Notes:
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Within an electricity market, actors are buying/selling energy between them as well as selling energy to end users or buying energy from generating units. These activities are carried out from the time of early planning and trading, until the intraday processes. <br/>When the market business processes as well as the operational processes (real-time operation) are closed, then comes the time to settle or reconcile the market, i.e. to compute for each balance responsible party what he has injected in a market area and what he has withdrawn from this market area. <br/>For proper operation of an European style electricity market, each balance responsible party shall be balanced, i.e. he should have the sufficient "generation" (physical inputs or buying 324 transactions) to cover its "consumption" (physical outputs or selling transactions) at each time. <br/>The settlement process is the basic process to compute an imbalance deviation based on commercial transactions and accounting energy values. It should be pointed out that the accounting energy values could be energy meter readings, estimated energy meter readings or profiles (derived from an index value and not based upon a load/generation curve). <br/>Settlement and reconciliation processes are often carried out several times, i.e. typically there are one or more re runs of the processes based on more accurate accounting energy values. Typically, the reconciliation process is spread over the period until all metering values have been read. <br/>Depending upon local regulation, additional information could be used to compute the kinds of imbalance, or deviation between the planned and the realized schedules. <br/>It is not the purpose of this part of IEC 62325-451 to state how to collect the energy meter readings, the index values, etc. Only aggregated values per balance responsible party are used for the settlement process; the way to aggregate the data from the energy meter readings is not within the scope of this document. <br/>
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