achiever papers - we help students improve their academic standing

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finances in germany - expat guide to germany | expatica

finances in germany - expat guide to germany | expatica

Understanding your money management options as an expat living in Germany can be tricky. From opening a bank account to insuring your familys home and belongings, its important you know which options are right for you. To find out how you can make your money go further, read our guides to finance in Germany.

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glossary | s&p global platts

glossary | s&p global platts

The Platts industry glossary covers common terms and abbreviations from the oil, power, petrochemicals, nuclear, gas, coal and metals markets and industries. Please email [email protected] to let us know if there is an entry you would like us to add, clarify or expand, or if you think we have made a mistake in any of our definitions.

An informal term for surplus Kyoto Protocol Assigned Amount Units. Some countries, notably the Russian Federation and Ukraine, hold a surplus of AAUs because those countries' national emissions fell due to economic decline after the fall of the Soviet Union.

The 15-Day Brent crude oil market is so-called because a seller must give a buyer a minimum 15 days notice of the intended loading dates for a cargo of Brent Blend North Sea crude oil in any particular month traded. 15-Day Brent is traded in discreet months. At the point where the buyerwho may be at the end of a long trading chainis informed of the loading dates, the cargo becomes a so-called Dated Brent cargo.

Assigned Amount Units: National level greenhouse gas emission allowances established under the Kyoto Protocol. One AAU represents one metric ton of CO2 equivalent greenhouse gas. The amount held by each country is determined by the 1990 emissions baseline and national Kyoto target for 2008-2012. AAUs are tradable at state level only. A country failing to meet its Kyoto emissions reduction target can buy AAUs from another Kyoto Annex I country that has met its target and holds a surplus.

This phrase and its abbreviation AG are current in some sectors of the oil industry, especially the tanker world, as a designator for the Persian Gulf, which is the correct name in international law for the body of water bordered by the UAE, Saudi Arabia, Qatar, Kuwait, Iraq and Iran. Note that there is a Gulf of Arabia which is not the same piece of sea as the Persian Gulf.

A periodic current, the average value of which over a period is zero. Typically refers to a current that reverses its direction at regularly recurring intervals of time and that has alternately positive and negative values. Almost all electricity utilities generate AC electricity because it can easily be transformed to higher or lower voltages

The supply of electricity from one or more major receiving stations to the point of consumption. Energy is generally supplied at a voltage that can be directly used by large rotating machinery and step-down transformers are used to reduce the voltage for most commercial or residential utilization

The unit of measurement of electrical current produced in a circuit by 1 volt acting through a resistance of 1 ohm. The measure of the rate of flow of electrons past a given point in an electric conductor such as a power line

Three parallel trendlines are drawn linking a major low or high with a point either side of this marking an intermediate high or low. The lines are extended to generate support/ resistance levels. The lines look a bit like the prongs of a pitchfork, hence the indicator's name.

The 40 industrialized countries that were members of the OECD in 1992, plus countries with economies in transition (EIT parties), including the Russian Federation, the Baltic States, and several Central and Eastern European States. This group ratified the Kyoto Protocol and agreed to try to limit their GHG emissions relative to a 1990 baseline.

An arbitrary scale expressing the gravity or density of liquid petroleum products devised jointly by the American Petroleum Institute and the National Bureau of Standards. The measuring scale is calibrated in terms of degrees API. Oil with the least specific gravity has the highest API gravity. The formula for determining API Gravity is: API gravity = (141.5/specific gravity at 60 degrees F) - 131.5.

This phrase and its abbreviation AG are current in some sectors of the oil industry, especially the tanker world, as a designator for the Persian Gulf, which is the correct name in international law for the body of water bordered by the UAE, Saudi Arabia, Qatar, Kuwait, Iraq and Iran. Note that there is a Gulf of Arabia which is not the same piece of sea as the Persian Gulf.

Group of petrochemicals characterized by a ring structure, produced in refinery reformers and petrochemical plants. The most commonly traded are benzene, toluene and xylenes. Used for chemical production or as high-octane components for gasoline blending.

1. A mixture of bitumen and mineral aggregate as prepared for the construction of roads or in other paving uses. 2. In the US, asphalt refers to the product known as bitumen in the rest of the world.

A Platts assessment is the product of a market survey and the application of strict methodological rules to determine the repeatable tradable price range for a commodity during the assessed period. Assessment typically aims to zero in on these typical transactable levels by discarding unrepresentative market information (out-of-market bids, offers and transactions), and the process differs in this respect from indexation, which is an inclusive process, averaging all available market information. Platts produces indexes in highly liquid markets, for example North American natural gas; and assessments in illiquid markets, such as those for physical oil. Platts assessments typically are published as a low-high range for each instrument. See Platts Guide to Specifications and also Frequently Asked Questions for details of Platts methodologies.

Also known as wet gas. natural gas produced in association with crude oil. Non-associated gas, or dry gas, is natural gas occurring on its own. Also, LPG is produced as an associated gas and must be treated ("dried") before being used.

In a nuclear power plant, the disposable energy which could have been generated during a period, expressed as a percentage of the energy which could have been produced by a continuous power rate during the same period - essentially relates to the time a reactor spends off line owing to planned outages or unplanned stoppages..

The cost to produce or procure electric power that an electricity utility does not incur because it purchases this increment of power from a qualifying facility. It may include a capacity payment and/or an energy payment component

A vessel carrying oil, usually on rivers, containing between 8,000 and 50,000 bbl, or weighing 1,000 to 10,000 tonnes. In the US, barges can be up to, and occasionally over, 100,000 bbl in capacity. See tankers for discussion of other vessel sizes.

A volumetric unit of measure for crude oil and petroleum products. 1 barrel is 42 US gallons, 35 imperial gallons or 159 liters. There are roughly 7.33 bbl of crude oil to a tonne, but the precise conversion obviously depends on the specific gravity of the oil.

