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ABI
Association of British Insurers, a body which, inter alia, sets standards of corporate governance on behalf of Insurance companies.
ANP
American National Power.
Availability
A measure giving the proportion of electrical energy that was available during the year, after taking account of both planned and unplanned plant outages.
Bond
Security that obligates the issuer (International Power) to make specified payments to the bondholder (financial Institutions).
Brownfield
Building a plant on a previously operational site.
CO2
Carbon dioxide.
CSR
Corporate social responsibility.
CCGT
Combined cycle gas turbines – turbines, that are typically fuelled by natural gas, are used to drive generators and use exhaust gases to produce steam that in turn drives an additional turbine coupled to a generator.
Cogeneration
The simultaneous generation of heat and electricity, typically where the need for both arises for industrial or commercial purposes.
Corridor approach
Under this approach to pension plans, actuarial gains and losses are not recognised immediately. Only when the cumulative gains or losses fall outside the corridor is a specified portion recognised in the income statement from the following year onwards. The corridor is 10% of the present value of the pension rights accrued or of the fund assets at market value, if greater.
Debt capitalisation
Net debt divided by the sum of the net debt and total equity.
EPS
Earnings per share, calculated by dividing the profit after interest, tax and minority interests by the weighted average number of shares in issue.
Gearing
Net debt divided by total equity.
Generator nameplate capacity (installed)
The maximum output of a generator, under specific conditions designated by the manufacturer. Installed generator capacity is commonly expressed in megawatts (MW) and is usually indicated on a nameplate physically attached to the generator.
Greenfield
Building a plant on a new site.
Hedge contracts
A contract that gives protection against risks of future commodity price movements.
HSE
Health, safety and environment.
HUBCO
The Hub Power Company.
IFRS
International Financial Reporting Standards.
ISO 14001
The international standard of environment management systems.
KAPCO
The Kot Addu Power Company.
LTIP
Long–term incentive plan
Load factor
The proportion of electricity actually sold, compared with the maximum possible sales of electricity at maximum net capacity.
Merchant market
A merchant market is a deregulated market.
Merchant plant
Our merchant plants operate in deregulated markets selling power into the traded market without long-term power purchase agreements (PPAs).
MIGD
Millions of imperial gallons per day.
MW
Megawatt; one MW equals 1,000 kilowatts.
MWth
One megawatt of thermal power.
National Allocation Plan
The Plan issued under the EU Emissions Trading Scheme that sets out how greenhouse gas emission allowances will be allocated to affected industry sectors.
NOx
Oxides of nitrogen.
Non–recourse debt
Debt secured on an asset.
OCGT
Open cycle gas turbine – turbines, typically fuelled by gas or diesel oil, are used to drive the generators to produce electricity.
OHSAS 18011
Occupational Health and Safety Assessment Series 18011. A management system specification, developed by British Standards Institute, for health and safety which is compatible with ISO 9001:1994 (Quality) and ISO 14001:1996 (Environmental) management.
O&M
Operations and maintenance, usually used in the context of operating and maintaining a power station.
Offtake agreement
Power purchase agreement between International Power and its customer (the offtaker) whereby the customer takes the electricity generated by a power station.
PBIT
Profit before interest and tax.
Peak load
The maximum demand during a specified high demand period. This may require use of plant (for example pumped storage) that is kept in reserve for peak periods.
Put
To sell a security back to the issuer at a pre–determined price.
Recourse debt
Debt secured by the Company.
Reserve margin
The amount of plant reserve capacity above the system's peak electricity requirements.
Rights Issue
The offer of new shares to shareholders pro–rata to their current holding, usually at a discounted price.
Spark spread
The difference between the power price and fuel costs.
Tolling contract
A form of long-term electricity contract where the buyer of the electricity also supplies the fuel and the generator provides the energy conversion services in the form of the plant and operational services required to change the energy in the fuel into electricity.
Trade investment
A business entity over which the investor does not exercise significant influence.
UK GAAP
Generally Accepted Accounting Principles in the UK.
US Sarbanes–Oxley Act
The Sarbanes–Oxley Act of 2002 was enacted in reaction to the highly publicised bankruptcies of Enron and WorldCom and is concerned with strictly enforcing the latest "generally accepted" accounting principles (GAAP).
