1.2Definitions - B

Back‑Up Operation:  The procedures for operating the NYCA in a safe and reliable manner when the ISO’s normal communication or computer systems are not fully functional as set forth in Section 2.12 of this ISO OATT and Section 5.3 of the ISO Services Tariff.

Base Point Signals:  Electronic signals sent from the ISO and ultimately received by Generators specifying the scheduled MW output for the Generator.  Real-Time Dispatch (“RTD”) Base Point Signals are typically sent to Generators on a nominal five (5) minute basis.  AGC Base Point Signals are typically sent to Generators on a nominal six (6) second basis.

Basis Amount:  As defined in the ISO Services Tariff.

Basis Month:  As defined in the ISO Services Tariff.

Bid/Post System:  An electronic information system used to allow the posting of proposed transmission schedules and Bids for Energy and Ancillary Services by Market Participants for use by the ISO and to allow the ISO to post Locational Based Marginal Prices and schedules.

Bid:  Offer to purchase and/or sell Energy, Demand Reductions, Transmission Congestion Contracts and/or Ancillary Services at a specified price that is duly submitted to the ISO pursuant to ISO Procedures.

Bid Price:  The price at which the Supplier offering the Bid is prepared to provide the product or service, or the buyer offering the Bid is willing to pay to receive such product or service.

Bid Production Cost: Total cost of the Generators required to meet Load and reliability Constraints based upon Bids corresponding to the usual measures of Generator production cost (e.g., running and Minimum Generation Bid, and Start‑Up Bid).

Bidding Requirement:  As defined in the ISO Services Tariff.

Bilateral Transaction:   A Transaction between two or more parties for the purchase and/or sale of Capacity, Energy, and/or Ancillary Services other than those in the ISO Administered Markets.

Board of Directors (“Board”): The governing body of the ISO which is comprised of ten (10) persons (Directors) that are unaffiliated with any Market Participants, as described in the ISO Agreement.

Business Issues Committee:  A standing committee of the ISO created pursuant to the ISO Agreement to establish rules related to business issues and provide a forum for discussion of those rules and issues.