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Industry Glossary
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Industry Glossaries:
 
Natural Gas
                 
 Throughput
Category
 

 

Natural Gas
 Therm
Category
 

A unit of heating value equivalent to 100,000 btus.

 

Natural Gas
 Wellhead Price
Category
 

The price of heating value equivalent to 100,000 btus.

 

Natural Gas
 Wellhead
Category
 

The point of origin in the gas supply process.

 

Natural Gas
 Reserve Additions
Category
 

An amount added to gas inventory in excess of the amount that is produced and for sale.

 

Natural Gas
 Natural gas
Category
 

A naturally occurring mixture of gases found in porous geologic formations beneath the earths surface and usually found with petroleum.

 

Natural gas
 Propane
Category
 

Propane is a form of liquefied petroleum gas which is typically extracted from natural gas or separated during the crude oil refining process. Propane is easily compressed into liquid form for storage and transportation. Propane is a clean burning fuel, gaining increased recognition for its environmental superiority, safety, efficiency, and transportability.

 

Natural Gas
 Adjustment Clause
Category
 

A provision in a utility tariff that provides for changes in gas rates charged to a customer in the event of increases or decreases in certain costs incurred by the seller. These include purchased gas cost, transpiration costs, and advance payments made for gas.

 

Natural Gas
 City gate
Category
 

The physical connection between an interstate pipeline and a local gas utility's pipes.

 

Natural Gas
 Bypass
Category
 

The direct sale of natural gas to end users by producers or pipelines, avoiding the local distribution company.

 

Natural Gas
 Burntip
Category
 

This refers to the ultimate point of consumption . A customer's gas fueled equipment.

 

Natural Gas
 Deliverability
Category
 

The volume of gas that a well, field, pipeline, storage reservoir, or distribution system can supply in a given period of time.

 

Natural Gas
 Heating season
Category
 

The period between November 1 through March 31 when gas consumption normally rises.

 

Natural Gas
 Cooling Season
Category
 

The period between May through September when gas consumption tends to be lower.

 

Natural Gas
 Hub
Category
 

A pipeline interchange used as a standard delivery point for figuring natural gas futures contracts. There are four major hubs: Henry Hub in Southern Louisiana, Katy Hub near Houston, the WaHa Hub in West TEXAS, AND THE Midwest Exchange Hub near Chicago.

 

Natural Gas
 Peak Load
Category
 

The greatest demand on a pipeline or distribution system during a specified period.

 

Natural Gas
 Independent power producer
Category
 

A nonutility power generator that produces electricity for sale in the wholesale market.

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Natural Gas
 Rate case
Category
 

The process through which a utility's regulated natural gas billing rates are negotiated by the PUC.

 

Natural Gas
 Spot Market
Category
 

Short-term contract sales of natural gas, crude oil, refined petroleum products, liquid petroleum gas , or electricity.

 

Natural Gas
 Normalization
Category
 

Adjustments to historic test year sales, revenues, and expenses to reflect differences from expected normal weather patterns.

 

Natural gas
 Public Utility Commission (PUC)
Category
 

A state regulatory authority whose responsibility is to monitor the utility monopolies granted to interstate and local natural gas pipelines. The commission regulates the rates charged by privately owned utilities involved in intrastate commerce.

 

Natural Gas
 Pipeline
Category
 

The physical facilities through which gas is transported, including pipes, compressor units, metering stations, regulator stations, delivery stations, holders, and fabricated assemblies.

 

Natural gas
 Methane
Category
 

Methane is the chief component of natural gas. Pure methane has a heating value of 1,012 btu per cubic foot.

 

Natural Gas
 Local distribution company (LDC)
Category
 

A utility that owns and operates a natural gas distribution system for the delivery of gas supplies from interstate pipelines at the city gate to the customer.

 

Natural Gas
 Tariff
Category
 

A schedule of rates or charges permitted for a common carrier, utility, or pipeline.

 

Natural Gas
 Upstream
Category
 

Refers to the exploration and production of natural gas and other fossil fuels.

 

Natural Gas
 Unbundling
Category
 

The process of separating the supply of natural gas or power commodity from the delivery function provided by utilities.

