Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP Suppliers. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP Supplier’s or Guarantor’s credit limit as defined in Section 6.2 of this Agreement. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 of this Agreement.
Appears in 9 contracts
Samples: Supplier Master Agreement, Supplier Master Agreement, Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three or more independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Mark-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement.
Appears in 7 contracts
Samples: Supplier Master Agreement, Supplier Master Agreement, Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three or more independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Xxxx-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement.
Appears in 5 contracts
Samples: Supplier Master Agreement, Supplier Master Agreement, Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final FERC Order – a final order issued by FERC in connection with a request for an increase or decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is no longer subject (either actually or potentially) to rehearing or judicial review in which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is in dispute or in question. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP Suppliers. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP Supplier’s or Guarantor’s credit limit as defined in Section 6.2 of this Agreement. Maximum Credit Limit – - the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.2(a)(i) of this Agreement.
Appears in 2 contracts
Samples: Supplier Master Agreement, Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC in connection with a request for an increase or “FHEA” – decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is a quantity no longer subject (either actually or potentially) to rehearing or judicial review in kWh which, for which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any hour, court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is the PHEA, adjusted for any billing in dispute or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 daysin question. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three or more independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowattkilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowattkilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Xxxx-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Year (EY) – means the 12-month period beginning June 1st and ending May 31st of the following year and shall be numbered according to the calendar year in which the Energy Year ends. For example only, Energy Year 2020 shall begin on June 1, 2019 and end on May 31, 2020. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC in connection with a request for an increase or “FHEA” – decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is a quantity no longer subject (either actually or potentially) to rehearing or judicial review in kWh which, for which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any hour, court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is the PHEA, adjusted for any billing in dispute or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 daysin question. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three independent brokers active in the electric markets as available. GATS – shall mean “Generation Attribute Tracking System”, which is the environmental and emissions attributes tracking system for electric generation that is administered by PJM Environmental Information Services. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Mark-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.4(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final FERC Order – a final order issued by FERC in connection with a request for an increase or decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is no longer subject (either actually or potentially) to rehearing or judicial review in which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is in dispute or in question. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP Suppliers. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP Supplier’s or Guarantor’s credit limit as defined in Section 6.2 of this Agreement. MAAC – the Mid-Atlantic Area Council of NERC or its successor. Maximum Credit Limit – - the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.2(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC in connection with a request for an increase or “FHEA” – decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is a quantity no longer subject (either actually or potentially) to rehearing or judicial review in kWh which, for which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any hour, court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is the PHEA, adjusted for any billing in dispute or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 daysin question. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Mark-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.4(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final FERC Order – a final order issued by FERC in connection with a request for an increase or decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is no longer subject (either actually or potentially) to rehearing or judicial review in which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is in dispute or in question. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP Suppliers. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowattkilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowattkilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP Supplier’s or Guarantor’s credit limit as defined in Section 6.2 of this Agreement. Maximum Credit Limit – - the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s 's electrical system or the electrical system(s) of other(s) to which the Company’s 's electrical system is directly or indirectly connected (a “"Connected Entity”"). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s 's transmission and/or distribution circuits, PJM minimum generation (“"light load”") conditions, or unusual operating conditions on either the Company’s 's or a Connected Entity’s 's electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP FP Supplier without jeopardizing the Company’s 's electrical system or a Connected Entity’s 's electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC which is no longer subject (either actually or “FHEA” – potentially) to rehearing or judicial review and is a quantity in kWh which, for not the subject of proceedings at FERC on remand from any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 dayscourt. