Spreadsheet: mark_taylor__24729__ClickInTradingProducts
Sheet: UKGas

UK Gas
Short Description Boxes for UK Gas
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | FOR OPTIONS
Financial |  | Location |  | Term |  | Year |  | Floating Price Source |  | Currency |  | Units |  | Option Type |  | Strike Price |  | Exercise Period
Swap |  | NBP |  | Monthly (Jan - Dec) |  | 1999 |  | IPE |  | USD |  | therms |  | European Call |  | [NAME]
Option |  |  |  | Quarterly (Q1 - Q4) |  | 2000 |  |  |  | pence |  | MMBtu |  | European Put
 |  |  |  | Gas Year |  | 2001 |  |  |  | EUR |  | kWh
 |  |  |  | Cal Year |  |  |  |  |  | GBP |  | GJ
 |  |  |  | Other Period
Physical |  | Location |  | Term |  | Year |  |  |  | Currency |  | Units |  | Swing % |  | Strike Price |  | Exercise Period |  | Exercise Date
Physical Forward Beach |  | NBP |  | Within Day |  | 1999 |  |  |  | USD |  | therms |  | 140/90 |  | Call |  | 12
Physical Forward NBP |  | Bacton |  | Day Ahead |  | 2000 |  |  |  | GBP |  | MMBtu |  |  |  | Put
Swing Option |  | St.Fergus |  | Balance of Month |  | 2001 |  |  |  | EUR |  | kWh
Capacity |  | Teesside |  | Prompt Month |  |  |  |  |  |  |  | GJ
Option |  |  |  | Monthly (Jan - Dec)
 |  |  |  | Quarterly (Q1 - Q4)
 |  |  |  | Summer
 |  |  |  | Winter
 |  |  |  | Gas Year
 |  |  |  | Cal Year
 |  |  |  | Other Period
Notes: | Expiration date for financial options is an industry standard and has to be specified in confirmation ( for example: -5 days).
Long Descriptions
Location | NBP |  | the National Balancing Point, being the conceptual point at which quantities of Natural Gas may be the subject of Trade Nominations made through UK Link in accordance with the Network Code
 | Bacton |  | the Aggregate System Entry Point to the NTS  (National Transmission System - the principal pipeline system operated by [NAME]) at Bacton
 | Teesside |  | the Aggregate System Entry Point to the NTS  (National Transmission System - the principal pipeline system operated by [NAME]) at Teesside
 | St Fergus |  | the Aggregate System Entry Point to the NTS  (National Transmission System - the principal pipeline system operated by [NAME]) at St. Fergus
 | Network Code |  | the network code prepared by [NAME] pursuant to its public transporter's licence and relating to its principal pipeline system, as such code may be amended or varied from time to time
Term
 | Month (Jan - Dec) |  | the period from 06:00 hrs on the first day of a month to 06:00 hrs on the first day of the following month
 | Q1 |  | the period from 06:00 hrs 1st January to 06:00 hrs 1st April
 | Q2 |  | the period from 06:00 hrs 1st April to 06:00 hrs 1st July
 | Q3 |  | the period from 06:00 hrs 1st July to 06:00 hrs 1st October
 | Q4 |  | the period from 06:00 hrs 1st October to 06:00 hrs 1st January of the following year
 | Gas Year |  | the period from 06:00 hrs 1st October  to 06:00 hrs 1st October of the following year
 | Calendar Year |  | the period from 06:00 hrs 1st January to 06:00 hrs 1st January of the following year
 | Winter |  | the period from 06:00 hrs 1st November to 06:00 hrs 1st May of the following year
 | Summer |  | the period from 06:00 hrs 1st May to 06:00 hrs 1st October
 | Within Day |  | the period from 06:00 hrs on the Day to 06:00 hrs on the following Day
 | Day Ahead |  | the period from 06:00 hrs on the following Day to 06:00 hrs on the next following Day
 | Balance of Month |  | the period from 06:00 hrs on a Day to 06:00 hrs of the first Day of the following month
 | Prompt Month |  | the period from 06:00 hrs of the first Day of the following Month to 06:00 hrs of the first Day of the following month
 | Other Period |  | the period from 06:00 hrs on a specified date to 06:00 hrs on another specified date
Settlement Index
 | IPE (NBP) |  | , where the Floating Price shall be the arithmetic average of the daily official settlement prices for the prompt month natural gas contract (national balancing point) on the International Petroleum Exchange (IPE)
Instrument Type
 | Swap |  | A Transaction under which one Party pays a Floating Price and the other Party pays a Fixed Price in respect of the Notional Quantity per Determination Period,
