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In these Regulations, unless the context otherwise requires: 

“Act” means the Energy Commission Act, 1997, (Act 541);

“ancillary service” means a service required to support the transmission of energy from a generation resource to a load  while maintaining reliable operation of the transmission system;

“asset owner” means a person who owns in whole or in part the transmission system infrastructure or any facility connected to the national interconnected transmissions system.

“bilateral contract” means a contract of financial settlement between two parties for a transaction in the wholesale electricity market;

“bulk customer” means a customer that purchases or receives electric power of an amount or level that the Commission may specify;

“Commission” means the Energy Commission established under the Act;

“distribution utility” means a person licensed under the Act to distribute and sell electricity without discrimination to consumers in an area or zone designated by the Commission;

“electricity market rules” means the published document developed and adopted by the Utility and market participants and approved by the Commission to govern the operation of the market for the wholesale supply of electricity by the national interconnected transmission system;

“facility” includes a part of or the whole of  the National Interconnected Transmission System, off-take equipment, or any infrastructure that is connected to the National Interconnected Transmission System;

“market clearing engine” means the computer-based mathematical model designed to determine the optimum level of scheduled energy, reserve and regulation required from each available registered facility to match the anticipated system demand requirements during a scheduled dispatch period;

“market manual” means a published document that is created and adopted by the Utility that contains requirements to be followed, met or performed by one or more of the market participants and the Utility in support of the obligations contained in the electricity market rules relating to the operation of the wholesale electricity market;

 “market participant” includes a wholesale electricity supplier, a distribution utility and a bulk customer;

“market rules” means the electricity market rules;

“merit order” means the ranking in order of which a generation plant should be used,based on the ascending order of price in correlation with amount of electricity that will be generated;

“Minister” means the Minister responsible for Energy;

“National Electricity Grid Code” means the technical and operational rules of practice and standards of performance rules developed and approved of by the Commission. 

“national interconnected transmission system” means all electricity plant and equipment within the borders of the country that function or are operated at any voltage higher than 36 Kilovolts and any associated figure or supply equipment that is shared for common use;

“network node” means a point in the national interconnected transmission system where real or reactive power or energy can be injected or off-taken; 

“oversight activity” means any act of overseeing or supervising the wholesale electricity market;

“person” includes a body corporate, whether corporation aggregate or corporation sole and an  unincorporated body of persons as well as an individual;

“pre-dispatch schedule” means a pre-determined hourly schedule produced by the market clearing engine that contains the predicted quantities of energy, reserve and regulation schedule in respect of a registered facility;

”Public Utilities Regulatory Commission” means the Public Utilities Regulatory Commission established by Public Utilities Regulatory Commission Act, 1997 (Act 538);

“real-time dispatch” means a schedule determined by the market clearing engine that contains the actual quantities of energy, reserve and regulation schedule in respect of a registered facility;

“regulation” means the frequent adjustment to a generator’s output that facilitates the correction of any power system frequency variation or imbalance between a load and the output from a generation facility;

 “reserve” means an ancillary service that consists of a generation capacity that is available, or a load that can be interrupted by the Utility in the event of an unexpected outage of a scheduled plant;

“reserve class” means a class of reserve differentiated on the basis of the response time required of reserve providers for that class; 

“reserve margins” means the difference between an electric utility’s system capability and anticipated peak load during a specific period, measured in megawatts or as a percentage of peak load; 

“reserve requirements” means the types and levels of reserve required by the National Interconnected Transmission System as determined for a given dispatch period;

“settlement” means the process of calculating settlement amounts and transferring payments from those required to make payment to those required to be paid under the electricity market rules;

“settlement account” means an accounting balance that the Utility maintains for each market participant for the purpose of accounting for the settlement of any amount determined in accordance with the market rules;

“settlement amount” means an amount of money to be credited to, debited from or paid by or to a market participant as determined by the Utility;

“settlement invoice” means the invoice periodically issued by the Utility that states the settlement account for each market participant in respect of a transaction in the wholesale electricity market.

“spot market” means the real-time market that comprises an hourly auction of electricity by a generator to meet the projected demand;

“spot market price” means the real-time price of electricity on the spot market as determined by the Utility;

“system marginal cost” means the additional cost of producing one more units of electricity in the national interconnected transmission system;

“system operation manual” means a manual setting out the policies, procedures, practices or system adjustments that may be automatically or manually implemented by the system operator within a specified time frame to maintain the operational integrity of the national interconnected transmission system;

“transmission service” means the safe and reliable operation of high voltage electrical circuits, transformers and substations to ensure the cost effective dispatch and movement of electricity from the facility of a wholesale supplier to a bulk customer or distribution company;

“Utility” means the public utility granted a licence under section 23(5) of the Energy Commission Act, 1997 (Act 541) for the transmission of electricity throughout the country; 

“wholesale electricity market” means an electricity market established by market rules approved by the Commission for bulk trading of electricity, ancillary services or any other related electricity supply product or service; 

“wholesale electricity trading” includes electricity sales, purchases and settlements in the wholesale electricity market between a wholesale supplier and a distribution utility or bulk customer; and

“wholesale supplier” means a person licensed under the Act to install and operate a facility to procure or produce electricity for sale to a bulk customer or to a distribution company for distribution and sale to consumers.