Turlock Irrigation District (“TID”), which is a community owned, not-for-profit irrigation water and electric utility in central California, has gone live in the Western Energy…
Power Settlements is pleased to announce that a solar company with more than 1 GW of capacity has implemented the SettleCore – PPA Settlement System for automating their counterparty power purchase agreement (“PPA”) settlements and invoicing. This customer implemented the solution on a hosted platform where Power Settlements performs 100% of the support and maintenance of the system, including the addition of all future PPAs and changes to their existing PPAs.
The SettleCore – PPA Settlement System is an easy-to-use solution for power companies to automate their PPA, tolling, and contract power settlements and invoicing. The PPA Settlement System enables customers to move their manual PPA settlement and invoicing process from spreadsheets into a system that enforces traceability, versioning, auditability, and user-security roles while providing significant cost savings though automation of the process. The PPA Settlement system saves customers time and provides a significant cost savings by automating manual processes. The PPA Settlement System has been designed to process the most complex PPAs and contracts and displays all supporting details of the calculations for all components and all time intervals. Source data can be easily imported into the system and users can continue to make invoice adjustments and approve invoices before sending them out to counterparties. All supporting data can be easily extracted from the system and invoices can be exported in the current counterparty invoice formats so that changes are not required from the counterparty. The solution is scalable and includes the addition of all future PPAs in the Power Settlements support and maintenance model.
“We are very pleased to have a large renewable power company go-live with the Power Settlements PPA Settlement System. The PPA Settlement System is resource-type agnostic, so it can process all renewable and non-renewable PPAs and contracts, and can be used for the most complicated and sophisticated of PPAs and power contracts for all energy and capacity product types, including energy, capacity, RECs and resource adequacy. Energy companies want to move their PPA invoicing away from manually created spreadsheets that are time intensive but need the flexibility that spreadsheets provide. Now there is a solution – the SettleCore PPA Settlement System. Power Settlements has been providing software solutions to market participants of the organized ISO/RTO wholesale power markets since 2009 and now we are pleased to add a standalone solution for the bilateral power markets,” said David Dan, CEO of Power Settlements.
For more information on the SettleCore – PPA Settlement system, please visit our PPA Settlement System webpage at http://powersettlements.com/settlecore-ppa-invoicing/
About the Power Settlements SettleCore Solution
SettleCore is a leading platform for participants in the wholesale power markets. The SettleCore ISO/RTO modules enable full bid-to-bill functionality from bid submission through data downloading, reporting, and shadow settlements and settlement statement validation in the ISO markets. The SettleCore Visual Analytics Module is the leading visual dashboard for analysis of ISO dispatch and automatic flagging of events to avoid costs and highlight trading opportunities. Visual Analytics displays data in both an historical screen as well as an on-demand real-time screen. The SettleCore PPA Settlement system automates the settlement and invoicing of all bilateral power PPAs, tolling agreements, and contracts through an easy-to-use system with a framework that instills process controls, user-security, and timestamps while preserving the flexibility of data overrides and invoice adjustments. The SettleCore ETRM system includes a very robust, modular and fully integrated Energy Trading and Risk Management system, which includes power and natural gas deal entry for transactions in ISOs as well as bilateral transactions outside ISOs, settlements and invoicing, mark-to-market, the enforcement of counterparty credit and trader limits and risk management analytics. All of the SettleCore modules are fully integrated in a single system built in Microsoft .Net, using the SQL Server database that provides for full auditability, traceability, and user security roles.