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Backwardation

This is the market condition wherein the energy market prices of the current day are higher than the predicted future market prices for energy. This is seen as a positive bias as it represents an opportunity for customers to save on their future energy contracts if they were to lock in now. The alternative to this is contango.


Balancing Mechanism 

The mechanism used by the National Grid Company to balance the supply and demand of electricity in each half hour trading period of every day.


Barrel of oil (bbl)     

This is the unit of measurement used by oil and energy organisations. 1 barrel = 0.16 m3.


Base Load 

Base load is the level below which electricity demand never drops.


Bearish Sentiment

This term is used to describe an expected drop in energy prices. The name is used because the graph created during this downward trend is similar to the stance taken by a bear during an attack.


Department for Business, Energy & Industrial Strategy (BEIS) 

This Governmental department brings together responsibilities for business, industrial strategy, science, innovation, energy, and climate change.


Biomass & Biofuel 

Biomass, also known as biofuels or bioenergy, is a source of renewable fuel obtained from organic sources.


Blockchain

This is a digital ledger that provides a secure way of making and recording transactions, agreements and contracts – anything that needs to be recorded and verified as having taken place. The concept came to prominence in 2008 with the invention of the digital currency Bitcoin.


Brent

The most commonly traded North Sea crude oil which also acts as a global benchmark for other grades of oil.


Broker

An organisation that works on behalf of other businesses to negotiate utility deals. Usually they focus solely on “the deal” which can result in good discounts. However, there is a danger that they are not reviewing the market but instead have a prerequisite quota with a utility company. To add to this they often don’t provide any additional supporting services.


Building Research Establishment Environmental Assessment Method (BREEAM) 

This is used to assess the environmental performance of both new and existing buildings. Credits are awarded in each area according to performance.


Bullish Sentiment

This term is used to describe an expected increase in energy prices. The name is used because the graph created during this upward trend is similar to the stance taken by a bull during an attack.
As we all know knowledge is power, especially within our industry. If you want to know more about any terms covered, please get in touch on 0800 61 22 200 or email us at hello@esaveuk.com  

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