• Oasis (Open Access Same-Time Information System)

    The new name of the Real- Time Information Network rule or "RINS." Required by FERC to be the only source of information on electric transmission capacity availability. For both affiliated transactions and outside entities.

  • Obligation to Serve

    The obligation of a utility to provide electric service to any customer who seeks that service, and is willing to pay the rates set for that service. Traditionally, utilities have assumed the obligation to serve in return for an exclusive monopoly franchise.

  • Off Peak

    The period during a day, week, month or year when the load being delivered by a natural gas or electric system is not at or near the maximum volume delivered by that system for a similar period of time. (night vs. day; Sunday vs. Tuesday)

  • Off-Peak Gas

    Natural gas supplied during periods of relatively low system demands.

  • Off-System Sale

    Sale by a pipeline to a customer other than one of its own traditional firm sales customers.

  • Off-System Supply

    Natural gas supply purchased from other than the delivering pipeline or local distribution company. See SYSTEM SUPPLY.

  • Offer

    A proposal to sell a futures contract at a specified price.

  • Offset

    The liquidation or closing out of an open contract position.

  • Offshore

    Any area in the United States federal offshore, i.e., three miles or more offshore, except ten miles or more offshore Texas. A well may be located completely under state waters miles from land and still be classified as an onshore well.

  • Ohm

    The unit of measurement of electrical resistance. The resistance of a circuit in which a potential difference of 1 volt produces a current of 1 ampere.

  • Oil, Heavy

    Heavy, thick and viscous oils, particularly those found naturally in certain reservoirs in and around Kern County, California, and refinery residuals commonly specified as grades 5 and 6.

  • On-Peak Energy

    Electricity supplied during a period of high system demands as specified by the supplier.

  • One Hundred Percent Load Factor

    The circumstance in which a customer actually takes all of the service to which it is entitled during a specific period of time.

  • Onshore

    Any area within the United States other than that classified as offshore.

  • Open Access

    Non-discriminatory, fully equal access to transportation or transmission services offered by a pipeline or electric utility.

  • Open Contract, Interest or Commitment

    Future(s) contracts during a given period of time which have not been satisfied by an offsetting sale or purchase or actual delivery.

  • Open Order

    An order that is good until cancelled.

  • Open Outcry

    Public auction with verbal bids in the trading pits.

  • Open Season

    A period of time in which potential customers can bid for pipeline services, and during which such customers are treated equally regarding priority in the queue for service.

  • Operable Nuclear Unit

    A nuclear unit is "operable" after it completes low-power testing and is granted authorization to operate at full power. This occurs when it receives its full power amendment to its operating license from the Nuclear Regulatory Commission.

  • Operated by Others

    A property in which a producer has an interest but of which it is not the operator.

  • Operating Procedures (contingency)

    A set of written step-by-step practices or procedures that may be automatically implemented, or manually implemented by the system operator within a specified time frame, to maintain the operational integrity of the interconnected electric systems when specific anticipated contingencies occur. These actions or system adjustments may be implemented in anticipation of or following a system contingency (facility outage) or system disturbance, and include, among others, opening or closing switches (or circuit breakers) to change the system configuration, the redispatch of generation, and the implementation of Direct Control Load Management or Interruptible Demand programs.

  • Operating Reserve

    The reserve generating capacity necessary to allow an electric system to recover from generation failures and provide for load following and frequency regulation. It consists of spinning and non-spinning reserves.

  • Operating Security

    The ability of a power system to withstand or limit the adverse effects of any credible contingency to the system including overloads beyond emergency ratings, excessive or inadequate voltage, loss of stability or abnormal frequency deviations.

  • Operating Security Limit

    The value of a system operating parameter (e.g. total power transfer across an interface) that satisfies the most limiting of prescribed pre- and post-contingency operating criteria as determined by equipment loading capability and acceptable stability and voltage conditions.

  • Operational Balancing Agreements (OBAs)

    Agreements between pipelines and parties at delivery or receipt points, whereby the parties agree to specified procedures for balancing discrepancies between the nominated levels of service and the actual quantities. The agreements specify gas custody transfer procedures for confirmation of scheduled quantities at specific points.

  • Operational Flow Orders (OFOs)

    Orders which are issued by a pipeline to protect the operational integrity of the line. The orders may either restrict service or require affirmative action by shippers, such as line pack or 'draft.

  • Operator

    The party in control of the physical operation and maintenance of a well or other facility.

  • Option

    The right but not the obligation to buy or sell something at a specified price for a specified time period. The seller of an options contract receives a premium from the buyer of the option and has the obligation to deliver if the contract is exercised by the buyer. Options are also referred to as Caps, Floors, or Ceilings. (See Put Option and Call Option.)

  • Option Charge

    A set unit fee or demand charge to be paid at the outset by the recipient of a service based on total entitlement. See also RESERVATION FEE.

  • Option on Swap

    A market maker writes an option to a counterparty to take out a swap at a future date on pre-specified terms. The counterparty will pay a premium for such an option.

  • Order No. 497

    A FERC order having to do with the activities of marketing affiliates of interstate natural gas pipeline companies. Among other things, Order 497 proscribes the sharing of certain information with marketing affiliates without concurrent disclosure to non-affiliates.

  • Out-of-the-Money Option

    The price relationship of an option's strike price to the current market price of the underlying instrument. A call option is out-of-the-money if its strike price is above the price of the underlying instrument. A put option is out-of-the-money if its strike price is below the market price of the underlying instrument.

  • Outage

    Periods, both planned and unexpected, during which power system facilities (generating unit, transmission line, or other facilities) cease to provide generation, transmission, or the distribution of power.

  • Over-the-Counter Market

    A general name for any transaction that does not take place on an exchange. There is no central exchange facility for an over-the-counter market which operates through "middlemen", or dealers. The dealer stands ready to buy or sell a given security on request. The dealer provides the service of allowing the buyer or seller of an asset to make the exchange when he or she desires, rather than waiting to locate a party who wants to do business. An over-the-counter option is a call or a put whose strike price, expiration, and premium are negotiated between two parties.

  • Overburden

    Earth and rock layers covering coal seam.