L

Landfill Gas
Municipal solid waste contains significant portions of organic materials that produce a variety of gaseous products when dumped, compacted, and covered in landfills. Anaerobic bacteria thrives in the oxygen-free environment, resulting in the decomposition of organic materials and the production of primarily carbon dioxide and methane.

Large Site Peak Day Demand
Defined as the sum of Supply Offtake Quantity (SOQ) for all large sites.

Large Supply Point
A supply point where the reference consumption actual quantity (AQ) is equal to or exceeds 732,000 kWh/25,000 therms per annum.

Last Trading Day
The final trading day for a particular delivery month futures or option contract.

Leadership in Energy and Environmental Design - LEED
An internationally recognised green building certification system developed by the US Green Building Council.

Limit
The maximum amount a futures price may advance or decline in any one day's trading session.

Line-loss Factor
The anticipated cost of electricity lost before it reaches the end-user's meter.

Linepack
The placing daily gas imbalance (unsold gas) into a cumulative imbalance for sale at a later time.

Liquefied Natural Gas (LNG)
Natural gas converted to a liquid state by increased pressure and severe cooling (~-160 dC), then returned to a gaseous state to be used as fuel. LNG is moved in tankers, not via pipelines.

Liquid Market (Liquidity)
A market is said to be 'liquid' when it has a high level of trading activity and open interest, a market in which selling and buying can be accomplished with minimal price change.

Load
The amount of electric power delivered or required at a specific point or points on an electric system. The requirement originates at the energy-consuming equipment of the consumer.

Load Factor
Measures the relationship between unit consumption and maximum demand and is the percentage capacity utilisation figure of a site's power consumption. To calculate load factor take the total number of units of consumption, divide by the maximum demand, divide by the number of hours in the period, and multiply by 100.

Load Management
Where sites are flexible as to when they use their electricity. This means that they can schedule their production and shift patterns according to the price of pool electricity. Consumers who can load manage are able to significantly reduce their consumption at the three times in the year when the National Grid takes the Triad maximum demand readings which are used to calculate the transmission charges.

Load Profile
If for any reason actual data is unknown a profile can be calculated using historic data.

Load Shape
A reflection of the profile of an electricity user's daily power requirements - see Shape.

Long
A position is said to be long when the net position in the futures market shows an excess of open purchases over open sales.

Look-back-option
An option designed to allow the user to decide at the expiration point in time that the option is exercised, this allows the user the maximum benefit from the option.

Loss (Losses)
The general term applied to energy (in kWh) and power (in kW) lost in the operation of an electric system.

Low Voltage (LV)
Low Voltage, normally at 240 or 415 Volts.

Low-enriched uranium
Uranium enriched to less than 20% U-235. (Nuclear power reactors usually require 3.5 - 5.0% U-235.).