System, method, and apparatus for settlement for participation in an electric power grid
First Claim
1. A system for market-based financial settlement of transactions within an electric power grid, comprising:
- at least one active grid element constructed and configured in Internet Protocol (IP)-based network communication with a settlement processor via at least one coordinator in real-time or in a predetermined timeframe;
wherein the at least one active grid element generates revenue grade metrology data based on measurement and verification for a participation of the at least one active grid element in the electric power grid;
wherein the at least one active grid element provides automated messaging to the settlement processor;
wherein the settlement processor provides a market-based financial settlement message based upon the revenue grade metrology data and a kilowatt packet (KWP) unit; and
wherein the KWP unit provides a quantifying market rate for monetization for any unit of kilowatts with respect to time.
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Accused Products
Abstract
Systems and methods for market-based financial settlement of transactions within an electric power grid are disclosed. At least one active grid element is constructed and configured in Internet Protocol (IP)-based network communication with a settlement processor via at least one coordinator in real-time or in a predetermined timeframe. The at least one active grid element generates revenue grade metrology data based on measurement and verification for a participation of the at least one active grid element in the electric power grid. The at least one active grid element provides automated messaging to the settlement processor. The settlement processor provides a market-based financial settlement message based upon the revenue grade metrology data and a kilowatt packet (KWP) unit. The KWP unit provides a quantifying market rate for monetization for any unit of kilowatts with respect to time.
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Citations
20 Claims
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1. A system for market-based financial settlement of transactions within an electric power grid, comprising:
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at least one active grid element constructed and configured in Internet Protocol (IP)-based network communication with a settlement processor via at least one coordinator in real-time or in a predetermined timeframe; wherein the at least one active grid element generates revenue grade metrology data based on measurement and verification for a participation of the at least one active grid element in the electric power grid; wherein the at least one active grid element provides automated messaging to the settlement processor; wherein the settlement processor provides a market-based financial settlement message based upon the revenue grade metrology data and a kilowatt packet (KWP) unit; and wherein the KWP unit provides a quantifying market rate for monetization for any unit of kilowatts with respect to time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A method for market-based settlement of transactions within an electric power grid, comprising:
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providing at least one active grid element constructed and configured in Internet Protocol (IP)-based network communication with a settlement processor via at least one coordinator; the at least one active grid element generating revenue grade metrology data for a participation in the electric power grid based on measurement and verification; the at least one active grid element providing automated messaging to the settlement processor via the at least one coordinator in real-time or in a predetermined timeframe; and the settlement processor providing a market-based financial settlement message based upon the revenue grade metrology data and a kilowatt packet (KWP) unit, wherein the KWP unit provides a quantifying market rate for monetization for any unit of kilowatts with respect to time. - View Dependent Claims (18, 19, 20)
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Specification