Mark-to-market

 

Definition: Calculation of the value of a financial instrument (or portfolio of such instruments) at current market rates or prices. Marking-to-market on a daily (or more frequent) basis is often recommended in risk management guidelines.

 

Market Clearing Price

 

Definition: The price at which supply equals demand for the day-ahead and hour-ahead markets.

 

Market Maker

 

Definition: An energy trader or firm that is prepared to buy and sell in the derivatives market to provide a two-sided (bid/ask) market and greater liquidity.

 

Market Risk

 

Definition: The risk that value will be lost due to a change in some market variable, such as commodity or equity prices, interest rates, or foreign exchange rates.

 

Maximum Annual Quantity (MAQ)

 

Definition: Annual quantity of gas multiplied by the MAQ percentage.

 

Maximum Demand (MD)

 

Definition: The highest average electricity demand occurring in a half-hour period. Maximum demand tariffs comprise of fixed monthly charge, an availability charge per kVA of the highest demand expected, a price per unit for day and night units, and a maximum demand charge based on the measured maximum number of units used in one half-hour period in the month.

 

McCloskey (Coal)

 

Definition: A source of news, analysis, and data on the international coal industry.

 

Megawatt (MW)

 

Definition: A unit of power equal to 1,000,000 Watts.

 

Megawatt Hour

 

Definition: The amount of energy used by a 1MW load if it is consumed for an hour.

 

Meter Operator Agreement

 

Definition: An agreement between the customer and the nominated meter operator.

 

Meter Point Administration Number (MPAN)

 

Definition: The unique reference number for each electricity supply point, also referred to as the supply number.

 

Meter Point Reference Number (MPRN or MPR)

 

Definition: The unique reference number for each gas supply point, also referred to as the supply number.

 

Microgeneration

 

Definition: The generation of zero or low-carbon heat and power by individuals, small businesses and communities to meet their own needs.

 

Million Cubic Meters (MCM)

 

Definition: A measurement of a volume of gas in cubic meters (1 MCM of gas = 358,694 therms).

 

Million Mega Joules (MMJ)

 

Definition: A measurement of energy in joules (1 MMJ= 9,478 therms).

 

Monopoly

 

Definition: One seller with control over market sales.

 

Moving Average (MA)

 

Definition: A continuous smoothing technique computed by averaging a series of numbers (price, volume, etc.) progressively over a period of time. Often plotted on a chart with the raw data.

 

Moving Average Convergence Divergence

 

Definition: Combines Moving Average (trend following) and Oscillator principles to create a dual Moving Average crossover approach. The chart is used to create the following signals:


1) Buy signal: This is initiated where the shorter-term average of MACD crosses above the longer-term average or signal line.


2) Sell signal: This is initiated where the shorter-term average of MACD crosses below the longer-term average or signal line.