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    Glossary

    Below you will find definitions for many technical terms referenced on this site.  Please click here for a list of acronyms used throughout the platform.

     Alternative risk transfer. Generic phrase used to denote various non-traditional forms of re/insurance and techniques where risk is transferred to the capital markets. More broadly, it refers to the convergence of re/insurance, banking and capital markets.

    Annual rate of discount or discount rate. The discount factor is the reciprocal of 1 plus the rate of return (the reward that investors demand for accepting delayed payment). For investment appraisals, the rate of return can be the investor's marginal rate (the lowest acceptable rate of return on that investment) or the investor's opportunity cost of capital, being the return forgone by investing in the project rather than investing in securities (investments deemed to have minimal risk) or the average cost of debt. Generally the average cost of debt is the rate of return used to determine the discount rate for calculating lenders' control ratios.

    Appraisal. The process of clarifying objectives, identifying and assessing available options and examining the costs and benefits, analyzing risks and uncertainties before a decision is made.

    Bankability. The extent to which a proposal for which credit facilities are sought will be considered a creditworthy transaction. Before issuing their investment or loan commitments, investors and lenders will have gained a sufficient level of comfort with the key features of the proposal and the risks associated with the transaction and the host country.

    Base case. A cashflow model using a combination of factual data based on the contractual payments and obligations set out in the project contracts and finance documents and a range of macroeconomic, technical, commercial and financial assumptions reflecting a prudent projection of likely project cashflows. Downside cases use adverse assumptions either singly or in combinations.

    Basis points or bp. A term used to refer to percentage points when used to express interest and fee rates used in financing arrangements. For example, an interest rate of 0.175% pa is customarily referred to as 17.5 bp pa.

    Blended cover. Typically a combination of traditional re/insurance product lines with other risk management products in a single aggregated policy. These are commonly arranged on a multi-year basis.

    BI or business interruption insurance. Cover during the operations phase for events causing disruption and damage to the project company's operations and cashflow.

    Biodiversity derivatives. A term for a proposed mechanism to finance species-recovery efforts – one that would help align the interests of landowners and conservationists and create a market- based incentive for private conservation. Future conservation and rehabilitation costs for an endangered species would be financed by sales of a bond or derivative whose performance is linked to the growth or decline of that species. The purchasers of the bond or derivative could improve the probability of a good payout through private conservation efforts.

    Biodiversity offsets. Also called mitigation banking and conservation banking, biodiversity offsets are conservation measures taken at one location to make up for, or offset, biodiversity losses at another. Offset credits can be traded between the entity that enhances biodiversity at one location and the entity responsible for land-disturbing activities that cause biodiversity losses at the other location.

    Blending loans and grants. Also called blending arrangements, this can potentially increase the volume and impact of development finance. Blending loans and grants means adapting the level of concessionality of funding to the recipient’s needs, thereby using funds in the most careful and economical way. Reasons for blending include: global or regional externalities that justify additional support to a country, debt distress, and targeting key sectors as part of the push to achieve the Millennium Development Goals. IBRD and IDA buy-downs are blending arrangements.

    Blended value. This refers to blending individual, profit-maximizing, or commercial objectives with philanthropic objectives.

    Bond. The paper evidence of a legal promise by the Issuer to pay the Investor on the declared terms. Bond are usually Negotiable. Bonds are customarily longer-term, say 5-25 years. Short-term bonds are usually referred to as Notes

    Bot & Boot or Build-Operate-Transfer and Build-Own-Operate-Transfer. A contractual arrangement between a project company and a party with the power to grant rights to carry out or commission a project. The scope of that arrangement will usually also include the provision of finance for the project by way of equity funding and debt facilities.

    Buy-downs. Also called “credit buy-downs”, or “loan buy-downs", buy-downs are a combination of a loan to a developing country in which a donor commits to buy down the loan, effectively transforming it to a grant. In some cases a buy-down is a blending arrangement that increases the level of concessionality of loans.

    Cap and trade. Also called emissions trading, cap and trade is a mechanism that sets a cap on emissions and allows emitters to trade their contingencies on compliance carbon markets (see also Voluntary Carbon Markets). Contingencies are set by a central authority such as a government or international body and can be either auctioned or sold, or allocated for free to emitters. A cap and trade mechanism sets a price on a negative externality, thereby internalizing it.

