Glossary

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Settlement entity

The settlement entity is an organization or entity responsible for financial settlement of discrepancies between planned and actual delivery or consumption of electrical energy within the electrical grid. These entities are crucial for ensuring balance in the electrical grid and for minimizing financial risks associated with deviations in energy deliveries.

Settlement entities play a key role in the energy market by ensuring transparent and efficient settlement of electrical energy, thereby contributing to the stability and reliability of energy supply.

Settlement price of deviation

The imbalance settlement price is the price used to financially settle the differences between the planned and actual supply or consumption of electricity in the power system. This mechanism ensures that settlement entities (e.g., electricity producers and suppliers) are financially motivated to accurately plan and adhere to their commitments.

The imbalance settlement price is determined based on current market conditions and can vary for positive and negative deviations:

Positive deviation: Occurs when the supply of electricity is higher than planned or when consumption is lower than planned. The settlement price for a positive deviation is often lower because it represents a surplus of electricity in the grid.
Negative deviation: Occurs when the supply of electricity is lower than planned or when consumption is higher than planned. The settlement price for a negative deviation is usually higher because it represents a shortage of electricity in the grid.

The imbalance settlement price is a crucial tool for maintaining balance in the power system and ensuring the reliability and stability of electricity supplies.

Smart-metering

Smart-metering is the process of measuring electrical energy using a smart meter. This type of meter measures and automatically sends the recorded data to the distribution system operator. The smart meter is a certified measuring device owned by the distribution system and is used for billing purposes. Smart-metering enables precise and efficient monitoring of electricity consumption, leading to better management and optimization of energy resources.

Smart meter

A smart meter is a smart electricity meter that digitally records electricity consumption and enables two-way communication between the supply point and the electricity supplier. It provides accurate and current energy consumption data, which improves the efficiency of energy management for both homes and businesses.

Solar panels

Solar panels, also known as photovoltaic panels, are devices that convert sunlight into electrical energy using photovoltaic (PV) cells. These panels are a key component of solar energy systems and enable the use of renewable energy to power homes, commercial buildings, and industrial facilities.

Main components of a solar panel:

Photovoltaic cells: Small units that convert sunlight into electrical energy. These cells are typically made of silicon.
Frame: Ensures the stability and protection of the photovoltaic cells.
Glass cover: Protects the photovoltaic cells from weather conditions and mechanical damage.
Connecting cables: Allow the connection of solar panels to the electrical grid or battery storage systems.

Solar panels are an investment in a sustainable future and help reduce dependence on fossil fuels.

Solar surpluses

Solar surpluses occur when solar panels generate more energy than is needed at a given time. These excesses can be stored in batteries for later use or sent to the electrical grid. Storing solar surpluses helps maximize the use of generated energy, reduces reliance on traditional energy sources, and contributes to energy self-sufficiency. Utilizing surpluses also supports the stability of the electrical grid by providing energy during times of higher demand.

Sub-metering

Sub-metering is the installation of an additional electricity meter after the smart meter, used to provide online data on the consumption and production of electricity of selected technologies. Data from this secondary measurement is compared with the invoicing data from the smart meter. The measurement accuracy is 99.9%, which allows for detailed monitoring and optimization of energy management.

Switchboard

Switchboard, also known as a distribution box, is an electrical device used to distribute electrical power from the main power source to individual circuits within a building or industrial facility. The distribution board contains circuit breakers, fuses, relays, switches, and other protective and control elements that ensure the safe and efficient management of electrical current.

Distribution boards are essential for the safe and reliable operation of electrical systems in homes, commercial buildings, and industrial halls.

System deviation

System deviation is the difference between the planned and actual production or consumption of electricity in the power system. This deviation occurs when actual production or consumption deviates from predicted values, which can affect the stability and reliability of energy supplies.

Each settlement entity creates a day-ahead plan for the consumption and production of electricity for its balancing group and is responsible for deviations caused by incorrect planning. The system deviation in each trading quarter-hour is the sum of the deviations of all settlement entities.

The system deviation can be positive or negative. A positive deviation occurs when the total consumption in the system is lower than the planned amount, indicating a surplus of electricity. A negative deviation occurs when the total consumption is higher than planned, leading to a shortage of electricity in the grid.