Glossary

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P

P272

P272 requires that all maximum demand meters (Profile class 05-08) who have an AMR (Automatic Meter Reading) meter fitted will need to be settled on actual Half Hourly (HH) consumption data in the same way that Half Hourly meters (profile 00) are currently settled. Currently settlement occurs using an industry wide forecast that is pre-determined in order to allocate electricity volumes to each supplier.

PAA

Performance Assurance Administrator

PAB

Performance Assurance Board

PAF

Post Office Address Format

PAR

Price Average Reference

Participant

The organisation (Supplier, LDSO, Supplier Agent or SMRS) undertaking Entry Processes.

PC

Profile Class

Peakload

Refers to power delivered during the period of peak system demand, usually working days from 7am to 7pm in the UK and excluding weekends and bank holidays. Due to the increase in demand, the power traded for availability at this time is ordinarily sold at a premium and tends to rely heavily on plant, which can be rapidly brought online, including coal and pumped storage facilities. The introduction of additional gas or electricity to cover this demand is known as peak shaving.

PES

Public Electricity Supplier – means a supplier which held or is a successor to a company which held a PES Supply Licence at the BSC effective date. There are 14 Public Electricity Suppliers, two in Scotland and 12 in England and Wales.

PES Region	PES Name	GSP Group
EELC	A	Eastern Electricity
EMEB	B	East Midlands Electricity
HYDE	P	Scottish Hydro Electric
London	C	London Electric
MANW	D	Manweb
MIDE	E	Midlands Electricity
NEEB	F	Northern Electric
NORW	G	Norweb
SEEB	J	Seeboard
SOUT	H	Southern Electric
SPOW	N	Scottish Power
SWAE	K	South Wales Electricity
SWEB	L	South Western Electricity
YELG	M	Yorkshire Electricity

PES Registration System

See MPAS & PRS

PGBT

Pre-Gate Closure Balancing Trade

Photovoltaic (PV)

Direct conversion of solar radiation into direct current electricity by the interaction of light with the electrons in a semiconductor device or cell.

Physical Market Participants

Generators and suppliers. Generally, physical market participants sell/buy energy forward and use spot and prompt (close to delivery) markets to fine tune their position.

Physical Market Participants

Generators and suppliers. Generally, physical market participants sell/buy energy forward and use spot and prompt (close to delivery) markets to fine tune their position.

PPA

Power purchase agreement.

PPP

Pool Purchase Price

Price Average Reference

Price Average Reference (PAR) - the volume of electricity from the energy stack (taken in descending price order) included in the calculation of the Main Price. PAR is currently set to 500 MWh. The PAR volume is always the most expensive 500 MWh of available electricity in the main stack.

Private Networks

Electricity distribution arrangements that are not owned by a DNO and that are exempt from having to have a distribution licence.

Profile Class

00 Half hourly metering point
01 Domestic, unrestricted (single rate)
02 Domestic, Economy 7
03 Non Domestic, non-max demand, unrestricted (single rate)
04 Non Domestic, non-max demand, Economy 7 (multi-rate)
05 Non Domestic, max demand, load factor 0-20%
06 Non Domestic, max demand, load factor 20-30%
07 Non Domestic, max demand, load factor 30-40%
08 Non Domestic, max demand, load factor 40-100%

Profile Class Threshold

The consumption thresholds are:

Profile Class	Advance Threshold (kWh)
01	160,000
02	110,000
03	200,000
04	140,000
05	220,000
06	320,000
07	430,000
08	690,000

Prompt Market

Gas or electricity for delivery within the current calendar month. Gas includes Within Day, Day Ahead, Weekend and BOM contracts. Electricity includes the Day Ahead and Week Ahead contracts.

Prompt Trading

Refers to trading for delivery between (but not including) within-day trading and the next month (front month). This includes a number of products, including for delivery in the following day (e.g. day-ahead), weekend, weekdays, and trades for the balance of week and balance of month.

PRS

PES Registration System – see MPAS

PSP

Pool Selling Price

PTF

Power Trading Forum

Put Option

An option giving the buyer, or holder, the right, but not the obligation, to sell a futures contract at a specific price within a specific period of time in exchange for a one-off premium payment. It obligates the seller, or writer, of the option to buy the underlying futures contract at the designated price, should the option be exercised at that price. In an energy derivatives contract, the settlement price of the contract based on a particular location or particular blend of the commodity.

PX