    Capacity. Amount of reinsurance that can be underwritten by an entity or market.

    CAPEX. Capital expenditure including site costs, project preparation costs, payments to contractors including the turnkey construction contractor, professional fees, financing costs and fees, and interest during construction.

    Carbon funds. Typically, carbon funds work as intermediaries that purchase project-based greenhouse gas emission reductions on behalf of governments and private sector companies in developed countries from low carbon projects in developing countries. Emission reductions are distributed to the Carbon Fund’s participants according to their contribution.

    Carbon tax. The carbon tax is a tax on greenhouse gas emissions that could be imposed by an international organization, a country or a sub-national governance body on the greenhouse gas emissions in an area. If imposed by an international organization, a carbon tax would be a global tax. A global carbon tax addresses negative externalities from greenhouse gas emissions, a global public bad.

    Cashflow model. A financial model based on a projection of the project cashflows during the construction and/or operation phases, usually prepared using a computer spreadsheet programme like Microsoft Excel or Lotus 123. The model will incorporate factual data obtained from project designs and equipment specifications, commercial agreements and financing documents together with key assumptions including macroeconomic, technical, commercial and financial information.

    Catastrophe (Cat) bonds. Catastrophe or cat bonds are risk-linked securities that transfer a specified set of risks to investors. Cat bonds require the bondholders to forgive or defer some or all payments of principal or interest if actual catastrophe losses exceed a specified amount, or trigger. Catastrophe bonds have traditionally covered natural disasters.

    Catastrophe swap. A catastrophe swap exchanges a fixed payment for a part of the difference between insurance premiums and the losses caused by insurance claims.

    Challenge grant. A challenge grant conditions eligibility to receive a grant on predefined conditions. The Millennium Challenge Account is an implementation of the concept by the US government.

    Commodity-indexed bond. A commodity indexed bond is a bond whose repayments are linked to the price of a commodity. Commodity linked bonds allow the issuer to mitigate the risk of changing commodity prices. For example a bond linked to changes in oil prices allow oil producers (or oil producing countries) to hedge their risk not to be able to repay a loan due to falling oil prices.

    Concessional loan. A concessional loan is a loan with a grant element. Conceptually, the measure of concessionality, or grant element, involves calculating the difference between the face value of a loan and the Present Value (or economic value) of debt service repayments, expressed as a percentage of the face value of a loan. For the purposes of classifying ODA, loans have been categorized as concessional by the OECD if their grant element exceeds 25 percent, using a fixed 10% discount rate in the present value calculation.

    Conditional cash payments (CCPs). Conditional cash payments are a form of results-based financing awarded for the use of services. Generally, CCPs focus on creating incentives for the poor to demand services, whereas conditional cash transfers, or CCTs, (see below) focus on providing safety nets (not all of the literature draws this distinction).

    Conditional cash transfers (CCTs). Conditional cash transfers provide money to individuals or families contingent on certain behavior, such as sending children to school or bringing them to health centers. CCTs strengthen the demand side of social services and complement health, education services and other services.

    Concessional lending. Loans that are given by through the International Development Association (IDA). IDA provides long-term loans at zero interest to the poorest of the developing countries.

    Conditionality. Conditionality in adjustment lending is important to ensure funds are channeled to countries with strong policy performance. Conditionality also can improve the transparency of donor decisions, and enhance government credibility.

    Conditions precedent or CPs. Documents or other evidence in form and substance acceptable to the party to a project contract or finance document who has required their receipt as a pre-condition of the contract or document becoming effective. With loan agreements borrowers will usually have to obtain a number of CPs to satisfy the initial drawdown preconditions and thereafter satisfy a smaller number prior to submitting each request for an advance under the loan agreement.

    Contingent loan. A contingent loan (or contingent credit) is a financing instrument through which funding is provided after the occurrence of some specific pre-defined event ex ante. Deferred Drawdown Options on World Bank loans are an application of contingent loans. Also, the IMF Exogenous Shocks Facility provides financing continent to exogenous macroeconomic shocks.

    Control ratios. Lenders usually require project companies to provide financial information which includes calculations of specified control ratios as at the calculation dates stipulated in the loan agreement. Those requirements usually include an annual debt service cover ratio (actual or forecast or both) and a loan life cover ratio.