 | Physical Forward Beach |  | A Transaction under which the [NAME] shall sell and the [NAME] shall purchase a quantity of natural gas equal to the Daily or Designated Quantity at the Contract Price
 | Physical Forward NBP |  | A Transaction under which the [NAME] shall sell and the [NAME] shall purchase by means of an NBP (National Balancing Point) Trade a quantity of natural gas equal to the Daily Quantity at the Contract Price
 | Financial European Call Option |  | A Transaction under which the Option Buyer has the right, in return for payment of the Premium, to receive after exercise of the Call Option on the Exercise Period, the Cash Settlement Amount if the Floating Price exceeds the Strike Price in respect of the Notional Quantity per Determination Period
 | Financial European Put Option |  | A Transaction under which the Option Buyer has the right, in return for payment of the Premium, to receive after exercise of the Put Option on the Exercise Period, the Cash Settlement Amount if the Strike Price exceeds the Floating Price, in respect of the Notional Quantity per Determination Period
 | Physical European Call Option NBP |  | A Transaction under which the Option Buyer has the right at the exercise of the Call Options on the Exercise Date, in return for payment of the Premium, to buy a quantity of natural gas from the [NAME] by means of an NBP (National Balancing Point) Trade equal to the Designated Quantity at the Strike Price
 | Physical European Put Option NBP |  | A Transaction under which the Option Buyer has the right at the exercise of the Put Options on the Exercise Date, in return for payment of the Premium, to sell a quantity of natural gas from the [NAME] by means of an NBP (National Balancing Point) Trade equal to the Designated Quantity at the Strike Price
 | Swing |  | A Transaction under which a physical volume, nominated by the buyer on a daily basis between zero and x% of the daily contract quantity, is exchanged  for a fixed price over a specified period. The buyer has a Take or Pay obligation over the period for the volume equal to the number of days in the period multiplied by the daily contract quantity mulyiplied by [NAME]. Daily nominations are required by 3.30pm on the previous gas day. Swing is quoted as x%/y%
 | Capacity |  | NTS system entry capacity as defined under the Network Code section 1.2.3.(a)
Units
 | therm |  | [NAME] [, being the imperial measurement for a quantity of natural gas, equivalent to 100,000 Btu]
 | Btu |  | British thermal unit, which is equal to the amount of heat required to raise the temperature of 1lb of water by 1 degree F
 | MMBtu |  | million of British thermal units
 | kWh |  | electric energy equivalent to the power of one kilowatt (1000 watts) operating for one hour
 | GJ |  | one billion joules, approximately equivalent to 948,000 Btu
Currency | USD |  | United States Dollars
 | GBP |  | Pounds Sterling
 | EUR |  | EUROs
 | pence |  | pence [, equal to 1/100 of a Pound Sterling,]
GTC References
 | , pursuant to any master agreement between the Parties, or if no master agreement is in effect, the GTCs (Financial) specified in this website (or its successor)
 | , pursuant to any master agreement between the Parties, or if no master agreement is in effect, the GTCs for UK Gas Physical under NBP 1997 Terms (as amended in this website (or its successor))
 | , pursuant to any master agreement between the Parties, or if no master agreement is in effect, the GTCs for UK Gas Physical Beach in this website (or its successor)
Examples:
Short Description: | UK Gas Financial Swap, NBP, Aug 1999, at IPE, pence/[NAME]
Long Description:
Short Description: | UK Gas Financial Call Option, NBP, Jul-99, Settled at IPE,  Strike 8.5 p/th, pence/[NAME]
Long Description:
Short Description: | UK Gas Physical Swap, Bacton, Within Day, £/MMBTu
Long Description:
Short Description: | UK Gas Physical Swing 140/90, Bacton, Prompt Month, pence/[NAME]
Long Description:
Short Description: | UK Gas Physical Put Option, NBP, Gas Year 2001, Strike 12p/th, pence/[NAME]
Long Description: