  Conveyancing agreements
Required when a network company contracts directly with a customer to use the network company’s infrastructure to deliver electricity to that customer. The network company then has a direct relationship with the customer, although billing is usually carried out by the retailer on the network’s behalf. Conveyancing agreements usually involve only large customers.
CT A CT is a Current Transformer. This measures an exact proportion of energy going into a site. As a proportion is measured, a multiplier must be used to convert the meter reading to a total actual volume. Where a site draws a load current in excess of, say 80 amps, it is not possible to pass the entire load through a meter. CTs are used to measure a proportion of the current drawn by a site.
Cyclical meter reading schedule Meters that are read on a regular basis according to a planned schedule.
Data logger The part of a Time of Use meter that records usage in half-hourly intervals.
Data regeneration The creation of consumption information based on historical or typical information. Occurs when metering data has been irretrievably lost or is unavailable.
Data validation Checks performed on metering data to see whether it is consistent with historical or typical consumption.
Days Unless specified otherwise, all days referred to in Service Level Agreements are working days.
Direct connected A connection from the grid to the consumer directly rather than via a network.
Electricity Hedge A contract between Mercury Energy and a customer that allows the customer to secure a fixed volume of electricity at a fixed price. If the customer uses less than the fixed volume, Mercury pays them the difference according to the spot price on the day. If they use more, they pay Mercury the difference according to the spot price on the day.
Fixed Price Contract A contract between Mercury Energy and a customer that allows the customer to fix an electricity price without having to commit to an agreed volume.
Gigawatt (GW) A unit of power equal to 1 billion watts, 1 million kilowatts, or 1,000 megawatts.
Gigawatt hour (GWh) A unit or measure of electricity supply or consumption amounting to 1 million kilowatts over the period of one hour.
GIP Grid Injection Point. Direct connection between the national grid and a generator, where energy flows into a grid.
GXP Grid Exit Point. A GXP is the point when line ownership changes from Transpower to a network company or direct supply customer. Pricing for major customers is usually done at GXP so that prices can be compared without the effect of local losses.
ICP number Your Installation Control Point number is a unique number given to the connection point between your site and the network company's line. This point is ‘contestable – it can potentially be used by competing energy retailers.
ISDA contract A standard contract form (produced by the International Swap Dealers Association), which we use where we supply energy on a Electricity Hedge basis.
Kilowatt (kW) A standard unit of electrical power equal to 1,000 watts or energy consumption at a rate of 1,000 joules per second.
Kilowatt hour (kWh) A unit or measure of electricity supply or consumption of 1,000 watts over the period of one hour. This is the basic unit for charging electricity.
Local losses / Loss factor Energy is lost when it is transported over the lines system due to factors such as resistance. These losses are an inevitable part of electricity distribution, and every network company applies a "loss factor" to their network charges (a percentage multiplier) to account for them. The same loss factor for a given site is applied to every electricity retailer.
MARIA Metering and Reconciliation Information Agreement – the industry's code of practice for metering and data handling.
MARIA-compliant meter All metering is required to comply with the standards set down in the Metering and Reconciliation Information Agreement. Dates for compliance vary according to the type of meter, but all Time of Use meters were required to be compliant by 1 October 2002.
Market Linked Contract This is a contract between Mercury Energy and a customer that enables the customer to pay the wholesale or spot price for their electricity.
METRIX The provider of metering related services comprising any combination of: 1) metering equipment services; 2) metering information collection services; 3) metering information management services.
MRPL Mighty River Power Limited, trading under the brand names of Mercury Energy and Mighty River Power.
National grid The system of high voltage power lines that connects to the power stations to send electricity around the country.
Network charges Charges made by the network company for transporting energy from the GXP to the customer site.
Network company Network companies (also called Distribution or Lines companies) own the low-voltage power lines and networks in local areas that connect to the national grid to deliver power to business and residential users.
New connection meter orders Requests to install builders’ temporary supply meters and/or subsequently replace those meters with permanent meters.
NZEM The New Zealand Electricity Market. Refers to rules, which, along with MARIA rules, provide systems to track and measure the quantity of electricity sold, identify buyers and sellers, and match all this information with the correct contract.
Potential fuses Fuses associated with CT metering that protect the meter windings from short circuits or overloads.
Power factor A measure of how effectively electricity is being used by your site. The power factor of a site can be used to help analyse its overall energy efficiency. Power factor can “lead” or “lag”.
Reconciliation Under the terms of MARIA, each retailer aggregates customer metering data (adjusted for local losses). The aggregated data is then passed on to the National Reconciliation Manager, and is reconciled with metering information from generators and the grid operator. Reconciled quantities are then passed on to the clearing manager to calculate the amounts owed and to whom.
Ripple relay An electrical switch that is remotely controlled by sending a coded signal down the electrical network. Ripple relays are used to remotely switch load off and on. For example, your domestic electricity account may allow the network company to switch your water heating on and off at set times. This may be done through a ripple relay.
Split Cover This is a contract between Mercury Energy and a customer that combines a Fixed Price contract (for the period April-September) and a Market Linked contract (for the period March-October). This gives the customer security during the more volatile winter months and flexibility of access to the spot market during the summer months, when prices are typically lower.
Spot market The popular name for the New Zealand Electricity Market, where electricity is bought and sold in half-hourly intervals.
Special reads Reads requested by Mercury Energy in addition to the regular meter reading schedule for the purpose of obtaining a start reading, final reading, missing reading or check reading.
Static meter A meter where the energy measured is recorded on a cumulative register (as opposed to a Time of Use meter, where the energy is recorded and the reading returned to zero every half hour). The meter at your house is a static meter.
Time of Use Metering (or Interval Metering) This uses meters that can record and store electricity use in half-hourly measurements (the intervals in which it is bought and sold in the wholesale market).
Data from the meters is sent to a database over a cellular phone or landline link, or can be collected monthly from the meters via a hand held computer. This information is then used by the electricity retailer to bill the customer depending on how much electricity has been used and at what time of the day.
Use of Systems agreement Contracts between electricity retailers and network companies for the use of local networks to deliver electricity to customers. The retailer on-invoices network charges to the customer, based on load information collected from meters at customer sites.
Voltage transformer (VT) A device that measures, with great accuracy, a proportion of the voltage on a conductor. Where voltage in excess 400 volts is supplied to a site, it is not possible to pass all of the voltage to a meter. VTs are used to measure a proportion of the voltage supplied.
|