    Combined heat and power or CHP. Generation plant which supplies electricity and utilises the waste heat for heating business and domestic accommodation and hot water supplies. The net effect is to achieve appreciably higher overall plant efficiences and consequentially lower costs for heating and power.

    Cost-benefit analysis. A type of analysis that tries to determine if a project is economically worthwhile. The benefits (translated into dollars) should be greater than the costs. All dollars used are converted back to their present value so they are compatible.

    Creditworthiness. The extent to which any party or transaction is judged sufficiently worthy of credit facilities or financial support by a lender or other creditor. In making that judgement, the lender or other creditor will examine the background (experience and capability), standing (reputation and integrity) and financial substance of any party involved and make an appraisal of the proposed transaction for which the credit facilities or financial support are required.

    DBFO or Design-Build-Finance-Operate. One of a number of terms used to describe the main features of types of concession or implementation arrangements used for projects being encouraged and/or carried out as a PFI or PPP.

    DCMF or Design-Construct-Maintain-Finance. Another term describing the main features of another type of PFI arrangement.

    Debt equity ratio. A measure of the borrowed funds to total funds, usually expressed as a percentage - for example, a debt equity ratio of 80% would exist where a company's funding comprises 20% equity and 80% short or medium term loans.

    Debt-for-nature swaps. In debt-for-nature swaps, a portion of a country's foreign debt is forgiven in exchange for local investments in conservation measures. The mechanism can work in one of two ways. An international non-governmental organization (NGO) may purchase debt titles on the secondary market and transfer the title to the debtor country (this is known as a commercial swap). Alternatively, a bilateral donor may cancel or discount sovereign debt (this is known as a bilateral swap). In exchange, the debtor country agrees either to carry out environmental policies or to finance local environmental and conservation activities.

    Debt service. Principal repayments plus Interest payable; usually expressed as the annual dollar/currency amount per calendar or financial year.

    Debt service cover ratio or DSCR. Debt service cover ratio is a measure of the project's net revenues before debt costs as a multiple of the debt service for the period. Sometimes the term is abbreviated to cover ratio since it is a measure of the cushion or safety cover margin the borrower has to meet its debt service costs. Net revenues are gross revenues less all operating costs before debt service.

    Debt swap. A debt swap (also called debt-for-development swaps) provides development financing through the exchange of a foreign-currency-denominated debt for local currency, typically at a substantial discount. The process normally involves a foreign non-governmental organization (NGO) that purchases the debt from the original creditor at a substantial discount using its own foreign currency resources, and then resells it to the debtor country government for the local currency equivalent (resulting in a further discount). The NGO in turn spends the money on a development project, previously agreed upon with the debtor country government.

    Demand side management or DSM are measures taken to reduce consumer electricity demand through the introduction of pricing incentives, free or reduced cost energy saving equipment or energy use training or promotions.

    Derivative. A financial contract whose value is derived from another (underlying) asset, such as an equity, bond or commodity.

    Discount rate. See annual rate of discount above.

    DSU or delay in start up insurance. Cover during the construction phase for events causing delay to commencement of commercial operations of the project.

    ECA. An export credit agency providing political and/or commercial risks cover and support to exporters of eligible goods and services from the host country of the ECA to overseas buyers. In some cases the eligible goods and services content may include third country supply. Most OECD countries have agreed to coordinate and to a large extent standardise the financial support that their ECAs offer exporters and participate in the arrangement on guidelines for export credits.

    Eco-backed security. Also called a forest-backed security, eco-securitization, and forest- securitization, eco-backed securities are asset-backed securities or debt obligations that represent a claim on cash flows from the management of forests or other ecosystems. The sources of these flows can range from timber production to various public goods produced by an ecosystem, such as rainfall, carbon and biodiversity storage, and weather moderation. Funds are raised on the capital markets and repaid from these future flows.

    Environmental audit. An environmental audit is conducted to assess the impact of past and current operations of existing projects and company facilities and is applicable, for instance, in company mergers or acquisitions and otherwise when the risk of environmental liabilities is present.

    Equity. Risk capital provided by sponsors and investors in the form of funds subscribed for shares and/or subordinated loans or other credit facilities.

