The buying and selling of wholesale electricity is done via a ‘pool’, where electricity generators offer electricity to the market and retailers bid to buy the electricity. Time scale for making electricity spot deals can be in a matter of minutes
Spinning reserve is any back-up energy production capacity which can be made available to a transmission system with ten minutes’ notice and can operate continuously for at least two hours once it is brought online. Spinning is derived from hydroelectric and combustion turbine terminology. Reserve generator turbines can literally be kept spinning without producing any energy as a way to reduce the length of time required to bring them online when needed
Brief periods of extreme voltage in an electrical system resulting from adverse system conditions ranging from crossed transmission lines to lightning strikes to switching faults originating at a distribution facility. A strong or prolonged spike can instantly destroy a wide range of electronic equipment, and even frequent spikes of less extreme voltage can cause accelerated deterioration of electronic components. Harmful transients can be short enough that they are measured in millionths of a second, although they could last as long as several seconds depending on the cause and severity. A spike from a lightning strike could last for up to a second and elevate system voltage from several hundred to several thousand volts. A spike from a switching fault could produce tens of thousands of volts of pressure for only a few millionths of a second
The purpose of such agreements is to reduce peak demand through voluntary curtailment of loads at the customer level during peak periods
A license to produce electricity for self use without selling it to another
Can be defined as the ability of the electrical power system to provide end-users with a specific level of continuity and quality in a sustainable manner
When IEC knows in advance that it will not be able to supply the energy required at a specific time and in order to balance the grid, IEC is forced to initiate short power interruptions (up to one hour) equally distributed throughout the various parts of the country
