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A-D

AMR: Automated Meter Reading

Annual Quantity (AQ or AAQ): The annual quantity of gas consumed measured in kilowatt hours (kWh)

bcf: BCF stands for billions of cubic feet of gas. The UK consumes over 3000bcf every year in homes, businesses and power stations

bcm: Billion cubic meters

b/d: Barrels per day

bbls: Barrels

Barrel: A unit of volume measurement used for petroleum and its products. 1 barrel = 42 US gallons or 158.9 litres

Biomass: Biomass is anything derived from plant or animal matter and includes agricultural, forestry wastes/residues and energy crops. It is either burnt as fuel or combustible oils are extracted from it

Carbon Trading: Carbon trading controls carbon emissions by putting a limit on total emissions from certain activities or sectors. This puts a price on carbon and creates a market whereby participants can trade their carbon allowances. Allowances are initially allocated, perhaps through a free distribution or through an auction. The carbon price provides an economic incentive to reduce emissions and allows for any reductions to take place at the lowest cost across the scheme. The limit on total emissions is adjusted periodically

Certified emission reductions (CERs): Are climate (or carbon) credits issued by the Clean Development Mechanism (CDM) Executive Board for emission reductions achieved by CDM projects and verified under the rules of the Kyoto Protocol

Clean development mechanism (CDM): An arrangement under the Kyoto Protocol allowing industrialised countries with a greenhouse gas reduction commitment to invest in projects that reduce emissions in developing countries as an alternative to more expensive emission reductions in their own countries

Downstream: All petroleum activities involving refining and marketing

E-K

Emission reduction units (ERUs): ERUs are credits awarded to emission reducing projects that take place under the Joint Implementation (JI) Scheme of the Kyoto Protocol. JI projects operate in a similar manner to those under the Clean Development Mechanism but take place in developed countries

Energywatch: is the independent gas and electricity watchdog which provides a range of advice and assistance to consumers. The website can be found at www.ukenergywatch.org

Gas Shipper: The Shipper is the company that arranges for the transporter to move the gas from the beach to the consumer on the suppliers’ behalf. Shippers must have a licence from Ofgem before they can ship gas.

Gas Supplier: Suppliers are the companies that sell gas to consumers. Suppliers must have a contract with a shipper to arrange to have their gas conveyed to the consumer. Suppliers must obtain a licence from Ofgem before they supply gas. A full list of licensed gas suppliers can be found on the Ofgem website: www.ofgem.gov.uk

kWh: Kilowatt-hour is the unit of energy used in the gas industry as a basis for setting charges. Kyoto Protocol: A protocol to the international Framework Convention on Climate Change with the objective of reducing greenhouse gases that cause climate change

L-R

LNG: Liquefied Natural Gas is methane (natural gas) in liquid state, which means that the temperature has been lowered to –162C

NBP: National balancing point is the Transco gas balancing system

Ofgem: Office of Gas Electricity Markets is the independent government agency who regulates the onshore gas and electricity industries in Great Britain

Profile: Most Consumers use more gas in the cold winter months than the warmer summer months. In the absence of meter reads we will bill you on the standard profile, as a percentage of your Annual Quantity

Proved reserves: The amount of hydrocarbons that one can reasonably expect to recover (90%) in view of the prevailing economic conditions and technology

ROE: Return on Equity measures the rate of return on the ownership interest of the common stock owners

S-Z

SME: Small and medium-size enterprise

SPA:  Sales and Purchase Agreements is an agreement that is designed for use where two parties are involved in the purchase/sale of assets of a business

Therm: One hundred thousand (100,000) British thermal units

Upstream: Covers all petroleum activities involving exploration for, development of, and production of hydrocarbon accumulations