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Natural Gas
 Rate of Return (ROR)
Category
 

The return that regulators allow a utility enterprise to earn, including interest, preferred dividends, and return on common equity. Calculated as a percentage of the rate base.

 

Natural Gas
 Curtailment
Category
 

Reducing the amount of natural gas delivered to customers in response to supply shortfalls. This may require certain customers to cut back or eliminate their gas intake depending on their type of service and the severity of the shortfall.

 

Natural Gas
 Compressor Station
Category
 

Any permanent combination of facilities that supplies the energy to move gas at an increased pressure from fields in transmission lines, or into storage.

 

Natural Gas
 Integrated Gas Company
Category
 

A company that operates in several different sectors of the industry to deliver gas to the customer. An integrated gas company can be engaged in exploration, production, transportation, and distribution of natural gas.

 

Natural Gas
 Incentive Regulation
Category
 

A method of determining a utility's rates based on its costs and or quality of service compared with some type of predefined expectation. This is also called performance-based regulation.

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Natural Gas
 Industrial fuel switching
Category
 

The practice by industrial customers of switching between types of fuels based on the fuel's relative spot prices.

 

Natural Gas
 Market-Based rate
Category
 

A form of regulatory pricing for pipeline transportation services. The price is based on the pipeline's assessment of market forces in order to achieve an allowed rate of return.

 

Natural Gas
 Local Storage
Category
 

Storage facilities that are an integral part of a distribution system. This can include manufactured, mixed, natural, liquefied petroleum, or liquefied natural gas which are on the distribution side of the city gate.

 

Natural Gas
 Straight-Fixed variable rate design
Category
 

A rate design in which LCDs pay pipeline companies a fixed transportation charge that is not adjusted for volume levels.

 

Natural Gas
 Midstream
Category
 

The gathering of natural gas after exploration and production. Midsteam is the processing and storage for later transmission and distribution.

 

Natural Gas
 Off Peak Service
Category
 

Gas service made available to some customers on special schedules or contracts for specified periods of weak demand.

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Natural Gas
 Rate Base
Category
 

The value established by regulatory authorities by which a utility is permitted to earn a specified rate of return. THE rate base consists of the total net investment in dollars in the facilities that the utility needs to provide service.

 

Natural Gas
 Underground Storage
Category
 

Subsurface facilities for storing natural gas that has been transferred from its original location for purposes of load balancing. Facilities consist of natural geological reservoirs, depleted oil and gas fields, water bearing sands, or natural caverns.

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Natural Gas
 Take or Pay Clause
Category
 

A gas supply contract providing that a purchaser must pay for a specified minimum quantity of gas for a specific time interval whether it takes delivery or not.

 

Natural Gas
 Test year
Category
 

the 12 month base period selected for presenting data in a case or hearing before a regulatory agency.

 

Natural Gas
 British Thermal Unit (Btu)
Category
 

The amount of heat required to increase the temperature of a pound of water by one degree Fahrenheit. This is used as a common measurement of heating value for different fuels. One Btu equals 252 calories of 0.293 watt hours.

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Natural Gas
 Cost of service
Category
 

In public utility regulation, the dollar amount required to supply any total utility service It includes operational and maintenance expenses, taxes, depreciation, depletion, amortization of property, and a fair return to maintain the utility's financial standing.

 

Natural Gas
 Gas transmission company
Category
 

A firm that delivers natural gas across long distances than a distribution company. These companies are known as pipeline companies.

 

Natural Gas
 Mcf
Category
 

The standard measure of natural gas in one thousand cubic feet.

 

Natural Gas
 Natural Gas Liquids
Category
 

The portion of natural gas (NGL) which includes ethane, propaneand butane that is stripped out as liquids at the earth's surface by special processing facilities.

 

Natural Gas
 Liquefied Natural Gas
Category
 

Liqueifed natural gas (LNG) IS essentially methane gas that has been liquefied by reducing its temperature to -260 degrees Farenheit at atmospheric pressure.

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Natural Gas
 Liquefied Petroleum Gases
Category
 

Liquefied petroleum gases are a group of hydrocarbon-based gases derived from crude oilrefining or natural gas fractionation. This includes ethylene, propane, propylene, normal butane, butylene, isobutane, and isobutylene.

 

Natural Gas