    Experience account. Reserve fund set up to hold the premiums for finite reinsurance from a single insured party. Earns interest over the fixed term, and through an agreed profit commission formula returns to the insured whatever principal and interest is not paid out as losses and net of a risk premium that will be charged by the reinsurer for assuming the timing/investment risk due to a loss frequency or severity that was not anticipated.

    Feasibility. Practicability and ability to be done or carried out.

    Fee-for-service (FFS). An FFS means that the provider receives a fee for each service rendered or product supplied. FFS differs from Pay for Performance (P4P) in that FFS strategies are supply-side oriented and do not have explicit performance targets. FFS can be considered a results-based financing mechanism.

    Financial close. This term will be defined in most project agreements but can mean either the date when all project contracts and financing documents are signed or the date when all project contracts and finance documents become unconditional and all conditions precedent to the project loan agreement are satisfied or waived.

    GDP-indexed bond. These bonds are sovereign bonds whose interest rate and/or repayments vary with a country’s rate of economic growth. If economic growth is low, interest and/or principal payments are low; if it is high, interest payments are high. Therefore, countries with poor economic performance which are less likely to be able to serve their debt face a lower burden from serving GDP-indexed bonds.

    Gearing. See Leverage.

    Grants are funds disbursed by one party, such as a multilateral or bilateral institution, to a recipient for the purpose of project related funding.

    Guarantees. A guarantee is an agreement by a guarantor to assume the responsibility for the performance of an action or obligation of another person or legal entity by agreeing to compensate the beneficiary in the event of non-performance. In development finance it is mostly an instrument that mitigates political, regulatory, and foreign exchange risks of investors including the risk of expropriation and nationalization without compensation, war, and restrictions on the conversion of currencies. Both, equity and debt investments can be guaranteed.

    IDC. Interest during construction.

    Indexed bonds. These bonds tie the performance (schedule or amount of payment of interest and/or of repayment of principal) to the performance of an index. The instrument allows debtors to hedge against risks deriving from fluctuations of the index. Common indices are inflation and GDP but also a carbon-indexed bond has been piloted by the World Bank in cooperation with a private sector partner.

    Internal rate of return or IRR. This measure of project profitability or return is based on discounting cashflows which recognises that project receipts at the beginning of the payback period are worth more than those received later. The IRR is defined as the rate of discount which makes the NPV equal to zero - in effect when the discounted outlays have been recovered by the discounted receipts. The IRR is not always a reliable criterion and it may be necessary to calculate the NPV for a project as a check.

    Load life cover ratio or LLCR. Loan life cover ratio is a measure of the project's ability to repay the outstanding debt from the projected net revenues. The comparison is the discounted present value of the future net revenues with the outstanding debt at the date of the comparison. For project financings, lenders will expect to see minimum LLCRs of around 1.2 to 1.3 depending on the nature of the project and the gearing.

    Loan. In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan.

    Leverage. Leverage is a term used to measure the ratio of borrowed funds to either total funds or shareholders' capital, usually expressed as a ratio of borrowed funds to total funds. Income leverage is a term used to measure the extent to which the income stream of a company or project is taken by debt service and loan repayments. Leverage may also be called "gearing".

    Limited recourse. A general principle behind limited recourse project financing is that lenders are only entitled to look to the assets of the project company (acting as borrower) covered by the security arrangements. The assets of the project company include the project documents and the obligations of the various project parties which may include performance and payment obligations of the sponsors and shareholders. Typical project financing structures will provide lenders with recourse to sponsors and shareholders for unpaid equity subscriptions, support for the performance and payment obligations and liabilities of their subsidiaries with contractual roles in the project, for example as plant operator or turnkey construction contractor.

    Microfinance. This subset of financing offers poor people access to basic financial services such as loans, savings, money transfer services and microinsurance. Different types of microfinance providers have emerged including non-government organizations ; cooperatives; community- based development; commercial and state banks; insurance and credit card companies; telecommunications and wire services; and post offices.

    Microinsurance. This insurance provides protection of low-income people against specific risks such as natural disaster and illness or death in exchange for regular premium payments, proportionate to the likelihood and cost of the risk involved. Often, microinsurance is an extension of existing microfinance provision or is coordinated with health care service delivery. Typical products are life insurance, health insurance, agricultural insurance, and livestock insurance.

