Firm Market Price Index means the hourly value calculated based on the average prices reported by the Intercontinental Exchange, Inc. (“ICE”) Day-Ahead PV On-Peak Index and the ICE Day-Ahead PV Off-Peak Index (each an “ICE Index”) for a given day, weighted by the count of hours for each ICE Index on such day, multiplied by the hourly CAISO day-ahead market locational marginal price for the “PACE. DGAP_PACE-APND” location, and divided by the average of the same CAISO index over all hours in such day. If applicable, the resulting value will be reduced by the integration costs specified in the most recent Commission order as applicable to the Facility. If any index is not available for a given period, the Firm Market Price Index will be the average price derived from days in which all published data is available, for the same number of days immediately preceding and immediately succeeding the period in which an index was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose under this Agreement, during the Term, the Parties must agree upon a replacement Firm Market Price Index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the hourly price of electricity for the applicable periods.
Firm Market Price Index means (a) 93 percent of the average price reported on the Intercontinental Exchange, Inc. ("ICE") Day-Ahead Palo Verde On-Peak Index, for On-Peak Hours, and (b) 93 percent of the average price reported on the ICE Day-Ahead Palo Verde Off- Peak Index, for Off-Peak Hours. If either index is not available for a given period, for purposes of calculations hereunder, the Firm Market Price Index shall be deemed to equal the volumetrically-weighted average price derived from data published by ICE for the same number of days immediately preceding and immediately succeeding the period in which the index in question was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose hereunder, during the Term, the Parties shall agree upon a replacement Firm Market Price Index or component an index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the daily price of electricity for the applicable periods.
Firm Market Price Index means, for each hour, the hourly value calculated as the product of (a) the weighted average prices reported by the Intercontinental Exchange, Inc. (“ICE”) Day-Ahead [Mid-C][Palo Verde] On-Peak Index and the ICE Day-Ahead [Mid-C][Palo Verde] Off-Peak Index for the day that includes such hour, weighted by the count of hours for each ICE Index on such day, multiplied by (b) the hourly CAISO day-ahead market locational marginal price for the “[PACW][PACE]. DGAP_[PACW][PACE]-APND” location for such hour, and divided by the average of the same CAISO index over all hours in the day that includes such hour. If any index is not available for a given period, the Firm Market Price Index will be the average price derived from days in which all published data is available, for the same number of days immediately preceding and immediately succeeding the period in which an index was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose under this Agreement, during the Term, then the Parties must agree upon a replacement Firm Market Price Index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the hourly price of electricity for the applicable periods.3
Examples of Firm Market Price Index in a sentence
If any index is not available for a given period, the Firm Market Price Index will be the average price derived from days in which all published data is available, for the same number of days immediately preceding and immediately succeeding the period in which an index was not available, regardless of which days of the week are used for this purpose.
PacifiCorp shall pay Seller for such Test Energy and Net Output delivered at the Point of Delivery, an amount per MWh equal to the Firm Market Price Index for the applicable hour on the applicable day in the applicable month, provided, however, that Seller's right to receive payment for such Test Energy and Net Output is subject to PacifiCorp's right of offset under Section 10.2 for, among other things, payment by Seller of any Delay Damages owed to PacifiCorp by Seller pursuant to Section 2.4.
If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose hereunder, during the Term, PacifiCorp shall select as a replacement Firm Market Price Index or component an index or component acceptable to PacifiCorp that, after any necessary adjustments, provides the most reasonable substitute quotation of the daily price of electricity for the applicable periods.
If either index is not available for a given period, for purposes of calculations hereunder, the Firm Market Price Index shall be deemed to equal the volumetrically-weighted average price derived from data published by ICE for the same number of days immediately preceding and immediately succeeding the period in which the index in question was not available, regardless of which days of the week are used for this purpose.
More Definitions of Firm Market Price Index
Firm Market Price Index means (a) the average price reported by Intercontinental Exchange, Inc. (“ICE”) Day-Ahead [Palo Verde]1 On-Peak Index, for On-Peak Hours, and (b) the average price reported on the ICE Day-Ahead [Palo Verde] Off-Peak Index, for Off-Peak Hours. If either index is not available for a given period, for purposes of calculations hereunder, the Firm Market Price Index shall be deemed to equal the volumetrically- weighted average price derived from data published by ICE for the same number of days immediately preceding and immediately succeeding the period in which the index in question was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose hereunder, during the Term, the Parties shall agree upon a replacement Firm Market Price Index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the daily price of electricity for the applicable periods.
