Glossary

AEMO : Australian Energy Market Operator. Manager of the NEM

AEMC :  Australian Energy Market Commission. Rule maker for the electricity and gas markets

ASIC : Australian Securities & Investments Commission

ASX : Australian Stock Exchange

Baseload power : The minimum level of power generation required, supplemented by peaking power as needed.

CEC : Clean Energy Council – peak body for clean energy in Australia.

CEFC : Clean Energy Finance Corporation. Australian Government-owned ‘Green Bank’ established to facilitate increased flows of finance into the clean energy sector. Invests commercially to increase the flow of funds into renewable energy, energy efficiency and low emissions technologies. Read more on their website here: www.cefc.com.au.

CHP : Combined heat and power. See Co-generation.

Co-generation : Also known as CHP (Combined Heat and Power).  The use of a system that converts heat, thermal energy or a power station to generate electricity and heat at the same time.

DER : Distributed Energy Resources. For example battery storage, demand response, standalone power systems, micro grids.

Dispatchable Power : Power available on-demand as required.

ENA : Energy Networks Australia – the peak national body representing gas distribution and electricity transmission and distribution businesses in Australia.

Energy density : is the amount of energy that can be stored in a mass of a substance or system. Colloquially it may also be used for energy per unit mass, though the accurate term for this is specific energy. The higher the density of a substance the more energy can stored.

EPA : Environment Protection Authority – state government authorities.

Frequency : Refers to number of cycles per second.

GW: Gigawatt – a billion watts.

IEA : International Energy Agency

kW : Kilowatts – a thousand watts

Latent Heat : Latent heat is energy that is held in phase change materials when it becomes molten. 1414 Degrees uses silicon which has a very high melting point, 1414 degrees Celsius. This means it can hold much more energy than other phase change materials, such as molten salt which has a latent phase at approximately 220 degrees.

LCOE : The levelised cost of electricity (LCOE), also known as Levelised Energy Cost (LEC), is the net present value of the unit-cost of electricity over the lifetime of a generating asset. It is often taken as a proxy for the average price that the generating asset must receive in a market to break even over its lifetime.

LRET : Large scale Renewable Energy Target. A scheme run by the Australian Government Clean Energy Regulator to promote the growth of renewable power generation.

MW : A Megawatt, or a million watts

MWh : Megawatt hours. Used to describe production/consumption or storage capacity.

NEM : National Electricity Market (Australia)

Non-synchronous (Renewable energy, such as solar and wind) : Clean energy sources are inconsistent, and have limited ability to react to changing demand. Unexpected weather changes also can stress the electricity grid’s constant balancing act. Storage devices can help overcome this.

Off grid : a power installation which has no connection to the electricity grid.

OTR : Office of the Technical Regulator

Peaking (Rapid-response gas and diesel generators) : These high-cost generators spend most of their time sitting idle. They wait until the energy grid shows signs of an unbalancing strain on supply, such as a heat-wave or generator failure. They jump into the market in an attempt to meet this shortfall.

PV : Photovoltaics.  The conversion of light into electricity using semiconducting materials that exhibit the photovoltaic effect, a phenomenon of the creation of electricity in a material upon exposure to light. Power output is dependent on direct sunlight.

SAPN : South Australia Power Networks.

Stored energy : The energy available in the storage system to perform physical work through the conversion of its chemical or mechanical energy, stated in kWh or MWh.

Stability : The ability of an electric system to maintain a state of equilibrium during normal and abnormal conditions or disturbances.

Smart grid : Collectively; devices, practices and protocols that enable rich monitoring and situational awareness and flexible and robust control of various parts of or entire power systems under varying conditions. Among other objectives, Smart Grid is expected to reduce peak demand, increase energy efficiency and increase electric service reliability and power quality.

Synchronous : Traditionally energy provided by thermal power plants such as gas or coal. If more power is needed, more is burnt, but adequate warning is needed to meet large variations in demand. On their own renewables cannot provide synchronous power. The 1414 Degrees Tess can provide synchronous power, and therefore when paired with renewables, enables clean synchronous power.

Watt : A unit of electrical energy. A watt is defined as energy consumption rate of one joule per second.