Definition: An underwater pipeline transporting Norwegian natural gas to the United Kingdom.


Large Combustion Plant Directive (LCPD)


Definition: A European Union directive that aims to reduce acidification, ground-level ozone, and particulates by controlling the emissions of sulfur dioxide, oxides of nitrogen, and dust from large combustion plants.




Definition: Wholesale power and gas trades may compromise different parts often referred to as legs


Levy Exemption Certificates


Definition: A certificate allocated to qualify power generation to counteract the effect of the UK Climate Change Levy (CCL).




Definition: A high level of trading activity, allowing buying and selling with minimum price disturbance. Also, a market characterized by the ability to buy and sell with relative ease.


Liquified Natural Gas (LNG)


Definition: Gas that is super-cooled to form a liquid for ease of storage and transportation.


Liquified Petroleum Gas (LPG)


Definition: A flammable mixture of hydrocarbon gases used as a fuel in heating appliances and vehicles.


Load factor


Definition: The ratio between average and peak usage for electricity or gas customers. The higher the load factor, the smaller the difference between average and peak demand.


Local Distribution Zones (LDZ)


Definition: The zones that National Grid Transco has divided the UK into for the purpose of calculating shippers’ charges for transporting gas within the national transmission system.


Local Transmission System (LTS)


Definition: The pipeline systems operating at pressures about half those of the NTS that take gas from NTS off takes and transport it to end-users/consumers via downstream LDS and direct to some larger users.


Long Position


Definition: A position where a party is holding more of a security, contract, or commodity than they need to fulfill their demand for the period in question. A party who has taken a long position would benefit from the security, contract, or commodity increase in price.




Definition: Refers to a period of time often measured in terms of months or years.


Low Voltage (LV)


Definition: Electricity supply voltage below 1,000 volts.