AEMO Glossary P
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Participant compensation fund
A fund established and maintained for the purpose of paying compensation as determined by the dispute resolution panel for scheduling errors under the market rules.
peak day capacity
National Gas Rules Definition :
(a) when used in reference to a pipeline - means the maximum daily quantity of natural gas that can be transported through the pipeline under normal operating conditions;
(b) when used in reference to a production facility - means the maximum daily production capacity of the production facility under normal operating conditions;
(c) when used in reference to a storage facility - means the maximum of natural gas that the storage facility can hold in storage and the maximum daily quantity of natural gas that the storage facility can withdraw, inject or produce.
A period in which power is expected to be provided for a sustained period at a significantly higher than average supply level.
peaking generating system
A generating system that typically runs only when demand (and spot market price) is high. These systems usually have lower efficiency, higher operating costs, and very fast start up and shutdown times compared with base load and intermediate systems.
A petajoule is equal to one million gigajoules.
Photovoltaic cells convert sunlight directly into electricity.eg.Solar panels
Projected Assesment of System Adequacy (PASA)
PASA is a comprehensive program of information collection, analysis and disclosure of medium term and short term power system reliability prospects. It enable Market Participants to make infomred decisions about supply, demand and outages of transmission network equipment in respect of periods up to 2 years in advance.
National Electricity Rules Definition :
The medium term and short term processes described in clause 3.7 to be administered by AEMO.