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP FP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP FP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP FP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-FP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “"LSE” " – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. MAAC – the Mid-Atlantic Area Council of NERC or its successor. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP FP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Xxxx-to-Market Exposure Amount – an amount calculated daily for each BGS-FP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS-FP Supplier for the delivery of BGS-FP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – - the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer's meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company's established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.4(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-14:8- 2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC in connection with a request for an increase or “FHEA” – decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is a quantity no longer subject (either actually or potentially) to rehearing or judicial review in kWh which, for which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any hour, court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is the PHEA, adjusted for any billing in dispute or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 daysin question. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Mark-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.4(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Year (EY) – means the 12-month period beginning June 1st and ending May 31st of the following year and shall be numbered according to the calendar year in which the Energy Year ends. For example only, Energy Year 2020 shall begin on June 1, 2019 and end on May 31, 2020. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final FERC Order – a final order issued by FERC in connection with a request for an increase or decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is no longer subject (either actually or potentially) to rehearing or judicial review in which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is in dispute or in question. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. GATS – shall mean “Generation Attribute Tracking System”, which is the environmental and emissions attributes tracking system for electric generation that is administered by PJM Environmental Information Services. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP Suppliers. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP Supplier’s or Guarantor’s credit limit as defined in Section 6.2 of this Agreement. Maximum Credit Limit – - the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.2(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC in connection with a request for an increase or “FHEA” – decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is a quantity no longer subject (either actually or potentially) to rehearing or judicial review in kWh which, for which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any hour, court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is the PHEA, adjusted for any billing in dispute or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 daysin question. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Xxxx-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.4(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP RSCP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final Hourly Energy Allocation FERC Order – a final order issued by FERC in connection with a request for an increase or “FHEA” – decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is a quantity no longer subject (either actually or potentially) to rehearing or judicial review in kWh which, for which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any hour, court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is the PHEA, adjusted for any billing in dispute or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 daysin question. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Forward Market Price – the price for On-peak Energy Forwards as determined by averaging concurrent quotations obtained by all of the EDCs from the same three or more independent brokers active in the electric markets as available. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP RSCP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP RSCP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP RSCP Suppliers. Independent Credit Requirement or “ICR” – an amount required as security under Section 6.3 of this Agreement, to reflect the risk of Energy and Capacity price movements between the Early Termination Date caused by an Event of Default by a BGS-RSCP Supplier and the date the final calculation of Damages owing to the Company under Section 5.2 of this Agreement is made. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP RSCP Supplier’s ’s, or Guarantor’s ’s, credit limit as defined in Section 6.2 6.6. Xxxx-to-Market Exposure Amount – an amount calculated daily for each BGS-RSCP Supplier reflecting the total MtM credit exposure to the Company due to fluctuations in market prices for Energy minus amounts due pursuant to this Agreement to such BGS- RSCP Supplier for the delivery of BGS-RSCP Supply. The total MtM credit exposure will be equal to 1.1 times the sum of the MtM credit exposures for each Billing Month as set forth in Section 6.5 of this Agreement. The methodology for calculation of the MtM credit exposure is illustrated in Appendix B. Maximum Credit Limit – the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 6.6 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.4(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
Emergency. an abnormal system condition requiring manual or automatic action to maintain system frequency, or to prevent loss of firm load, equipment damage, or tripping of system elements that could adversely affect the reliability of an electric system or the safety of persons or property; or (ii) a fuel shortage requiring departure from normal operating procedures; or (iii) a condition that requires implementation of Emergency Operations Procedures as defined in the PJM OATT or PJM manuals; or (iv) any other condition or situation that the Company or PJM deems imminently likely to endanger life or property or to affect or impair the Company’s electrical system or the electrical system(s) of other(s) to which the Company’s electrical system is directly or indirectly connected (a “Connected Entity”). Such a condition or situation may include, but shall not be limited to, potential overloading of the Company’s transmission and/or distribution circuits, PJM minimum generation (“light load”) conditions, or unusual operating conditions on either the Company’s or a Connected Entity’s electrical system, or conditions such that the Company is unable to accept Energy from the BGS-CIEP Supplier without jeopardizing the Company’s electrical system or a Connected Entity’s electrical system. Energy – three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours or megawatt-hours. Energy Portfolio Standards – (i) those standards imposed by the BPU pursuant to N.J.S.A. 48:3-87(d) requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from renewable energy resources as set forth in the Renewable Energy Portfolio Standards, N.J.A.C. 14:8-14:8- 2 et seq., as modified or superseded, or in such other regulations of the BPU as may be adopted or amended from time to time, and (ii) any standards imposed under any federal, state or local legislation or by any federal, interstate, state or local court, tribunal or governmental agency or authority or regulatory body that have the effect of requiring that specified levels of electric power sold for the provision of Basic Generation Service shall be produced from, or be otherwise attributable to, renewable energy resources or shall be produced from, or be otherwise attributable to, resources emitting only specified amounts of carbon or other substances, as the same may be adopted or amended from time to time. Event of Default – a breach of obligations under this Agreement as set forth in Section 5.1 of this Agreement. FERC – the Federal Energy Regulatory Commission. Final FERC Order – a final order issued by FERC in connection with a request for an increase or decrease in the rates for Firm Transmission Service, or, if FERC has issued an order authorizing Company’s recovery of transmission costs through formula rates, the acceptance by operation of law or otherwise of the Company’s rate tariff filing seeking an increase or decrease for Firm Transmission Service, which is no longer subject (either actually or potentially) to rehearing or judicial review in which the amount of the increase or decrease is in dispute or in question and is not the subject of proceedings at FERC on remand from any court in which the amount of the specific increase or decrease in the Firm Transmission Service rate is in dispute or in question. Final Hourly Energy Allocation or “FHEA” – is a quantity in kWh which, for any hour, is the PHEA, adjusted for any billing or metering errors found subsequent to the calculation of PHEA, of which PJM is notified within 60 days. Final Monthly Energy Allocation or “FMEA” – is a quantity in kWh which, for any Billing Month, is the PMEA adjusted for any billing or metering data received subsequent to the calculation of PMEA of which PJM is notified within 60 days. Firm Transmission Service – shall mean “Network Integration Transmission Service” under the PJM OATT in effect as of the Effective Date of this Agreement, or in successor, superseding or amended versions of the PJM OATT that may take effect from time to time over the term of this Agreement. In the event the PJM OATT is modified such that “Network Integration Transmission Service” is no longer offered, Firm Transmission Service shall mean the type of transmission service offered under the PJM OATT that is accorded the highest level of priority for scheduling and curtailment purposes. Gains – means, with respect to any Party, an amount equal to the present value of the economic benefit to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Guaranty – means a guaranty, hypothecation agreement, margins or security agreement or any other document (whether in the form attached to this BGS-CIEP Supplier Master Agreement or other form approved by the Company). Guarantor – any party who has the authority and may agree to guarantee a BGS-CIEP Supplier’s financial obligations under this Agreement, recognizing that such a party will be obligated to meet the Company’s creditworthiness requirements for BGS-CIEP Suppliers. Interest Index – the average Federal Funds Effective Rate for the period of time the funds are on deposit. The Federal Funds Effective Rate is published daily on the Federal Reserve website (xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/update/). kilowatt Kilowatt or “kW” – unit of measurement of useful power equivalent to 1000 xxxxx. kilowattKilowatt-hour or “kWh” – one kilowatt of electric power used over a period of one hour. Load Serving Entity or “LSE” – an entity that has been granted the authority or has an obligation pursuant to state or local law, regulation or franchise to sell electricity to retail customers located within the PJM Control Area as that term is defined in the PJM RAA or in successor, superseding or amended versions of the PJM RAA that may take effect from time to time over the term of this Agreement. Losses – means, with respect to any Party, an amount equal to the present value of the economic loss to it, if any (exclusive of Costs), resulting from an Early Termination of this Agreement, determined in a commercially reasonable manner. Margin – the amount by which the Total Exposure Amount exceeds a BGS-CIEP Supplier’s or Guarantor’s credit limit as defined in Section 6.2 of this Agreement. Maximum Credit Limit – - the lesser of the applicable % of TNW and the applicable credit limit cap as specified in Section 6.2 of this Agreement. Megawatt or MW – one thousand kilowatts. Megawatt-hour or MWh – one megawatt of electric power used over a period of one hour. Merger Event – when a Party consolidates or amalgamates with, or merges into or with, or transfers all or substantially all of its assets to another entity and either (i) the resulting entity fails to assume all of the obligations of such Party hereunder or (ii) the benefits of any credit support provided pursuant to Article 6 of this Agreement fail to extend to the performance by such resulting, surviving or transferee entity of the Party’s obligations hereunder, and the resulting entity or its guarantor fails to meet the creditworthiness requirements of this Agreement. Transfer of all or substantially all of the Company’s generation assets does not qualify as a Merger Event. Meter Reading – the process whereby the Company takes notice of the information presented on a Customer’s meter. A Meter Reading may be obtained manually, through telemetry, or by estimation, in accordance with the Company’s established procedures and practices. Minimum Rating – a minimum senior unsecured debt rating as defined in Section 6.2(a)(i) of this Agreement.
Appears in 1 contract
Samples: Supplier Master Agreement
