network that transports energy long distances or distributes energy to end users’ premises.
The regulatory authority that oversees implementation and operation of the Large-Scale Renewable Energy Target and the Small-Scale Renewable Energy Scheme. See also Large-Scale Renewable Energy Target and Small-Scale Renewable Energy Scheme.
The management involved in the day to day operation and oversight of a site or discrete business activity (including energy use). Typically this includes site managers or facilities managers.
A term used to describe the bilateral trading of non-standard financial contracts. See also Contract for difference and Electricity futures contract.
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.