As part of Haven Power’s dedication to making energy simple, we’ve created a useful jargon buster. You may have come across some of the following acronyms and terminology on your electricity bills and other documents:
Actual Read: A meter read taken by the customer.
Baseload contracts: A Baseload contract represents an amount of power (expressed in MW) delivered in a flat profile over the duration of the contract. For example 1MW of baseload power bought for one day (24 hours) will deliver 24MWh of electricity over its duration.
Brent Crude Oil benchmark: A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks: West Texas Intermediate (WTI); Brent Blend; and Dubai Crude.
Bullish behaviour: A period of price increases.
CCL: Climate Change Levy -A tax on energy usage; the aim is to encourage users to improve energy efficiency.
CoS: Change of supplier
CoT: Change of Tenancy
Day-ahead baseload price: Contracts traded for physical delivery during the next day.
Deemed Read: A meter read estimated by the Data Collector
EAC: Estimated Annual Consumption – measured in kWh per annum.
Estimated Read: Where a supplier has estimated the electricity read based upon previous consumption.
kW: Kilowatt – A measure of power, 1kW = 1000 watts
kWh: Kilowatt-hour – The usual unit of electricity
MPAD: Metering Point Address Details – Also known as the ‘site address’, this is the actual site of the meter
MPAN: Metering Point Administration Number – Also known in the industry as ‘S number’ or ‘Supply number’, this identifies a unique electricity supply point. To find out more about MPANs and what they mean, see our explanation.
MTC: Meter Time Switch Code – This indicates how many registers (set of meter reads or dials) your electricity meter has, and what times they operate throughout the day.
NBP (National Balancing Point): The National Balancing Point, commonly referred to as the NBP, is a virtual trading location for the sale, purchase and exchange of UK natural gas.
OPEC (Organisation of the Petroleum Exporting Countries): OPEC is a permanent intergovernmental organisation of 14 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries.
PC: Profile Class – Used where half-hourly metering isn’t installed, the Profile Class provides the electricity supplier with an expectation about how electricity will be consumed throughout the day.
PPU: Pence Per Unit –The usual method used for charging customers.
RDD: Regular Direct Debit – A regular amount that the customer pays monthly to cover their estimated consumption. This amount can change if the payments aren’t in line with the usage.
SED: Supply end date
Single cashout prices: Prices that are used to settle the difference between contracted and actual generation, and demand.
SSD: Supply start date
STOD: Seasonal Time of Day –A supply tariff applying to electricity supplied at different unit rates according to the time of day and season.
VDD: Variable Direct Debit – The adjustable amount that the customer pays monthly to cover their billed consumption.
If you need any further help, visit the Haven Power help section where you’ll find a number of useful guides and FAQs.
To get in touch with one of our energy experts, visit our contact us page.
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