A plant normally operated to take all or part of the minimum continuous load of a system, and which consequently produces electricity at an essentially constant rate. A base load plant typically has relatively high fixed costs and low unit operating costs. Traditionally, nuclear plants have been considered as base load plants.

Formally the Black-Scholes-Merton model, it is a model of financial markets with derivatives and gives rise to the Black-Scholes formula. This formula solves for the "correct future value of a European option on non-dividend-paying asset with normally distributed price returns.

The product of the Bessemer converter furnace used in copper smelting. It is a crude form of a copper, assaying about 99% copper, and requires further refining before being used for industrial purposes.

A system based on the premise that prices revert to their mean. The standard deviation of the moves away from the mean are used to form two bands around the price. Whenever the price breaks below or above the band, it is deemed too extreme a move and therefore liable to correct back from the standard deviation towards the mean of the price.

A sudden breakout of prices from a chart pattern that has been forming for some time. It marks the end of a period of uncertainty. The breakout point can often be used to guess how far prices will go in that direction.

The most commonly traded North Sea crude oil. Brent has an API of about 37.5. The blend is technically a mix of crude from the Shell UK-operated Brent field and the BP-operated Ninian field. The blend is, however, commonly referred to simply as Brent.

British thermal unit. The quantity of heat required to raise one pound of water (about one pint) one degree Fahrenheit at or near its point of maximum density. A common unit of measurement for gas prices. 1034 Btus = 1 cubic foot. An MMBtu (-mil Btus) is roughly equivalent to an Mcf (a thousand cubic feet). See also therm, dekatherm, natural gas.

British thermal unit. The quantity of heat required to raise one pound of water (about one pint) one degree Fahrenheit at or near its point of maximum density. A common unit of measurement for gas prices. 1034 Btus = 1 cubic foot. An MMBtu (-mil Btus) is roughly equivalent to an Mcf (a thousand cubic feet). See also therm, dekatherm, natural gas.

The point at which power is available for transmission. A conductor or group of conductors that serve as a common connection for two or more circuits, generally in the form of insulated cable, rigid rectangular or round bars, or stranded overhead cables held under tension

An option that gives the buyer (holder) the right but not the obligation to buy a specified quantity of an underlying futures at a fixed price, on or before a specified date. The grantor of the option is obliged to deliver the future at the fixed price if the holder exercises the option

A Japanese charting system which maps the open- high-low-and close of periodic price movements. A box is drawn around the open and close, and painted white if the close is above the open, and black if the close is below the open. The boxes and their little heads and tails look like candles and their wicks. Candlestick studies are full of exotic terms like Morning Star and Dark Cloud Cover; these describe how the black and white candles look, and can be interpreted as buy or sell signals.

A transmission element designed to inject reactive power into the transmission network. Also used to increase voltages, reduce loadings, and increase available kW output from generators. Capacitor ratings typically given in Megavars.

The temporary relinquishment of firm transportation capacity on a pipeline. The capacity holder releases the capacity in the open market and accepts bids for use of that capacity over a specific, limited period of time.

A market mechanism designed to reduce the cost of cutting pollution. The regulator caps pollution at a level below business-as-usual and allocates allowances to industry up to but not exceeding the cap. Covered entities must have their emissions independently verified and must surrender allowances to match their annual emissions each year, normally with penalties for non-compliance. Since the overall cap is below actual emissions, this cuts the overall level of pollution and creates a scarcity of allowances, and therefore a monetary value. Those with a surplus may sell them to those with a shortfall, creating a tradable market for allowances.

In market terms, a rectangular plate of metal, produced by electrolytic refining, which is melted into commercial shapes such as wirebars, billets, ingots etc. Copper and nickel are commonly traded and delivered in this form.

A UN scheme set up under the Kyoto Protocol to allow industrialized countries to invest in greenhouse gas emissions reduction projects in developing countries in return for tradable offset credits (CERs).

Like it sounds, a channel in which prices are moving. Parallel trendlines are drawn along the lows and highs of a price chart, forming a channel in which prices move. The trendlines form areas of support and resistance. Depending on the trend, the channel can be a downchannel or an upchannel.

A UN scheme set up under the Kyoto Protocol to allow industrialized countries to invest in greenhouse gas emissions reduction projects in developing countries in return for tradable offset credits (CERs).

The production of both electricity and useful thermal energy from the same energy source. Natural gas tends to be a favored fuel for combined-cycle cogeneration units, in which waste heat is converted to electricity.

The combination of one or more gas turbine and steam turbines in an electric generation plant. An electric generating technology in which electricity is produced from otherwise lost waste heat exiting from one or more gas (combustion) turbines. The heat is routed to a conventional boiler or to a heat recovery steam generator for use by a steam turbine in the production of electricity. This process increases the efficiency of the electric generating unit

CCI measures the variation of an instrument's price from its mean. High / low values indicate that prices have moved too far from their mean. The usual range is +/- 100 and anything outside this is overbought or oversold.

Very high API crude "oil," which in its natural state is in gaseous form but which condenses to liquid upon production. OPEC has for many years argued over the precise definition of condensates, since it does not include them in individual countries' crude production quotas. See NGL.

When prices trade at similar levels over a period of time, the chart becomes cluttered with business at these levels and is referred to as 'congested'. Congestion areas are often seen as providing support/resistance. They are the levels at which, rather than breaking into new ground, prices tend to bog down and become trapped.

All this means is that prices are moving in a broadly sideways range after a sharp move in one direction. If the prices have risen sharply, the gains are consolidated', often for several days after the major move.

Periodic (monthly/quarterly/annual) price agreed between sellers and buyers of commodities for term business. Often abbreviated to CP. Most oil contract prices are "floating", that is they are tied to spot market assessments published by Platts or other market pricing services rather than set at outright levels.

Periodic (monthly/quarterly/annual) price agreed between sellers and buyers of commodities for term business. Often abbreviated to CP. Most oil contract prices are "floating", that is they are tied to spot market assessments published by Platts or other market pricing services rather than set at outright levels.

