Line 383: Characteristics as product

The focus of EMIX is on price and product communication in support of commercial transactions. The messaging and interaction patterns for commercial transactions are out of scope for EMIX but worth a brief discussion here to provide context. Transactions in most markets begin with Tenders (offers to buy or sell) a Product by a Party to another Party. Once an agreement among Parties is reached, the parties execute a Transaction (contract). The parties to the Transaction then must perform on the Transaction by arranging for supply, transport, consumption, settlement and payment. At every stage in this process, clear communication of the product and price is essential. In many electricity markets Operators are offered electrical products based on Resource capabilities, i.e., the performance characteristics of generators, load curtailment, and other energy resources. EMIX uses EMIX Resource Descriptions to describe the responsiveness, capacity, financial requirements, and other aspects of these Resources. Typically, but not always, a Resource is registered with an Operator. Generally, the Resource capabilities are exchanged at registration. A Party can tender to the Operator one or more EMIX Products produced by a Resource. The Party may specify the quantities of each product in each time interval, or make an economic offer/bid to the Operator. The Operator will then evaluate the offer taking consideration of the Resource capabilities and possibly award transactions of EMIX products to the Party. Tenders can be expressed using either the semantics of Power Services or the semantics of Resource Descriptions. Resource Descriptions or Power Services bids are communicated as tenders expressed as EMIX Sequences. Transactions are executed and performed using the semantics of EMIX Services. Transacting parties can determine the fitness of a resource to meet their needs based on the capabilities. Reserves are options to supply product within a given response rate at an agreed upon price.