1.12Definitions - L

LBMP Markets: A term that collectively refers to both the Real‑Time Market and the Day-Ahead Market.

Linden VFT Scheduled Line:  A transmission facility that interconnects the NYCA to the PJM Interconnection, L.L.C. Control Area in Linden, New Jersey.

LIPA Tax-Exempt Bonds:  Obligations issued by the Long Island Power Authority, the interest in which is not included in gross income under the Internal Revenue Code. 

Load:  A term that refers to either a consumer of Energy or the amount of Energy (MWh) or demand (MW) consumed by certain consumers.

Load Ratio Share: The ratio of an LSE’s Load to Load within the NYCA during a specified time period.

Load Serving Entity (“LSE”):   An entity, including a municipal electric system and an electric cooperative, authorized or required by law, regulatory authorization or requirement, agreement, or contractual obligation to supply Energy, Capacity and/or Ancillary Services to retail customers located within the NYCA, including an entity that takes service directly from the ISO to supply its own load in the NYCA.

Load Shedding: The systematic reduction of system demand by temporarily decreasing Load in response to Transmission System or area Capacity shortages, system instability, or voltage control considerations under Part 4 of the Tariff.

Load Zone: One (1) of eleven (11) geographical areas located within the NYCA that is bounded by one (1) or more of the fourteen (14) New York State Interfaces.

Local Furnishing Bonds:  Tax‑exempt bonds issued by a Transmissions Owner  under an agreement between the Transmission Owner and the New York State Energy Research and Development Authority (“NYSERDA”), or its successor, or by a Transmission  Owner itself, and pursuant to Section 142(f) of the Internal Revenue Code, 26 U.S.C. § 142(f).

Locality: A single LBMP Load Zone or set of adjacent LBMP Load Zones within one Transmission District, and within which a minimum level of Installed Capacity must be maintained.

Local Reliability Rule: A Reliability Rule established by a Transmission Owner and adopted by the NYSRC to meet specific reliability concerns in limited areas of the NYCA, including without limitation, special requirements and conditions that apply to nuclear plants and special requirements applicable to the New York City metropolitan area.

Locational Based Marginal Pricing (“LBMP”):  The price of Energy at each location in the NYS Transmission System as calculated pursuant to Attachment J.

Locational Installed Capacity Requirement: A determination by the ISO of that portion of the statewide Installed Capacity requirement that must be electrically located within a Locality in order to ensure that sufficient Energy and Capacity are available in that Locality and that appropriate reliability criteria are met.

Long-Island (“L.I.”):  An electrical area comprised of Load Zone K, as identified in the ISO Procedures.

Long‑Term Firm Point‑To‑Point Transmission Service:  Firm Point‑to‑Point Service, the price of which is fixed for a long term by a Transmission Customer acquiring sufficient TCCs with the same Points of Receipt and Delivery as its Transmission Service.

Lost Opportunity Cost: The foregone profit associated with the provision of Ancillary Services, which is equal to the product of: (1) the difference between (a) the Energy that a Generator could have sold at the specific LBMP and (b) the Energy sold as a result of reducing the Generator’s output to provide an Ancillary Service under the direction of the ISO; and (2) the LBMP existing at the time the Generator was instructed to provide the Ancillary Service, less the Generator’s Energy bid for the same MW segment.