The simultaneous purchase or sale of crude against the sale or purchase of refined petroleum products. These spread differentials which represent refining margins are normally quoted in dollars per barrel by converting the product prices into dollars per barrel and subtracting the crude price.

Refining process to break large molecules into smaller ones. Principal cracking techniques are: Thermal cracking: Heating of hydrocarbons to very high temperatures, usually above 450 C. Thermal cracking is no longer widely used, except in: Visbreaking: Thermal cracking of viscous crude residues to make fuel oil, and in: Delayed Coking: Thermal cracking of atmospheric/vacuum residues to make electrode grade coke. Catalytic cracking: Cracking using catalysts to enhance molecule breaking, particularly in the production of high octane gasoline. Hydrocracking: While thermal and catalytic cracking produce shorter hydrocarbon molecules largely by disposing of the excess carbon atoms, hydrocracking inserts hydrogen atoms to achieve the same effect. Steam cracking: A petrochemical process which produces olefins, particularly ethylene, and, in some cases, aromatics. Similar to thermal cracking Co-Cracking: A petrochemical process in which the c4 stream from an ethylene plant is recycled into the feedstock.

The following are standard abbreviations used by Platts. Currency Standard Telex Print US Dollar $ USD Cents cts Yen Yen Australian dollar A$ AUD Singapore dollar S$ S-DLR Canadian dollar C$ CAN Hong Kong dollar HK$ HKD Euro EUR British Pound GBP French franc FFr Swiss Franc SFr Belgian Franc BFr Deutschmark/Mark DM Spanish peseta PTA Dutch guilder NLG Norwegian Krone NOK Danish Krone DKr Swedish Krone SKr Finnish Markka FIM European Currency Unit ECU Italian lire ITL Greek drachma DRA Austrian schilling SCH Portuguese escudo ESC Malaysian ringgit MR Rubles Rb UAE Dirham DH Not abbreviated: Baht Thailand Bolivar Crown Czech Republic, Slovakia Dinars Kuwait, Iraq Dram Armenia Egyptian Pounds Forint Hungary Hryvnya Ukraine Irish Punt Kwacha Zambia Manat Azerbaijan Peso Rand Real Riyals Saudi Arabia, Oman, Iran Rupee India Rupiah Indonesia Shekel Israel Som Several former Soviet Union Muslim republics Tenge Kazakstan Turkish Lira Won S. Korea Yuan China Zloty Poland

A smelter which processes concentrates from independent mines. Concentrates may be purchased or the smelter may be contracted to do the processing for the independent companya process also known as toll smelting.

Cycle theory is based on the premise that prices are affected by an underlying cycle. Some of these are well known: the 54-year Kondratieff Wave economic cycle. Others are less obvious. Commodity indexes are affected by a 10 1/2 month futures cycle (individual commodities do not necessarily follow this).

Number of times the same quantity of gas can be injected into and withdrawn from storage in a set period of time. Certain types of storage fields, like aquifer and depleted oil and gas fields, need to be filled and largely emptied during a specific period of time in order to maintain the physical capabilities of the geologic structure.

DAP/DAT stands for Delivered at Place/Delivered at Terminal. They are incoterms that replaced DAF (Delivered at Frontier) a few years ago. DAP/DAT Laredo for polymers would be an export assessment from the US to the Mexican market, which is the biggest importer of US-origin polymers (both PE and PP). The majority of these exports occur in bulk (railcars). DAP/DAT essentially means that the seller delivers (and accounts for all the cost related to freight) at a specific place, with Laredo, Texas, being the major destination at the border. Platts current FAS Houston polymer assessments are for waterborne exports (bagged) in containers. These include the bagging cost and the transport cost from the bagging facility to the port, but the freight and everything else is on the buyer.

DAP/DAT Laredo for polymers would be an export assessment from the US to the Mexican market, which is the biggest importer of US-origin polymers (both PE and PP). The majority of these exports occur in bulk (railcars).

Platts current FAS Houston polymer assessments are for waterborne exports (bagged) in containers. These include the bagging cost and the transport cost from the bagging facility to the port, but the freight and everything else is on the buyer.

Brent cargoes are known as dated Brent cargoes once they acquire a specific set of loading dates, usually at a point about two weeks from loading. Before this point, Brent cargoes are typically traded generically as so-called 15-day Brent. The dated Brent market, which Platts assesses on a 7-15 day forward basis (7-17 days on a Friday), generates prices which have become a key benchmark for contract pricing of crude oil worldwide.

Degree days are measured as the number of degrees above or below a standardized temperature on any given day. In winter, US traders track heating degree days week by week, or month by month, normally against a standard temperature of 65F, on the basis of how many degrees of heat are required to bring municipal office buildings up to this temperature. Five days of heating by 2 degrees, for example, equals 10 heating degree days. In summer, the market tracks cooling degree days.

The process whereby the grantor of an option decides to buy or sell more or less of an underlying futures contract in order to protect against being declared upon by the options holder. If delta hedging, the grantor of a call option will buy more of the futures contract if it rises in value towards the strike price (as the probability of being declared upon rises towards 100%). The grantor of a put option will typically sell more of the underlying futures contract if it slides in value (as the probability of being declared upon rises towards 100%).

In power: the rate at which electricity is delivered to or by a system at a given instant or averaged over a designated period, usually expressed in kilowatts or megawatts. In oil: the rate of consumption of refined products, normally measured in millions of barrels per day, or in million tonnes per year.

A financial transaction that derives its value from the value of another asset. Commodity derivatives derive their value from physical commodity transactions. The value of a derivative rises and falls in accordance with the value of the underlying asset. Derivatives can be traded on regulated exchange markets or over-the-counter.

The difference between two prices. A large and increasing percentage of all oil transactions are effected on the basis of differentials, also known as spreads,rather than outright flat prices.

The substitution of less expensive energy generation for more expensive generation. Usually this means reducing or shutting down production at a high cost plant and using cheaper generation when it is available.

The competitive sale of gas to residential or small commercial customers, allowing those customers a choice of supplier other than the local distribution company. In Europe and the UK the term is domestic competition; in North America it's retail competition.