Firm Market Price Index means the hourly value calculated based on the average prices reported by the Intercontinental Exchange, Inc. (“ICE”) Day-Ahead [Mid-C][Palo Verde] On- Peak Index and the ICE Day-Ahead [Mid-C][Palo Verde] Off-Peak Index for a given day, weighted by the count of hours for each ICE Index on such day, multiplied by the hourly CAISO day-ahead market locational marginal price for the “[PACW][PACE]. DGAP_[PACW][PACE]- APND” location, and divided by the average of the same CAISO index over all hours in such day. If any index is not available for a given period, the Firm Market Price Index will be the average price derived from days in which all published data is available, for the same number of days immediately preceding and immediately succeeding the period in which an index was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose under this Agreement, during the Term, then the Parties must agree upon a replacement Firm Market Price Index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the hourly price of electricity for the applicable periods.3 “Force Majeure” or an “event of Force Majeure” are defined in Section 14.1.
Firm Market Price Index means (a) 93 percent of the average price reported by Intercontinental Exchange, Inc. ("ICE") Day-Ahead Palo Verde On-Peak Index, for On-Peak Hours, and (b) 93 percent of the average price reported on the ICE Day-Ahead Palo Verde Off- Peak Index, for Off-Peak Hours. If either index is not available for a given number of days, then for purposes of calculations hereunder, the Firm Market Price Index shall be deemed to equal 93 percent of the volumetrically-weighted average price derived from data published by ICE for an equal number of days immediately preceding the period of unavailability and for an equal number of days immediately following the period of unavailability, regardless of which days of the week are used for this purpose. For example, if either index is unavailable for five (5) consecutive days, the Firm Market Price Index for that five (5) day period shall be deemed to equal 93 percent of the volumetrically-weighted average price derived from data published by ICE for (i) the five (5) days immediately preceding the five (5) day period of unavailability and
Firm Market Price Index means (a) the average price reported by Intercontinental Exchange, Inc. (“ICE”) Day-Ahead Palo Verde On-Peak Index, for On-Peak Hours, and (b) the average price reported on the ICE Day-Ahead Palo Verde Off-Peak Index, for Off-Peak Hours. If either index is not available for a given period, for purposes of calculations hereunder, the Firm Market Price Index shall be deemed to equal the volumetrically-weighted average price derived from data published by ICE for the same number of days immediately preceding and immediately succeeding the period in which the index in question was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose hereunder, during the Term, the Parties shall agree upon a replacement Firm Market Price Index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the daily price of electricity for the applicable periods.
Firm Market Price Index means (i) the Electricity Price Index or its successor (for Monday through Saturday, excluding NERC holidays), and (ii) the
Firm Market Price Index means (i) 93% of the IntercontinentalExchange (ICE) [dependent upon resource location] Index, for On-Peak Hours, and (ii) 93% of the IntercontinentalExchange (ICE) [dependent upon resource location] Index for Off-Peak Hours.
Firm Market Price Index means (a) 93 percent of the average price reported on the Intercontinental Exchange ("ICE") Day-Ahead Palo Verde On-Peak Index, for On-Peak Hours, and (b) 93 percent of the average price reported on the ICE Day-Ahead Palo Verde Off- Peak Index, for Off-Peak Hours. For reference, a sample day's report from each of these indexes is attached as Exhibit F. If either index is not available for a given period, for purposes of calculations hereunder, the Firm Market Price Index shall be deemed to equal the volumetrically- weighted average price derived from data published by ICE for the same number of days immediately preceding and immediately succeeding the period in which the index in question was not available, regardless of which days of the week are used for this purpose. If the Firm Market Price Index or its replacement or any component of that index or its replacement ceases to be published or available, or useful for its intended purpose hereunder, during the Term, the Parties shall agree upon a replacement Firm Market Price Index or component an index or component that, after any necessary adjustments, provides the most reasonable substitute quotation of the daily price of electricity for the applicable periods.