    Net present value or NPV of an investment project is the value today of the surplus the investment is expected to make, calculated as the present value of the projected net cashflows over the life of the investment less the present value of the anticipated investment outlays. Present values are calculated by applying an annual rate of discount.

    Official Development Assistance. Loans, grants, and technical assistance that governments provide to developing countries; may be abbreviated as ODA.

    Offtaker. The purchaser of product produced by a project.

    OPEX. Operating expenditure including debt service (interest and fee payments and repayments of loan principal), raw materials, supplies and energy costs, operating and maintenance costs, spares and replacement parts and project company administration costs

    Output-based aid (OBA). This is a strategy for using explicit performance-based subsidies to support the delivery of basic services where policy concerns would justify public funding to complement or replace user-fees. OBA involves delegating service delivery to a third-party, typically private firms, but also public utilities, NGOs, and community-based organizations, under contracts that tie disbursement of the public funding to the services or outputs actually delivered. Like results-based financing, output-based aid links financing to projects results.

    Payback period. A measure of the project's ability to repay the investment and debt funding, usually expressed in years.

    Payments for environmental services (PES). PES is a financing instrument that internalizes externalities in the environmental sector on a local basis. The underlying principle is that those who provide environmental services get paid for doing so (“provider gets”) and those who benefit from environmental services pay for their provision (“user pays”).

    PFI. Private Finance Initiative is a long term contractual public-private partnership under which the private sector takes on agreed technical, commercial and financial risks associated with the delivery and financing of public facilities and services in exchange for payments tied to agreed standards of performance and quality. It is one of the main mechanisms through which the public sector can secure improved value for money in partnership with the private sector.

    Power purchase agreement, often referred to as a PPA or power offtake agreement, is a contractual arrangement between a provider of electricity (often an electricity generator) and a purchaser (often an electricity supply company or an industrial power user), usually for a term of years (typically 5 - 20 years). The essential features of a PPA are the purchase quantity of electricity (often described in terms of a minimum take in a period, for example over 12 months), the initial price, the subsequent price adjustment mechanism, the payment terms and any associated corporate or host government credit and performance support or undertakings, and the scope and nature of the corporate supply obligation of the power provider.

    Present value of an investment is the aggregate value today of the projected net cashflows expected in each period over the life of the investment. The present value for each period is calculated as the projected net cashflow for the period times the discount rate for that period.

    Project company. Usually a special purpose company formed to carry out the project as a self standing venture so the project is isolated from the other assets and liabilities of the sponsors and fellow shareholders. This structure also provides a vehicle (sometimes referred to as a special purpose vehicle company or SPV) for sponsor equity funds and additional investment funds from third party investors.

    Private sector. Parties not in the public sector including sponsors (manufacturing, trading, fuel and energy groups, transport groups, international utility companies, contracting and service companies), investors (investment groups, venture capital trusts, insurance companies, sponsors and private individuals), contractors (construction groups, equipment manufacturers, facilities management groups) and debt providers (commercial lending banks and leasing companies).

    Private sector participation or PSP. Usually an arrangement whereby private sector investors, sponsors, contractors, operators or lenders participate in the provision of services for the public sector. The range of options includes service contracts (covering the provision of general or specialist services under contract), management contracts (with greater responsibilities for operations and maintenance in the delivery of services), leases (covering the provision of facilities and the delivery of services, usually with a greater allocation of risks), various forms of concession arrangements (covering the creation of new or upgraded facilities with responsibility for providing operational management and maintenance services, investment and the transfer of substantial technical, development, operational, commercial, financial, funding and environmental risks to the private sector) and divestitures (transfer of state-owned assets to the private sector as part of a privatisation programme).

    Privatisation. Is the transfer of state-owned assets to private sector ownership. For the most part this has involved the sale of by government of nationalised industries to the general public as shareholders. While in the public sector, most of the nationalised industries are organised as public corporations, responsible to central government. Shortly before privatisation, the legal status of these industries is usually changed from public corporation to private sector limited company with the state initially owning 100% of the share capital. Those companies own the property and business assets and carry on the business operations and commercial activities previously provided as public sector services. They are structured with independent management control and accounting systems to private sector quoted company standards.

