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Glossary

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I

I&C Sector

Industrial and Commercial sector. The non-domestic sector in general rather than any specific group of customers.

IBC

Incentivised Balancing Cost

ICE

Intercontinental Exchange

IDNO

Independent Distribution Network Operator

Imbalance

Energy imbalances are differences between the total level of demand and the total level of generation on the system within the half hour balancing period. The cash-out price aims to reflect the price of actions taken to solve energy imbalances, rather than those taken to solve system imbalances.

Imbalance Price

Energy Imbalance Prices (or cash-out prices) - are applied to parties for their imbalances in each half-hour period. System Buy Price (SBP) is charged for short contracted positions. System Sell Price (SSP) is paid for long contracted positions.

Incumbent

An incumbent is the company of the former monopoly supplier in a particular region. The incumbent in each region for electricity is known as the ex-PES. British Gas (Centrica) is the incumbent in the gas market.

Initial Margin

A margin intended to cover within-day price volatility and is payable at the time the contract is entered into.

Interconnector UK (IUK)

Natural gas pipeline linking the UK with continental Europe (Bacton in the UK with Zeebrugge in Belgium).

Intermediary

Third party between two trading parties offering intermediation services.

Intra-Day Market

Purchase and sale of a product within a given trading day.

IPE

International Petroleum Exchange

IPN

International Petroleum Exchange

IS

Imbalance Settlement

IWA

Initial Written Assessment

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