Off-peak

 

Definition: Times of relatively low energy demand, typically evenings and weekends.

 

Offer

 

Definition: The price at which a party is willing to sell.

 

Office of Gas and Electricity Markets (OFGEM)

 

Definition: An entity that supervises and develops energy markets, regulation, and the delivery of government scheme

 

Offtake

 

Definition: Gas removed from the National Transmission System at reduced pressure.

 

On-day Commodity Market Trading System (OCM)

 

Definition: An anonymous trading service on the National Balancing Point that offers or requests gas at a specific price.

 

One in Fifty (1 in 50)

 

Definition: The highest gas demand expected in a single year out of 50 years. The UK gas pipeline system is designed to cope with this calculated level of demand.

 

Operational Risk

 

Definition: The risk that a firm’s internal practices, policies, and systems are not adequate to prevent a loss being incurred, either because of market conditions or operational difficulties.

 

Organization of Petroleum Exporting Countries (OPEC)

 

Definition: Vienna-based Organisation of Petroleum Exporting Countries. Opec members are: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, and United Arab Emirates.

 

Ormen Lange

 

Definition: The largest natural gas field in development on the Norwegian continental shelf.

 

Outage

 

Definition: The shutdown of a generating unit, transmission line, or other facility for inspection and maintenance, in accordance with a previous determined schedule. A forced outage is the unplanned loss of service of a generating unit, transmission line, or other facility for purposes other than inspection and maintenance.

 

Over-the-counter (OTC)

 

Definition: Derivative products such as forwards, swaps, and exotic options, are traded on the over-the-counter (OTC) market. This is not a formal market centred on an exchange, but rather a telephone and screen-based market with no administrative centre. Contracts are made on a bilateral basis with the terms negotiated separately for each transaction.