Like many industries, the energy industry has developed an language all of it's own. Brokers and suppliers talk about Duos Charges and Triads and avialabiity, but what to they actually mean?

We've put together what we think is the most complete glossary of energy terms on the net, if you can't find what you're looking for here give us a call and we'll see if we can help you.

I

Index:

A numerical value assigned to a group of commodities, stocks or the producing reservoir in order to maintain pressure.

Intercontinental Exchange:

A gas pipeline running from Bacton in Norfolk, England to Zeebrugge in Belgium. It opened in October 1998 and allows Britain to export gas to, or import gas from, continental Europe.

IEA:

International Energy Agency. A Paris-based origination of leading oil-consuming nations mainly based in the West, which co-ordinate its members’ energy policies. It also compiles energy statistics, including forward supply/demand projections for countries both within and outside its membership.

IPE:

International Petroleum Exchange. London oil exchange that has futures and options contracts in Brent blend crude oil and gas oil and a futures contract in UK natural gas.  In June 2001, the IPE became a wholly owned subsidiary of Intercontinental Exchange.

Interconnection:

Two or more electric systems having a common transmission line that permits a flow of energy between them. The physical connection of the electric power transmission facilities allows for the sale or exchange of energy.

Intermittency:

Non-continuous nature of some forms of energy generation, e.g. wind power, which operates according to the ambient wind speed. Their predictability varies; e.g. tidal power is highly predicable, hydro-electricity generation is less so.

In-the-Money:

An option that can be exercised and immediately closed out against the underlying market for a cash credit. The option is in-the-money if the underlying futures price is above a call option’s strike price or below a put option’s strike price.

Intrinsic Value:

The difference between the underlying price and the strike price of an option.

ISDA Master Agreement:

The International Swaps and Derivatives Association over-the-counter derivatives master agreement was drawn up by the New York-base trade association in 1987 and revised in 1992.  The agreement is commonly used for contracts in various energy derivatives markets, especially the US gas market.

JESS (Joint Energy Security of Supply)

JESS is a joint DTI /Ofgem working group, established in July 2001 to assess risks to Britain’s future gas and electricity supplies.