Spot Market Backup definition

Spot Market Backup means the purchase of energy from, or the delivery of energy to, the PJM Interchange Energy Market in quantities sufficient to complete the delivery or receipt obligations of a bilateral contract that has been curtailed or interrupted for any reason.
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Spot Market Backup means the purchase of energy from, or the delivery of energy to, the PJM Interchange Energy Market in quantities sufficient to complete the delivery or receipt obligations of a bilateral contract that has been curtailed or interrupted for any reason. Spot Market Energy:
Sample 1Sample 2Sample 3
Spot Market Backup means the purchase of energy from, or the delivery of energy to, the
Sample 1Sample 2Sample 3

Examples of Spot Market Backup in a sentence

  • A buyer under a bilateral contract shall guarantee and indemnify the LLC, PJMSettlement, and the Members for the costs of any Spot Market Backup used to meet the bilateral contract seller’s obligation to deliver energy under the bilateral contract and for which payment is not made to PJMSettlement by the seller under the bilateral contract, as determined by the Office of the Interconnection.

  • PJMSettlement shall assign its claims against a seller with respect to a seller’s nonpayment for Spot Market Backup to a buyer to the extent that the buyer has made an indemnification payment to PJMSettlement with respect to the seller’s nonpayment.

  • Market Participants shall have Spot Market Backup with respect to all bilateral transactions that contemplate the physical transfer of energy to or from a Market Participant, that are not dynamically scheduled pursuant to Section 1.12 and that are curtailed or interrupted for any reason (except for curtailments or interruptions through Load Management for load located within the PJM Region).

  • A buyer under a bilateral transaction reported to PJM agrees that it guarantees and indemnifies PJM, PJM Settlement, and the market participants for the costs of any Spot Market Backup, as determined by PJM, to supply the reported bilateral transaction and for which payment is not made to PJM Settlement by the seller.

  • PJMSettlement shall assign its claims against a seller with respect to a seller’s nonpayment for Spot Market Backup to a buyer the extent that the buyer has made an indemnification payment to PJMSettlement with respect to the seller’s nonpayment.

  • Market Participants shall have Spot Market Backup with respect to all bilateral transactions that are not dynamically scheduled pursuant to Section 1.12 and that are curtailed or interrupted for any reason (except for curtailments or interruptions through active load management for load located within the PJM Region).

  • Market Participants shall have Spot Market Backup with respect to all bilateral transactions that contemplate the physical transfer of energy to or from a Market Participant, that are not Dynamic Transfers pursuant to Section 1.12 and that are curtailed or interrupted for any reason (except for curtailments or interruptions through Load Management for load located within the PJM Region).

  • Market Participants shall have Spot Market Backup with respect to all bilateral transactions that contemplate the physical transfer of energy to or from a Market Participant, that are not dynamically scheduled pursuant to Section 1.12 and that are curtailed or interrupted for any reason (except for curtailments or interruptions through active load management for load located within the PJM Region).

  • A buyer under a bilateral contract shall guarantee and indemnify the LLC and the Members for the costs of any Spot Market Backup used to meet the bilateral contract seller’s obligation to deliver energy under the bilateral contract and for which payment is not made to the LLC by the seller under the bilateral contract, as determined by the Office of the Interconnection.

  • Participants shall have Spot Market Backup with respect to all bilateral transactions that contemplate the physical transfer of energy to or from a Market Participant, that are not dynamically scheduled pursuant to Section 1.12 and that are curtailed or interrupted for any reason….”169 As specifically referenced in section 1.7.10(b), the requirement that the IBT “contemplate the physical transfer of energy” applies to Spot Market Backup as well.

Related to Spot Market Backup

  • Spot Market Energy means energy bought or sold by Market Participants through the PJM Interchange Energy Market at System Energy Prices determined as specified in Operating Agreement, Schedule 1, section 2, and the parallel provisions of Tariff, Attachment K-Appendix, section 2.

  • Current Market Price shall have the meaning set forth in Section 11(d) hereof.

  • Average Wholesale Price or “AWP” means the wholesale price charged on a specific commodity that is assigned by the drug manufacturer and is listed in a nationally-recognized drug pricing file.

  • Event Market Price means, with respect to any Stock Combination Event Date, the quotient determined by dividing (x) the sum of the VWAP of the Common Stock for each of the five (5) Trading Days with the lowest VWAP of the Common Stock during the fifteen (15) consecutive Trading Day period ending and including the Trading Day immediately preceding the sixteenth (16th) Trading Day after such Stock Combination Event Date, divided by (y) five (5).

  • Market Exchange Rate means, unless otherwise specified with respect to any Securities pursuant to Section 301, (i) for any conversion involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 301 for the Securities of the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to Section 301, in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London or other principal market for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit shall be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit in order to make payments in respect of such securities.

  • Abnormal Market Conditions means conditions contrary to Normal Markets Conditions e.g. when there is low liquidity in the market or rapid price movements in the market or Price Gaps.