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System, method, and apparatus for settlement for participation in an electric power grid

  • US 10,373,275 B2
  • Filed: 07/29/2016
  • Issued: 08/06/2019
  • Est. Priority Date: 10/24/2012
  • Status: Active Grant
First Claim
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1. A system for market-based financial settlement of transactions within a power network, comprising:

  • a settlement processor operable to communicatively connect with at least one grid element in the power network;

    wherein a settlement message is transmitted via Internet Protocol (IP)-based messaging from the at least one grid element to the settlement processor in real-time or within approximately 15 minutes after a participation of the at least one grid element in the power network;

    wherein the settlement message comprises an IP packet including at least one kilowatt packet (KWP) unit based on the participation of the at least one grid element in the power network;

    wherein the participation comprises supplying power to the power network, providing curtailment as supply, and consuming power from the power network;

    wherein the participation of the at least one grid element provides reserves and/or grid stabilization for the power network;

    wherein the settlement message further comprises revenue grade metrology data associated with the participation of the at least one grid element within the power network;

    wherein the at least one KWP unit includes measured data transformed into settlement grade data for the market-based financial settlement and provides a quantifying market rate for monetization for any unit of kilowatts with respect to time.

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