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Glossary

American Option
An American Option is a contract through which the buyer has the right, but not the obligation, to buy or sell the underlying asset (eg. a commodity) on which the option has been built, called the underlying, at a given price (strike price) on any date between the start date and the expiration date. A premium is paid on the trade date for buying such right.

ARERA
In Italy, ARERA (Regulatory Authority for Energy and Environment, named AEEGSI until 01/01/2018), is an independent entity which regulates and protects costumers and sponsors competition in the energy, gas and hydro markets.

Asian Option
Asian options are options for which the payoff depends on the avarage price of the underlying on a given period. An Asian Option is automatically excercised at the end of the "delivery period" based on the calculation of the simple average of spot prices during the "delivery period" which is then compared with the strike price.

Ask Price
The Ask price, or offer price, is the minimum price an operator would accept in order to be willing to sell a given amount of an asset or of a financial instrument.

AU (Acquirente Unico)
In Italy, the AU (standing for Sole Buyer) is a limited company owned by the manager of power services in Italy known as the Gestore dei Servizi Energetici (GSE) S.p.A., which guarantees the power supply to the clients belonging to the Mercato Tutelato (Protected Market). After liberalization of the power market, the AU will buy power at favourable conditions for passing it to those companies which sell energy to retail customers belonging to the Mercato Libero (Free Market).

Auction
Market in which negotiation and exchange take place through an auction mechanism, with the insertion and modification of trading proposals  within a fixed time frame, and the conclusion of contracts in a single future time and at a single price, given by the equilibrium between supply and demand.