System, method and computer program product for risk-minimization and mutual insurance relations in meteorology dependent activities
First Claim
1. A method of translating meteorological forecast data to an operations data associated with providing electrical power produced from a renewable power generation facility to a power grid, comprising:
- collecting meteorological factors that affect an amount of electrical power generated by the renewable power generation facility;
developing a meteorological forecast from said meteorological factors collected;
committing to deliver, by contract, at least a portion of a unit of power from said renewable power generation facility at a predetermined time coinciding with the meteorological forecast; and
developing a trading position for said unit of power based on an uncertainty in said meteorological forecast.
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Accused Products
Abstract
A system, method and computer program product for minimizing risks associated with meteorology dependent activity. Such activity may include operation of renewable power sources and the delivery of power output from those renewable sources for sale on a market. The system and method identify risks to market participants in the event of possible shortfall, and provide metrics and mitigation processes for addressing the risks before the contractual breaches occurs for failure to deliver power, or imbalances occurred in grid operations.
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Citations
3 Claims
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1. A method of translating meteorological forecast data to an operations data associated with providing electrical power produced from a renewable power generation facility to a power grid, comprising:
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collecting meteorological factors that affect an amount of electrical power generated by the renewable power generation facility; developing a meteorological forecast from said meteorological factors collected; committing to deliver, by contract, at least a portion of a unit of power from said renewable power generation facility at a predetermined time coinciding with the meteorological forecast; and developing a trading position for said unit of power based on an uncertainty in said meteorological forecast. - View Dependent Claims (2, 3)
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Specification