Dark Energy Consulting
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Detailed Glossary
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Virtual | ||
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Something that behaves like something else but is not really that thing Detail We've all heard of virtual reality - it appears (or tries to appear) real but is not, but it does have many of the characteristics of real So what does that mean for us? Well let's take a real(!) example Virtual Storage - Storage allows organizations to inject gas at one point in time and withdraw it later An organization (the seller) may sell another organization (the buyer) virtual storage the buyer of the product sells gas at no cost to the seller at some point later in time the buyer of the product requests the seller of the product to sell the gas back at no cost the seller tracks the level of virtual gas, and tracks this against the virtual capacity of the storage product sold | ||
Volume | ||
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Volume is the measure of how much of something is involved in a trade Volume = Quantity (but the term Volume is nearly always used in preference) Hence in energy trading volume may have dimensions of energy, mass, weight or volume Detail Volume is one of the important attributes of a trade Volume may be specified: As a total for the entire trade By day, month or some other period for the duration of the trade Volume has units of quantity according to the commodity: Mass (often incorrectly called weight) - often used for coal, oil and other non-gaseous commodities e.g. metric tonne (T), kilogrammes (kg) Volume - sometimes used for gaseous and liquid commodities millions cubic feet (mcf), barrels (bbl), gallons Energy - may be used for any commodity e.g. therms, Megawatt hours (MWh) For gas and electricity trades it is generally more convenient to trade in quantities of energy Other energy commodities are usually measured in volumes of mass or volume since this is more practical to measure at delivery Volume traded will directly affect the traded position of that commodity Volume may be constant over the duration of the trade, or may vary over the different delivery periods: the delivery volumes are defined in the Schedule of the trade
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