Theory of market movement developed by Charles Dow that prices move in defined trends of successive higher peaks and higher troughs in an uptrend, and lower peaks and lower troughs in a downtrend. Dow divides trends into primary, secondary and minor. Volume patterns are associated with specific points in a trend. Dow theory is the foundation of most modern technical theory.

A written report, compiled prior to a production decision, which examines the effects proposed mining activities will have on the natural surroundings of an exploration property. Abbreviates to EIS.

A theory developed by Ralph Elliott that prices move in a main five-wave trend followed by a corrective three- wave trend, the extent and scope of which are governed by certain commonly seen ratios (see Fibonacci).

Uranium where the uranium-235 assay is above that of natural uranium. Enriched uranium product refers to enriched uranium resulting from the enrichment process, ie the process by which the assay of feed material is increased.

Emissions Reduction Units. Tradable greenhouse gas emissions offset credits generated by the UN' Joint Implementation program. One ERU represents one metric ton of CO2 equivalent reduction in greenhouse gases.

Federal Energy Regulatory Commission. A US federal agency created in 1977 to regulate, among other things, interstate wholesale gas and transportation of gas and electricity at "just and reasonable" rates. Located in Washington.

Fibonacci levels are commonly observed ratios between the size of a main trend and retracements. The main ratios are 38.2%, 50%, 61.8%, 100% and 161.8%. These ratios are derived from the number series named after the Italian mathematician: 1,1,2,3,5,8,13, 21... If the first term is divided by the one to the right of it, the result gets nearer and nearer to 0.618, a ratio that recurs in nature and art. Fibonacci levels are used in the weird and wonderful Elliott Wave Theory.

Electricity capacity intended to be available at all times during the period covered by a guaranteed commitment to deliver, even under adverse conditions, but subject to force majeure interruptions. Firm power consists of either firm energy, firm capacity, or both.

Any element containing an isotope with nuclei capable of undergoing fission as a result of interaction with slow neutrons in a nuclear reactor. The two most common examples of such isotopes are uranium-235 and plutonium-239, but uranium-233 is also important.

The splitting of a heavy nucleus into two (occasionally three) parts following neutron capture, accompanied by the release of energy, two or more neutrons, and radiation. The released neutrons may cause the fission of other fissile atoms, thus creating a chain reaction; this physical reaction is the basis of nuclear energy generation.

The lowest temperature under very specific conditions at which a combustible liquid will give off sufficient vapor to form a flammable mixture with air in a standardized vessel. Denotes the volatility of the product.

The UK's flexibility mechanism, also known as the flex, is operated by Transco (British Gas) to make sure the amount of gas in the pipeline remains more or less constant at all times. If the system goes out of balance, Transco uses the flex to balance the system by buying and selling gas based on bids and offers submitted by shippers.

Usually abbreviated to FOB. FOB prices exclude all insurance and freight charges. Most oil is sold either FOB (effectively priced at the loading port) or CIF (effectively priced at the delivery port).

The rate of shutdown of a generating unit, transmission line, or other facility for emergency reasons or a condition in which the generating equipment is unavailable for load because of unanticipated breakdown.

An overthecounter transaction between two companies involving the future delivery of a commodity at a specific date and location at a fixed price, established on the date at which the contract is originated. Similar to a futures contract, but forwards can be customized to suit the specific needs of the counterparties involved while a futures contract is standardized and traded on an exchange.

When plotted together, a series of forward prices creates a forward curve, reflecting a range of today's tradable values for specified dates in the future. While it is a key indicator of today's market sentiment, the forward curve is not a price forecast - it is a set of today's prices for delivery during future dates. The structure shown by the forward curve is most often used as a guide for trading and hedging within the delivery date range along that curve.

Usually abbreviated to FOB. FOB prices exclude all insurance and freight charges. Most oil is sold either FOB (effectively priced at the loading port) or CIF (effectively priced at the delivery port).

Substituting one fuel for another based on price and availability. Large industries often have the capability of using either oil or natural gas to fuel their operation and of making the switch on short notice.

An eclectic blend of fact and fantasy, the works of WD Gann caught on in the City in the late 1980s. Their chief virtue seems to be that they are understood by no-one, and so almost anyone can claim to be an expert in them without recourse.

The process of producing electricity by transforming other forms of energy such as steam, heat or falling water. Also, the amount of electricity produced, expressed in kilowatt-hours (kWh) or megawatt-hours (MWh).

Greenhouse gases. The six GHGs recognized and regulated by the Kyoto Protocol are: carbon dioxide (CO2), methane (CH4), Nitrous Oxide (N2O), Hydrofluorocarbons (HFCs), Perflurocarbons (PFCs) and Sulphurhexafluoride (SF6).

A joule is an international unit of energy defined as the energy produced from one watt flowing for one second. A very small unit of energy, there are 3-6-mil joules in a kilowatt-hour. For gas, one gigajoule = 0.96 Mcf under standard temperature and pressure conditions. Roughly, one gigajoule (Gj) = 1 Mcf; one petajoule (Pj) = 1 Bcf; one exajoule (Ej) = 1 Tcf.

A form of debt financing whereby a potential gold producer borrows an amount of gold from a lending institution, sells the gold on the open market, uses the cash for company purposes (ie building a mine), then pays back the gold from actual mine production.

A process whereby valuable metals (usually gold and silver) are leached from a heap (or pad) of crushed ore by leaching solutions percolating down through the heap and are collected from a sloping, impermeable liner below the pad.

A pipeline interchange near Erath, Louisiana, where a number of interstate and intrastate pipelines interconnect through a header system operated by Sabine Pipe Line. It is the standard delivery point for the NYMEX natural gas futures contract in the US.

Any form of uranium with a uranium-235 concentration of 20% or higher. The 20% enrichment level has been established as a threshold above which material assumes particular importance from a non-proliferation standpoint and is subject to special legislation with regard to export licenses, physical protection and safeguarding.