    Public Private Partnership (PPP) is a model in which a public service is funded, implemented and operated through a partnership of government and one or more private sector entities. These partnerships can take many forms, and can be as simple as grants or as complex as B-O-T schemes.

    Public sector. Government, governmental agencies, local authorities and municipalities in the host country.

    Purchase agency. An entity, established as part of the structural arrangements required on creating a liberalised electricity sector, with the responsibility for purchasing all power dispatched by the market operator and/or purchased under power purchase agreements between generators with stranded costs and the purchase agency.

    Regulator. An individual or commission created by government with duties and authorities to promote competition, provide regulation of matters relating to the control of market power (particularly those of natural monopolies), undesirable changes to the structure of the utility sector, prices and service quality standards and investment in infrastructure capacity and renewal. An important feature is the independence of the regulator from government direction, control or undue influence and from industry, particularly the avoidance of regulatory capture.

    Results-based financing (RBF). RBF refers to a range of mechanisms designed to enhance the performance of aid through incentive-based payments. RBF has been used most extensively in the area of health systems. RBF is an umbrella term that includes output-based aid, provider payment incentives, performance-based inter-fiscal transfers, and incentives to households for adopt health-promoting behaviors.

    Retail market. A competitive market for the supply of electricity to industrial, commercial and domestic consumers by the incumbent supply company and competing suppliers, typically generators, other suppliers outside the incumbent's geographical area, electricity traders and suppliers in other provinces or countries.

    Sovereign wealth funds (SWF). These funds are country-owned investment funds allowing domestic and international investments in a wide range of financial products such as government and corporate bonds, stock, commodities, real estate, as well as financial derivatives. An SWF is a backloading instrument saving funds for the future and providing independence from external financing.

    Swaps. A swap is a derivative in which two parties agree to exchange one stream of cash flows today against another stream in the future. Swaps can be used to hedge risks including interest rate, currency, and commodity price risks. In development financing, for example, the World Bank offers currency, interest rate and commodity price swaps.

    Sponsor. A private sector commercial party, acting alone or with others, introducing and promoting a project idea, preparing technical and commercial proposals, negotiating contractual arrangements and arranging equity and debt funding. In certain cases public sector entities act as co-sponsors. Private sector sponsors are usually shareholders and equity providers in the project company and leaders of the preparation and development phases of a project.

    TPL or third party loss insurance cover.

    Tradable green certificates. TGCs are generated by the certification of RE production. Certificates are tradable and consumers are required to prove that they have reached renewable energy production quotas by purchasing certificates.

    Tranche. Term to describe a specific class of bonds within an offering. Usually, each tranche offers varying degrees of risk to the investor and is priced accordingly.

    Trust fund. A trust fund is a legal arrangement in which one party, the trustor, provides fiduciary control of funds to an intermediate party, the trustee, to be used for the benefit of a specific entity in need. In development finance, typically a donor provides funds to a multilateral development bank or other institution for a predefined use (public or private) in a sector, country, region, and so on.

    Turnkey construction contract. Contractual arrangement with a construction group or consortium (comprising construction contractors and often equipment manufacturers or suppliers) covering the detailed design, procurement, construction, testing and commissioning of a project in accordance with an outline or schematic design and specification (usually prepared in terms of the minimum performance outputs required of the project) provided by the project company, for a fixed price and with an undertaking to deliver the completed and fully operational project by a date certain.

    Viability. Feasibility and practicability of a plan, especially from an economic viewpoint.

    Voluntary carbon markets. This term includes all carbon offset trades that are not required by regulation. Under this system, organizations and individuals purchase carbon offsets on a voluntary basis to make up for their carbon emissions. Emissions certificates may be traded according to a number of standards, including the Voluntary Carbon Standard (VCS), VER+, The Voluntary Offset Standard (VOS), and the Chicago Climate Exchange (CCX). Voluntary carbon markets, like compliance carbon markets, create benefits by financing climate-change mitigation and generating financial flows for developing countries that sell carbon credits to developed countries.

    Weather derivatives. These derivatives are linked to an index that measures weather related risks such as low rainfall or drought. Unlike insurance, weather derivatives do not cover the loss from weather related events but the value of the derivative changes depending on movements of the underlying index.

    Wholesale market. The competitive market for the supply of power from generators and other producers through transfers over inter-connectors from regions (provinces) or other countries.

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