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




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




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.




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.