Take or Pay


Definition: The obligation on a customer to pay for a specified amount of energy if it is taken or not.




Definition: Published standard charges applied to gas and electricity supplies that are not on a bespoke negotiated contract.


Taxable Commodities


Definition: There are four groups of taxable commodities, and are as follows: electricity, natural gas when supplied by a gas utility, liquid petroleum gas (LPG), and other gaseous hydrocarbons in a liquid state, coal and lignite; coke, semi-coke of coal or lignite, and petroleum coke.


Technical Analysis


Definition: Analysis based on the assumption that price takes into consideration all factors that could influence the price of the commodity. It is, therefore, broader than fundamental analysis, which looks at supply and demand. Past price movements can be analyzed for indications of future price movements.


Technical Rally


Definition: A short rise in commodity futures prices within a general declining trend. Such a rally may result from bargain hunting by market participants or because technical analysis has noticed a particular support level at which the commodity price is expected to increase.


Terawatt (TW)


Definition: One trillion watts (1,000 GW).




Definition: The imperial unit of energy used for gas, the metric equivalent in kilowatt hours (1 therm = 29.3071kWh)


Third-party-access (TPA)


Definition: Where the owner of a pipeline or electricity network is obliged to transport gas, crude, or electricity in a non-discriminatory way.




Definition: When an ask price is equal or very close to the price of a previous sale of a security. For example, if a party buys an asset for £40 and sells for £40.02, the sale would be described as tight.


Title Transfer Facility (TTF)


Definition: The Dutch equivalent of the National Balancing Point (NBP).


Torness Nuclear Power Station


Definition: The last of the United Kingdom's second-generation nuclear power plants to be commissioned. It is located approximately 30 miles east of the city of Edinburgh at Torness Point near Dunbar in East Lothian, Scotland.




Definition: The gas system operator, part of National Grid.




Definition: The transfer of electricity at high voltage from power stations across the UK via wires on pylons to points where it can be distributed to users.


Transmission Losses


Definition: Charges for the loss of transmitting power through the wires.


Transmission Use of System (TUoS)


Definition: Charges for the use of the transmission network for transmitting power down the wires.


Transportation Capacity


Definition: The capacity of the UK natural gas system, which is assessed by the National Grid in three places:


1) The entry capacity of the UK Natural Transmission System (NTS).
2) The exit capacity at the NTS offtakes.
3) Local Distribution Zone (LDZ) capacity within the LDZs.




Definition: A line, which is drawn through successive maximum price movements, i.e. through a series of two or more successively lower peaks (downtrend) or successively higher troughs (uptrend). The more instances of contact, the more the line is reinforced.




Definition: Each year, the National Grid and its Scottish equivalents are paid a Transmission Network Use of System (TNUoS) fee in order to finance the cost of maintaining and updating the UK’s electricity grid. This fee is split between generators and consumers of electricity. Customers receiving pass-through charges pay their share based on consumption during Triads. These are the three highest half-hour periods of system demand between November and February each year.