Energy exchanged between a reservoir owner and the owner of a downstream project. The agreement allows reservoir owners to retain water above a reservoir's energy content curve; however, owners of downstream projects may request release of such water.

A 238-km pipeline providing a strategic link between the UK and continental Europe, connecting the two gas transmission systems at Bacton in the UK and Zeebrugge in Belgium. Capacity from the UK to Europe is 20-bil cu meters per year; from Europe to the UK about 9-bil cu meters.

The amount of customer demand that, in accordance with contractual arrangements, can be interrupted by direct control of the system operator, remote tripping, or by action of the customer at the direct request of the system operator.

An option which has intrinsic value. A put option is in-the-money when its strike price is above the value of the underlying futures contract. A call option is in-the-money when its strike price is below the value of the underlying futures contract.

Independent power producers - unregulated power generators which, unlike utilities, have no franchised retail service territories. Even a plant built by an investor-owned utility to serve its native retail load is not an IPP. It's still a utility plant. Also, utilities that form affiliates and build outside of their territories can be IPPs.

Joint Implementation: A UN scheme set up under the Kyoto Protocol to allow industrialized countries to invest in emissions reduction projects in other industrialized countries, in return for tradable greenhouse gas offset credits (ERUs).

The basic unit for pricing electric energy, equal to one kilowatt of power supplied continuously for one hour (or the amount of electricity needed to light ten 100-watt lightbulbs for one hour). One kWh equals 1,000 watthours. One kWh = 3.306 cu ft of natural gas. An average household will use between 800-1300kWh/month.

A treaty of 163 countries, created in 1997. It requires 35 industrialized countries to reduce emissions of six greenhouse gases by at least 5% overall from 1990 levels by 2008-2012. Kyoto entered into force February 16, 2005.

Liquefied natural gas. Natural gas converted to a liquid state by pressure and severe cooling, then returned to a gaseous state to be used as fuel. Acceptable first reference abbreviation. LNG is moved in tankers, not via pipelines. LNG, which is predominantly methane, artificially liquefied, is not to be confused with NGLs, natural gas liquids, heavier fractions which occur naturally as liquids. See also natural gas, NGL, LPG.

The amount of electricity delivered or required at any specific point or points on a system. The load of an electricity system is effected by many factors and changes on a daily, seasonal, and annual basis, typically following a pattern. System load is usually measured in megawatts (MW).

The ratio of average load to peak load during a specific period of time, expressed as a percent. The load factor indicates to what degree energy has been consumed compared to maximum demand or the use of units relative to total system capability. An system's load factor shows the variability in all customers' demands.

The tendency of electricity to flow along the path of least resistance, which may not necessarily be the same as that intended in the contract between the two transmitting entities. If power sold along a contractual path goes a different physical path, the power-flow may interfere with control of the systems which were unaware of the contractual power transfer.

Liquefied petroleum gas, typically ethane, propane butane and isobutane. Usually produced at refineries or natural gas processing plants, including plants that fractionate raw natural gas plant liquids. LPG can also occur naturally as a condensate.

A trend following momentum indicator that maps the difference between two exponential moving averages, the 26 and 12-day. A nine-day exponential moving average is plotted on top of this as a 'signal' line to show buy/sell opportunities.

An order to buy or sell a specified amount of futures contracts at the price when the market closes. Platts' market-on-close (MOC) is a price-discovery system designed to yield a price assessment reflective of market values at the close of the typical trading day. Systems of similar nature are very common, with variants seen in the futures markets where the energy and financial exchanges publish daily settlement prices reflective of activity at the close of markets. The MOC process is a very structured system for information gathering that allows transparent and fully verifiable market information to form the basis of the daily price assessment.MOC is a time-tested method for deriving price benchmarks that reflect market value and Platts has provided these benchmarks to global energy markets across Asia, Europe, the Middle East, and Africa for more than a decade.The MOC pricing system recognizes as a core principle that price is a function of time and MOC enables Platts to have full clarity on the price at the close of business. Because price is a function of time, market assessments reflect values at a defined point in time, allowing both outright and spread values to be properly reflected.

Platts' market-on-close (MOC) is a price-discovery system designed to yield a price assessment reflective of market values at the close of the typical trading day. Systems of similar nature are very common, with variants seen in the futures markets where the energy and financial exchanges publish daily settlement prices reflective of activity at the close of markets. The MOC process is a very structured system for information gathering that allows transparent and fully verifiable market information to form the basis of the daily price assessment.

MOC is a time-tested method for deriving price benchmarks that reflect market value and Platts has provided these benchmarks to global energy markets across Asia, Europe, the Middle East, and Africa for more than a decade.

The MOC pricing system recognizes as a core principle that price is a function of time and MOC enables Platts to have full clarity on the price at the close of business. Because price is a function of time, market assessments reflect values at a defined point in time, allowing both outright and spread values to be properly reflected.

This is a process used to determine the fair value of forward contracts and commodity inventories at a specific point in time. Contract prices are compared with the current forward prices for delivery during respective periods along the forward price curve. The present value of the differences is the mark-to-market value. Positive values are reported as assets and negative values are reported liabilities in accounts. Accounting standards and regulatory guidelines require fair value (mark-to-market) accounting in many jurisdictions.

The mean of prices over a pre-defined period, for instance, the previous five days. The moving average for different time periods can be charted to generate short- and medium-term buy/sell signals. For instance, funds have in the past tended to buy when the price crosses the 40-day moving average from below, and to sell when it cuts the average from above.

The point where a short moving average crosses a longer-moving average. These are often taken as buy or sell signals. When the shorter MA crosses the longer from below and both are turning upwards, it is called a Golden Cross, a strong buy signal.

Envelopes use moving averages which are sifted up or down by a certain percentage to establish a certain 'normal' band in which the price moves. If prices break out of these, they tend to revert to the mean.

