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Market carriage
A form of gas market design used in Victoria where end users secure rights to gas pipeline capacity and these rights are tradable. If an end user has a surplus of capacity, they can sell it on the market. If they have a shortfall of capacity they can purchase additional capacity from the market. See also Contract carriage and Market design.
Market customer
A party that purchases electricity directly from the wholesale market. For each trading period, market customers submit bids for the volume of energy they are willing to purchase at specified prices. Wholesale electricity market rules in Australia specifically allow end users to register as market customers, although very few do so.
Market design
The concepts determining the rules that govern how a product is traded.
Market generator
An electricity generator that participates directly in the wholesale market. For each trading period, market generators submit offers for the volume of energy they are willing to supply at specified prices. All grid-connected generators with a nameplate rating of 30MW or more are required to register as market generators.
Market price cap
The highest wholesale market price allowed for wholesale market bids or offers. The wholesale market price cannot be greater than the price cap. See also Market price floor.
Market price floor
The lowest wholesale market price allowed for wholesale market bids and offers. The wholesale market price cannot be lower than the price floor. The price floor can be negative. See also Market price cap.
Maximum demand
The actual highest level of demand within a specified period, also called ‘peak load’.
MJ
Megajoule (106 Joules).
MWh
Megawatt hour, a unit of electrical energy equal to the work done by one million watts acting for one hour, and is equivalent to 3.6 gigajoules (GJ).