Key market and system concepts relevant to the operation of conventional, transforming and future power systems.
A digitised commercial environment that enables value-creating interactions between stakeholders including consumers, producers, producer-consumers and infrastructure managers. In a Power System context, a Market Platform
An entity that combines the functions of the Market Operator and System Operator to ensure secure, reliable and efficient provision of Electricity services with a
A market established and operated by the entity responsible for the Operational Coordination of the Distribution System for the purpose of efficiently procuring Electric Products
The ability to operate the Power System in a manner that ensures System Security and Reliability. Key pre-requisites for the Operability of a are its
The systematic operational alignment of Utility assets and non-Utility Energy Resources via Dispatch Instructions, direct technical control and/or market-based incentives, to ensure System Security, Resource
The coordination of dispatchable Energy Resources, including but not limited to Consumer Energy Resources (CER/DER), in a manner that moderates negative Power System impacts and may
The buying and selling of energy between two or more grid-connected parties through a virtual market. Consumers can manage price and volume risk themselves and
The movement of electric Power within a Grid, historically from Generation Plant to Customers, but increasingly also in the reverse direction from Customers with Distributed
A set of mathematical equations, typically a combination of algebraic and differential equations, which can be used to represent the response, over time, of a
The ability to measure or derive accurate data on Demand, the output of Generation Plant and Power Flows across numerous time frames as key inputs