Glossary of Terms

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O

OASIS (Open Access Same-Time Information System): The FERC-sanctioned electronic information system for electronic transmission capacity availability. OASIS replaces the Real-Time Information Networks System (RINS). Each public utility that owns, controls or operates facilities used for the transmission of electric energy in interstate commerce must participate in an OASIS. It provides existing or potential open access transmission customers with information about available transmission capacity, prices, and other information essential for obtaining non-discriminatory open access transmission service.
Odorant: Any material added to natural or LP gas in small concentrations to impart a distinctive odor. Odorants in common use include various mercaptans, organic sulfides, and blends of these. Compare MERCAPTANS.
Off-Peak: The period during a day, week, month, or year when the load being delivered by a gas system is not at or near the maximum volume delivered by that system for the corresponding period of time.
Off-Peak Service: Service made available on special schedules or contracts but only for a specified part of the year during the off-peak season. Compare INTERRUPTIBLE SERVICE.
Office of Fuels Programs: The division of the U.S. Department of Energy that regulates imports and exports of natural gas.
Ohm: A unit of electrical resistance. One volt can produce a current of one ampere through a resistance of one ohm.
Old Gas: Gas produced from wells as a result of well workover or stimulation of existing production wells on leases acquired prior to February 19, 1977.
Old Gas Subsidy Cushion: The difference between the price of gas from regulated, pre-NGPA gas suppliers and the market price of unregulated gas.
Open Access: The non-discriminatory access to interstate pipeline transportation services or transmission services of an electric utility.
Open Access Transporter: Once an intrastate or interstate pipeline commences self-implementing transportation services under Section 311 of the NGPA, it becomes an OPEN ACCESS TRANSPORTER and must then provide transportation services on an open access, nondiscriminatory basis and comply with the regulations set forth in Part 284 of the Commission’s regulations. In addition, once an interstate pipeline accepts a Part 284 blanket certificate, it is then an open access transporter. A pipeline which is “open” under Section 311 may terminate such service and “close” its system. However, once a pipeline accepts a blanket, it may not terminate open access services without first receiving Commission authorization to abandon its blanket certificate.
Open Pressure: The pressure on a gas well that has been open long enough for the pressure to stabilize.
Open Season: Generally refers to a period of time when all parties are given equal consideration. Also, when a company becomes an open access transporter, it is generally expected to have an “open season” to accept bids for transportation. During that time all shippers are treated equally in the queue for service, with space divided on a pro rata basis. After the open season is over, shippers are generally treated on a first-come, first-served basis.
Operable Nuclear Unit: A nuclear generating unit certified for full-power operation by the NRC, following successful completion of its low-power tests.
Operating Costs: Recurring costs related to day-to-day operations of a facility that are paid out of current revenue.
Operator: An entity which manages and controls a facility and the gas moving through that facility. The operator performs the day to day operations, contract scheduling, communications, and routinely monitors, tests, and repairs facilities and/or measurement equipment. The operator is not necessarily the owner. A producer operator operates a well. A transportation operator operates a gathering system, pipeline or local distribution company. A plant operator operates a processing or extraction plant. A consumer operator operates an end user facility.
Option: A contract that gives the buyer the right but not the obligation, to buy or sell a specific quantity, at a fixed price, on or before a certain future day, from the seller.