Itron’s Advanced Settlement Module provides high granularity, industry-leading integration and complete energy market coverage

October 31, 2023 Editor

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Itron’s Advanced Settlement Module provides visibility into the entire energy market, addresses complexities from distributed energy resources.

Itron, Inc., which is innovating the way utilities and cities manage energy and water, is unveiling Itron Enterprise Edition (IEE) Settlements, which provides an advanced settlements solution for utilities globally.

From five-minute settlements to integrating the newest entrants into the energy market, such as wind, solar, batteries and Virtual Power Plants (VPPs), IEE Settlements sets a new standard for granularity in energy market coverage and reporting. It addresses utilities’ needs today and is ready for future regulatory, market and environmental changes. With IEE Settlements, utilities have the ability to enhance data collection and submission to account for the multitude of energy participants within their territory and address the complexities created by distributed energy resources. The module is available globally and already in production at select utilities.

Energy settlements – the process of capturing and reconciling energy generation and consumption, both at the wholesale and retail levels – play a crucial role in the energy market where energy is traded. As this market evolves, it is essential to quantify energy generation and consumption within specific intervals and reconcile disparities between the energy generated and the energy consumed. Various entities, including power plants, hydropower companies, nuclear facilities, commercial wind and solar operations, generate energy while utilities, businesses and municipalities consume it. Itron’s IEE Settlements collects measurements from generators, consumers and forecasted load all in a single module to help streamline reporting for utilities.

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As part of the IEE suite, the newly launched module seamlessly integrates with a utility’s meter data management system to gather and process interval data, ensuring precise and timely data compilation as well as capture and submission to market operators. The integration of energy consumption and generation data from DERs facilitates compliance with regulatory requirements to include all energy players in the Settlement process and aligns with the goals of the Federal Energy Regulatory Commission Order No. 2222, which promotes DER involvement in regional electricity markets in the US through aggregation.

IEE Settlements joins the powerful IEE MDM platform as a leader for granular settlements across three continents, meeting the most advanced deregulated market settlement needs for consumers at scale. Itron’s IEE Settlements offers a suite of key features benefiting utilities, including:

Real-Time Data Integration: The module seamlessly integrates with a wide range of data sources, allowing utilities to access and analyze real-time energy market data.
Automated/Auditable Settlement Calculations: IEE Settlements automates the entire settlement process, ensuring accuracy, traceability and reducing errors.
Customised Reporting: Ability to generate custom reports and analytics to help gain a better understanding into the utility’s market activities, helping them make informed decisions.
Scalability: From small enterprises to large organizations, IEE Settlements helps to scale the needs of the utility and accommodate settlements of any size.
Regulatory Compliance: Utilities can stay compliant with the evolving energy market regulations and standards with IEE Settlements’ built-in regulatory features.
Enhanced Security: The module incorporates robust security measures to protect sensitive information.

“The newly launched IEE Settlements module addresses crucial challenges facing aging infrastructure and the utility settlement market. The innovative design of the module helps to address the complexities of distributed energy resources with a solution for utility companies, renewable energy providers, independent power producers and large-scale energy consumers,” said Don Reeves, senior vice president of Outcomes at Itron. “With IEE Settlements, industry leading utilities can prepare for the future of energy with advanced automation and adaptability to help them meet their needs in the dynamic energy market.”

To learn more about IEE Settlements, visit the IEE Customer Resources page.

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries.