Glossary
- Objection
When attempting to register a new customer with a registration notice to takeover supply, the current supplier objects to Electricity Directs request for transfer.
- OCM
On the day commodity market. This market enables anonymously financially cleared on the day trading between market participants.
- Off-peak
Period of relatively low system demand. These periods often occur in daily, weekly, and seasonal patterns; these off-peak periods differ for each individual electric utility.
- Ofgem
Office of Gas and Electricity Markets
- On-site
Refers to the consumption of electricity produced by a generator on, or immediately adjacent to the physical site occupied by the generator without use of either a private network or the DNOs network.
- Option
A contract that gives the purchaser the right, but not the obligation, to buy or sell the underlying commodity at a certain price (the exercise, or strike price) on or before an agreed date.
- Over-the-counter (OTC)
An over-the-counter deal is a customised derivative contract usually arranged with an intermediary such as a major bank or the trading wing of an energy major, as opposed to a standardised derivative contract traded on an exchange. Swaps are the commonest form of OTC instruments.