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Balancing Services Use of System (BSUoS)

In some regions (notably the UK), a charge levied by the grid operator to recover costs associated with balancing the electricity system in real time. It’s an example of a specialized cost component in physical power trades. Read More

LMP (Locational Marginal Pricing)

Common in U.S. electricity markets; the marginal price of delivering one additional unit of electricity at a specific location (node/bus). LMP accounts for generation costs, demand, and transmission constraints and losses, making it a key concept in physical power trading. Read More

Interconnector

A pipeline, transmission line, or other infrastructure physically connecting two distinct markets or regions (e.g., the UK–Belgium Interconnector for gas). Traders watch interconnector capacity and flows to exploit regional price differences. Read More

Nom‐to‐Burn (N2B)

A type of short‐term physical transaction in natural gas markets where traders nominate volumes very close to real-time consumption needs (e.g., a power plant’s immediate gas burn). Read More

Line Pack

The volume of gas maintained within a pipeline system to ensure operational pressure and handle fluctuations. Managing line pack is critical in physical gas trading and pipeline operations. Read More

Capacity Release

A pipeline process whereby a shipper with firm transportation rights on a pipeline can release (sell or sub-lease) unused capacity to other shippers. This is common in regulated natural gas pipeline systems. Read More

LNG Regasification

The process of converting LNG (liquefied natural gas) back to gaseous form after receiving it at an import terminal. This step is essential to inject the gas into pipelines for distribution to end-users. Read More

Cargo Laycan

In LNG or crude oil shipping, the laycan is the date range during which a vessel must arrive at the loading port to load its cargo. If the vessel misses the laycan window, it can be refused loading. Read More

API Gravity

A measure of the density of crude oil as per the American Petroleum Institute. Traders often use API gravity to determine a crude’s quality and suitability for refining certain products. Read More

Liftings

In crude oil or LNG contexts, a “lifting” refers to the actual physical loading of cargo from a port or terminal onto a vessel. The term is also used in scheduling the sequence of cargo movements. Read More