Week 4 - Chapter 6 Flashcards
What is the heating value commonly referred to as?
Calorific value (CV)
Calorific value is the amount of energy produced per unit of fuel burned.
What does the reserve-to-production ratio (R/P Ratio) indicate?
The relationship between proven reserves and annual production
A higher R/P ratio suggests a longer lifespan of resource availability.
What term describes the cost advantages that enterprises obtain due to scale of operation?
Unit economies-of-scale
This concept is crucial for understanding cost efficiency in production.
What is meant by ‘dispatchable’ in energy production?
Energy that can be generated on demand
Dispatchable resources can be controlled and adjusted to meet load requirements.
What does the term ‘spread’ refer to in energy markets?
The difference between two prices
It often refers to the price difference between buying and selling energy.
What are dual-fuel generators?
Generators that can run on two different types of fuel
They provide flexibility and reliability in fuel choice.
What is coal ash a byproduct of?
Burning coal for energy
Coal ash can contain harmful substances and requires proper disposal.
What are nitrogen oxides commonly abbreviated as?
NOx
NOx contributes to air pollution and can cause respiratory issues.
What do sulfur oxides refer to in environmental terms?
SOx
SOx emissions are primarily from burning fossil fuels and can lead to acid rain.
What are carbon oxides collectively known as?
COx
Includes both carbon monoxide (CO) and carbon dioxide (CO2), significant in climate change discussions.
What are particulates in the context of air pollution?
Tiny solid or liquid particles suspended in air
Particulates can originate from various sources, including combustion and industrial processes.
What does IGCC stand for?
Integrated gasification combined cycle
A technology that converts carbon-rich materials into gas for cleaner energy production.
What is does CCS stand for?
carbon capture and sequestration
A process aimed at reducing carbon dioxide emissions from industrial sources.
What is the minimum economic unit in energy production?
The smallest output level at which a facility can operate profitably
Important for determining feasibility of energy projects.
What type of power plant combines gas and steam turbines?
Combined-cycle power plant
This design increases efficiency by using both gas and steam cycles for electricity generation.
What are reciprocating engines commonly used for?
Converting fuel into mechanical energy
They are widely used in power generation and transportation.
What are microturbines?
Small combustion turbines used for distributed energy generation
They are efficient and can run on various fuels.
What does cogeneration refer to?
Simultaneous production of electricity and useful heat
Increases overall energy efficiency by utilizing waste heat.
What is the opportunity cost in economics?
The loss of potential gain from other alternatives when one alternative is chosen
Essential for decision-making and resource allocation.
What is a shadow price?
The estimated price for a good or service that is not normally priced in the market
Used in cost-benefit analysis and environmental economics.
What does ‘islanding’ refer to in energy systems?
A condition where a portion of the grid continues to operate independently
Often occurs during a grid failure, allowing localized power generation.
What is hedging in financial terms?
A risk management strategy used to offset potential losses
Often involves derivatives and is commonly used in energy markets.
What are forwards and futures contracts?
Agreements to buy or sell an asset at a future date at a predetermined price
These contracts are widely used in energy trading to manage price risk.
What is a tolling arrangement in energy?
An agreement where a power producer is paid for converting fuel into electricity
It allows for flexibility in energy supply and demand management.
What does force majeure refer to?
Unforeseeable circumstances that prevent contract fulfillment
Commonly cited in contracts to address natural disasters or other major events.
