The glossary of terms is arranged alphabetically. Click on the
letters below to find terms beginning with that letter.
Feedstock Gas: Gas used as a raw material for
its chemical properties in creating an end product (like
plastics and fertilizer).
Firm Recallable Capacity: Firm capacity
released, usually to a specific acquiring shipper, subject to
the releasing shippers right to recall the capacity, in
accordance with previously specified criteria (like unexpectedly
Firm Service: The highest quality sales or
transmission service offered to customers under a filed rate
schedule that anticipates no planned interruption.
Firm service is usually associated with distribution companies
that serve residential customers and other "high priority
end-users," but can also apply to upstream pipelines and other
Force Majeure: An "Act of God" or unexpected
and disruptive event beyond the control of buyer or seller that
interferes with a party's ability to perform under a contract. A
force majeure event will typically relieve a party from a
Futures: Standardized contract for the purchase
or sale of a commodity that is traded for future delivery under
the provisions of exchange regulations.
Futures Options: The holder of a futures option
is conferred the right but not the option to buy or sell a
specified futures contract at a chosen price. The option holder
may purchase a fixtures contract once the contract begins
trading at the named price.