The full-load continuous rating of a generator or other electric power production equipment under specific conditions as designated by the manufacturer. Installed generator nameplate rating is usually indicated on a nameplate physically attached to the generator

National Allocation Plan: Under the EU ETS, each country must submit a NAP to the European Commission, detailing every installation/plant and its proposed allocation of emissions allowances within the national cap.

A naturally occurring mixture of hydrocarbon and non-hydrocarbon gases found in porous geological formations beneath the earth's surface, often in association with petroleum. The principal constituent is methane

The following are some of the standard abbreviations used in natural gas measurement. Mcf: standard abbreviation for 1,000 cubic feet. Bil cu ft: Billion cubic feet. Also abbreviated to bcf. Tcf: trillion cubic feet. Cu m: cubic meter. bil cu m: billion cubic meters. Also abbreviated to bcm. Tcm: trillion cubic meters. quad or quads: quadrillion cubic feet. MMBtu: Million British thermal units. Dt: Dekatherm

The maximum load-carrying ability of a power plant under specified conditions for a given time interval. Capability is determined by design characteristics, physical conditions, energy supply and operating limitations such as cooling and circulating water supply and temperature, headwater and tailwater elevations, and electrical use

Natural gas liquids. Can include ethane, propane, butane, isobutane and natural gasoline/condensate. Not to be confused with LNG, liquefied natural gas. LNG is artificially liquefied methane, not the heavier fractions defined as NGLs.

Fissionable materials that have been enriched to such a composition that, when placed in a nuclear reactor, will support a self-sustaining fission chain reaction, producing heat in a controlled manner for process use

A measure of the detonative quality of gasoline, or otherwise expressed its tendency to cause "engine knock." The higher the octane number, the higher the resistance to engine knock. Octane numbers come in two forms: Research octane number reflects fuel performance under moderate driving conditions, while the tests for motor octane number reflect high speed driving conditions. Tests for both numbers are in fact performed in the laboratory.

An offset deal is, normally, one in which a vendor government "offsets" the cost of an arms sale to a purchaser government by undertaking to invest in the purchaser country (or to persuade vendor country companies to do so). Offset investment is normally not in the arms sector, and typically involves technology transfer.

OBV is a momentum indicator relating volume to price change. If prices rise, volume is considered up-volume; if price, it is considered down-volume. Up-volume is added to the cumulative total, and down-volume is subtracted.

Full name is The Organization of the Petroleum Exporting Countries. Group of crude-producing countries which has used its collective weight of production since OPEC was founded in 1960 in an attempt to influence oil prices. Current membership (May 2000): 11 countriesAlgeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Ecuador resigned from OPEC in 1992, Gabon in 1995. Founder members were Saudi Arabia, Iran, Iraq, Kuwait and Venezuela.

A technique used by technical analysts to decide on which measures work best in their specific markets. For instance, the 40-day moving average might generate good signals for oil and commodity markets, but not foreign exchange markets. BY using optimization software, traders hope to work out which measures work well for their specific instruments.

Mathematical models that use certain "knowns in the present, like underlying price, strike price and days until expiration, along with forecasts (or assumptions) for factors such as future volatility, to compute the theoretical value for options in the future. Variables can fluctuate over the life of the option, and the option's theoretical value adapts to reflect these changes. Models include the Black-Scholes formula, binomial model, or simulation (so-called Monte Carlo models). These models vary in the amount of assumptions they make about things like the distribution of future prices, and if inputs can change over time in the future as well.

An option which has no intrinsic value. A put option is out-of-the-money when its strike price is below the value of the underlying futures contract. A call option is out-of-the money when its strike price is above that of an the underlying futures contract

The quantity of oil unloaded from a vessel at its discharge point. Out-turn pricing allows the buyer to pay only for the oil measured into receiving tanks. The amount of oil loaded on the tanker becomes irrelevant. See also CIF, FOB, C+F, FCA etc

This is a customized derivatives contract typically transacted through an intermediary such as bank or trading wing of an energy company rather than on a formal, more centralized stock exchange. Swaps are the most common form of over-the-counter instrument.

Gasoline containing more oxygen than pre-1990s formulation. Oxy-specified gasoline in the US contains 2% oxygen, and is intended for use in winter months in northern US states. reformulated gasoline contains 2.7% oxygen, and is designed for year-round use in metropolitan areas.

A plant usually housing low-efficiency, quick response steam units, gas turbines, diesels, or pumped-storage hydroelectric equipment normally used during the maximum load periods. Characterized by quick start times and generally high operating costs, but low capital costs

Chemicals derived from petroleum; feedstocks for the manufacture of plastics and synthetic rubber. Petrochemicals include benzene, toluene, xylene, styrene, and methanol. Abbreviations for the major petrochemicals are: AA Acetic acid ACN Acrylonitrile ABS Acrylonitrile-butadiene-styrene BD Butadiene CC4s Crude C4s IPA Iso-propyl-alcohol IBA Iso-butanol MEG Monoethylene glycol MEK Methyl ethyl ketone MIBK Methyl isobutyl ketone MMA Methyl methacrylate MDI Diphenyl methane diisocyanate MX Mixed xylene NBA Normal butanol PE Polyethylene LDPE Low density polyethlene LLDPE Linear low density polyethylene HDPE High density polyethylene PP Polypropylene PS Polystyrene PVC Polyvinyl chloride SX Solvent xylene TDI Toluene diisocyanate VX Virgin xylene

A rate for electric transmission that does not vary according to distance from the source of the power supply. So-called because postage stamps for letters are typically at a fixed price, regardless of destination.

A contract involving the purchase and sales of electricity, which is normally executed between the owner of a power plant generating the electricity and the buyer of the electricity a regulated utility, local distribution company, or private sector industrial manufacturer.

A method of setting a utility distribution company's rates where a maximum allowable price level is established by regulators, flexibility in individual pricing is allowed, and where efficiency gains can be encouraged and captured by the company

A prompt cargo describes a cargo available for immediate lifting (one to two days). Prompt tonnage refers to tankers available to lift cargoes immediately. The tanker and petrochemical world's abbreviation is PPT.

