T
Take-or-Pay
in a take-or-pay contract for a specified amount of gas whether this amount is taken or not. Depending on the contract terms "undertakes" or "overtakes" may taken as make-up or carry forward into the next contract period. When it is credited into another contract period this is called make-up gas .
Tariff
Public schedules detailing utility rates, rules, service territory and terms of service that are filed for official approval with a regulatory authority.
Technical Analysis
Technical analysis is based on the presumption that price takes into consideration all factors that could influence the price of a stock, commodity or derivative instrument. As opposed to fundamental analysis which focuses on analysing the expected future cashflows of a stock; the supply and demand for a commodity; or the impact of economic and political factors on market prices.
Technical Rally
A short term rise in market prices within a declining trend.
Therm
The imperial unit of measure for a quantity of gas, equivalent to 100,000 btu's .
Term Structure of Interest Rates
The relationship between interest rates and their maturities (see also yield curve).
Theta
Change in the value of an option over a given period of time (“time decay”).
Time Decay
Refer to theta
Time Value
The value of an option arising from the time left to maturity (equals an option's price less its intrinsic value).
Tolling
Under a tolling agreement, the owner of an asset (eg a power station, oil refinery or base metal refinery) charges to utilise part or all of the assets processing capacity. The third party will supply an agreed quantity of raw material and take delivery of an agreed quantity of product.
Transaction Costs
The cost of carrying out a trade (commissions plus the difference between the price and the mid-point of the bid-offer spread).
Transmission Facility
Equipment used to deliver electric power at high voltages in bulk quantity, from generating facilities to local distribution facilities, for final retail use.
Treasury Bill
A short term non-coupon bearing instrument issued by governments to finance its debt.
Treasury Bond
A long term coupon bearing instrument issued by governments to finance its debt.
Treasury Note
A specific type of Treasury Bond with a maturity of less than 10 years.
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