Independent system operator (ISO)
(US) Entity, regulated by the Federal Energy Regulatory Commission, that is responsible for ensuring the efficient use and reliable operation of the transmission grid and, in some cases, generation facilities. Individual ISOs cover either a single state (for example, the California ISO) or a region (for example, the Midwest ISO). ISO responsibilities vary by jurisdiction, but can include co-ordinating scheduling for transmission transactions; overseeing the instantaneous balancing of generation and load; managing and redispatching generation in system emergencies; managing operating reserves; ensuring new transmission facilities are built when and where needed; and co-ordinating transmission payments. In some cases, ISOs are also responsible for managing power exchange activities.
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Energy Risk Glossary
The Energy Risk glossary, now in its 7th edition, provides an at-at-glance explanation of the many specialised terms and acronyms used in energy trading and risk management.
This year, the guide has been updated by former director of enforcement at the Commodity Futures Trading Commission, Gregory Mocek, now head of the Energy and Commodities Enforcement Defense team at Cadwalader, Wickersham & Taft, and Benjamin Chesson, associate at the firm. Energy Risk would like to thank them both for their input into this edition, which benefits greatly from their experience and insight into energy markets.
Almost 100 new entries and revisions have been made this year. Some of these reflect the increasing role of regulation on the market, with terms such as the Lincoln Amendment and the Volcker Rule appearing for the first time. There are two new entries and an update pertaining to hydropower, reflecting the increasing role of renewables in electric power generation.
The glossary is extensively cross-referenced, making for easy and thorough searches. We hope you find it a valuable reference tool in the months to come.
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