Natural gas and power hub locations where there is little or no forward trading activity. Platts' uses analysis and statistical testing to establish a defendable relationship between a proxy location and one of the editorial or market locations.

A plant that generates electricity by using water pumped during off-peak periods into an elevated storage reservoir. At peak periods, when additional generating capacity is needed, the water is released from the elevated storage reservoir to turbine generators in a power plant at a lower elevation. A hydroelectric power plant that uses both pumped water and natural stream flow to produce electricity is a Combined Pumped-Storage Hydroelectric Plant.

An option that gives the holder the right (but not the obligation) to sell a specified quantity of the underlying instrument at a fixed price, on or before a specified date. The grantor of the option has the obligation to take delivery of the underlying instrument if the option is exercised.

Pyrolysis gasoline: a naphtha-range product with a high aromatic content, used either for gasoline blending or as a feedstock for a BTX extraction unit. Pygas is produced in an ethylene plant which processes butane, naphtha or gasoil.

The spontaneous nuclear transformation in which an atom emits particles or radiation following orbital electron capture, or when the nucleus undergoes spontaneous fission. When several such transformations occur in series, this is called a decay chain.

Nuclear reactors may be divided into two main types, fast and thermal. A fast reactor is a reactor in which the fission chain reaction is sustained with high-energy or high-speed (ie fast) neutrons. It is capable of converting unused fertile uranium-238 into fissile plutonium, a process known as breeding on fast breeder reactors A thermal reactor is a reactor in which the fission chain reaction is sustained with moderated (slow or "thermal") neutrons. There are four main types in use: light water reactors, which account for over 90% of those in operation; CANDU pressurized heavy water reactors; gas-cooled reactors (GCR, and ACR); and the RBMK light water graphite reactor.

In oil, a plant, usually comprising distillation units and a variety of additional specialist units, for the manufacture of so-called refined products from crude oil. Major refined products include naphtha, gasoline, gasoil (heating oil), jet fuel, low sulfur and high sulfur fuel oil. In copper and lead, a refinery is a plant which further purifies metal produced in a smelter. In zinc, it is a plant which produces purer metal than could be produced in a smelter. In aluminum, it denotes a plant which refines bauxite into alumina.

This has become one of the most widely used and popular of technical indicators. It was invented by Welles-Wilder, and uses a simple equation comparing the average up moves in the market to the average downmoves to give a single RSI number for a certain period. The 14-day RSI is widely used. RSIs of 20-30% tend to indicate the market is oversold, while those of 70-80% indicate it is overbought.

The calculated quantity of hydrocarbons or minerals which can be extracted profitably from a deposit, classified according to the level of confidence that can be placed in the data. Standard classifications are: Proven reserves Reserves that have been sampled extensively, for example--in mining--by closely spaced diamond drill holes or by underground working giving an accurate picture of size and quality of reserves. Also called measured reserves. In oil, proven reserves are an estimate based on seismic and other exploratory data, linked to an assessment of economic and operating viability. Recoverable reserves In oil and gas, the portion of a fields total estimate reserves that can actually be recovered from the field using currently available technology. Recoverable reserve estimates are dependent on factors such as reservoir pressure and the density of strata. Probable reserves Valuable mineralization not sampled enough to estimate accurately the terms of tonnage and grade. Also called indicated reserves. Possible reserves Valuable mineralization not sampled enough to estimate accurately its tonnage and grade, or even verify its existence. Also called inferred reserves. In oil, possible reserves are an estimate of reserves from an undrilled site or one that has not bee seismically tested.

Reformulated gasoline. US specified gasoline formulated with a higher oxygen content than pre-1990s gasolines. RFG is specified to contain 2.7% oxygen, and is designed for year-round use in urban areas. So-called oxygenated gasoline is specified with a 2% oxygen content, and is intended for winter use. The abbreviation RFG is acceptable in headlines and on first reference in market reports.

A Renewable Identification Number (or RIN) is a serial number assigned to a batch of biofuel for the purpose of tracking its production, use, and trading as required by the United States Environmental Protection Agency's Renewable Fuel Standard implemented according to the Energy Policy Act of 2005.

A hydroelectric plant which depends chiefly on the flow of a water stream as it occurs for generation. Differs from a storage project (such as a hydroelectric dam), which has space available to store water from one season to another. Some run-of-river projects have a limited storage capacity (pondage) which permits them to regulate streamflow on a daily or weekly basis.

Sour gas is natural gas which contains lethal hydrogen sulfide, and must be purified before being injected into a pipeline. Sweet gas is gas found in its natural state which does not need to be purified to remove sulfur-bearing compounds.

Basically, the cost difference of converting natural gas into electricity. It can also be the difference between gas and electricity futures prices. Marketers use the spark spread as an arbitrage opportunity, using tolling or reverse tolling.

Unused capacity available from units connected to and synchronized with the grid to serve additional demand. The spinning reserve must be under automatic control to instantly respond to system requirements.

The theory of stochastics is based on the premise that prices close nearer the high in an uptrend, and nearer the low in a downtrend. %D Slow %D %K %R are all just names for different ways of smoothing the stochastic measures derived from the uptrend/down

In oil: typically onland tankage facilities for short- or long-term storage of crude or products; sometimes used in economic parlance interchangeably with the concept of oil stocks. In natural gas: facilities used to store natural gas which has been transferred from its original location. Usually consists of natural geological reservoirs like depleted oil or gas fields, water-bearing sands sealed on top by an impermeable cap rock, underground salt domes, bedded salt formations, or in rate cases, abandoned mines.

An investment with a cost recovery schedule that was initially approved by regulatory action that subsequent regulatory action or market forces has rendered not practically recoverable. Costs that utilities are currently permitted to recover through their

Facility equipment that switches, changes, or regulates electric voltage. An electric power station which serves as a control and transfer of power flow, transform voltage levels, and serve as delivery points to industrial customers.

The flow of electric current without resistance in certain metals and alloys at temperatures near absolute zero. Perpetual motion on an atomic scale; the conduction of electricity without the slightest power loss; perfect conductivity.

A material that becomes a perfect conductor of electricity when chilled. Developments beginning in 1986 have raised the threshold temperature to levels which, in the near future, may provide wires capable of conducting large electric currents without line

Facility used to tie together two or more electric circuits through switches. The switches are selectively arranged to permit a circuit to be disconnected, or to change the electric connection between the circuits

Material rejected from a mill after most of the recoverable valuable minerals have been extracted. Confined in a tailings pond, the main function of which is to allow enough time for heavy metals to settle out or for cyanide to be destroyed before water is discharged into the receiving watershed.

A clause in a gas supply contract which provides that a minimum quantity of gas be paid for, whether or not delivery is accepted by the purchaser. Most contracts contain a time period in which the buyer may take later delivery of gas without penalty. Not generally included in contracts written today. Some buyers will pay the seller a fee (often large) to buy out the contract (usually an old contract), so they are not required to take the gas. Often abbreviated to TOP by companies, but should be written in full.

Size is typically measured in deadweight tonnes (cargo capacity for carrying water). Here are tanker sizes and typical abbreviations (in deadweight tonnes) GP General Purpose 16,500 - 24,999 MR Medium Range 25,000 - 44,999 LR1 Large/Long Range 45,000 - 79,999 LR2 Large/Long Range 80,000 - 159,999 VLCC Very Large Crude Carrier 160,000 - 319,999 ULCC Ultra Large Crude Carrier 320,000 - 549,000 Also: Handysize 35,000 Panamax 65,000 Aframax 80,000 Suezmax (Million barrel) 130,000 Capesize: Any vessel, usually carrying dry bulk cargoes, that is too big to navigate the Panama or Suez Canals

A unit of heating value equal to 100,000 Btus, in common use in the UK. Roughly, you can get 56 therms by setting fire to a barrel of crude oil. The dekatherm, 10 therms, is a more commonly used unit in the US.

An element with atomic number 90. It may be used as a fertile material in a nuclear reactor as the irradiation of thorium-232 with neutrons produces uranium-233, an artificial fissile material like plutonium-239.

The standard Platts abbreviation is mt. A tonne, or metric ton, sometimes tautologically referred to as a metric tonne, is defined as the weight of one cubic meter of water. Rough-and-ready barrel-tonne conversion factor is 7.33 barrels of crude to one tonne, but obviously depends on the specific gravity of the crude.

The network of high voltage lines, transformers and switches used to move electricity from generators to the distribution system. Also used to interconnect different utility systems and independent power producers together into a synchronized network. Transmission is considered to end when the energy is transformed for distribution to the consumer.

The fee paid by a miner to the smelter/refiner which upgrades the mines concentrate output. Abbreviated to TC/RCs on second reference. Smelting/refining contracts also typically include escalators, which adjust the charges up or down in line with fluctuations in the market price of the metal in question. See also Custom smelter.

"The trend is your friend." A trend at its most basic consists of a situation in which prices move more in one direction than another. Many technical measures attempt to discern when a price is moving in a trend, punctuated by minor corrections, and when it is simply trendless.

United Nations Framework Convention on Climate Change: An international treaty signed in 1992, of which the Kyoto Protocol is an amendment. As of December 2009, the UNFCCC comprised 193 parties.

The heaviest naturally occurring element (atomic number 92). It is metallic and slightly radioactive. Its only substantial use today is as a raw material for generating electricity via nuclear fission. Ranging in atomic mass from 227 to 240, uranium has 14 isotopes, of which only three occur naturally: uranium-238, uranium-235, and uranium-234. Uranium-238 comprises 99.283% by weight of natural uranium (ie uranium whose isotopic composition, as it occurs in nature, has not been altered)and is not fissile, but is fertile. It usually absorbs any neutrons which strike it and as a result is transformed into plutonium-239, a fissile isotope of plutonium. Uranium-235 the only naturally occurring isotope of uranium which is capable of fission. Natural uranium contains approximately 0.711% by weight of uranium-235. Uranium-234 exists in very small quantities in natural uranium (0.005% by weight) and is not fissile in thermal reactors. The remaining isotopes are created synthetically. Uranium-233 is fissile and is obtained by the irradiation of thorium-232 with neutrons. Uranium-232, -236, and 237 are found in irradiated nuclear fuel and are not fissile.

A widely used risk measure of the maximum loss a specific portfolio of financial assets can sustain over some period with a certain probability. For a given portfolio, probability, and timeframe, the VaR is defined as a threshold value such that the probability that the markto-market loss on the portfolio over the given time horizon would not exceed this value.

Verified Emissions Reductions. Voluntary greenhouse gas emissions reduction credits. VERs cannot be used for Kyoto compliance -- they have value only in terms of public relations/corporate social responsibility and as part of voluntary cap-and-trade schemes.

A value attributed to an underlying futures contract which determines the premium that is set by the grantor. Includes an element of historical volatility, and the volatility which the grantor of an option believes will still be seen in that futures contract.

The unit of measurement of electromotive force. It is equivalent to the force required to produce a current of one ampere through a resistance of one ohm. The unit of measure for electrical potential. Generally measured in kilovolts or kV. Typical transmission level voltages are 115 kV, 230 kV and 500 kV.

The average of prices over a certain period, but weighted to give more importance to the latest price. So, if it were a 5-day MA, the latest price might be weighted by a factor of 5, yesterday's by a factor of 4, the day before by 3 times, the day before twice, and before that, the simple price. Different weighting systems can be used.

Natural gas containing liquefiable hydrocarbons. Natural gasoline, butane, pentane and other light hydrocarbons can be removed by chailling and pressure or extraction. It also refers to gas that has water in excess of 7lb/mil cu ft (MMcf).

West Texas Intermediate crude oil. WTI crude is deemed to be traded at Cushing, Oklahoma. Traders typically refer to the NYMEX Light Sweet Crude futures contract as the WTI contract, although the contract allows delivery of other grades.

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