System, method and computer program product for risk-minimization and mutual insurance relations in meteorology dependent activities

US7430534B2 · kind B2 · utility

Assignee

• ABB AB · SE

Inventors

• Per-Anders Lof · Sundbyberg, SE
• Lars Gertmar · Visby, SE
• Lars Andren · Örsundsbro, SE
• Frans Lundquist · Stockholm, SE
• Peter Wigert · Stockholm, SE

Key dates

• Filing date: Dec 21, 2001
• Grant date: Sep 30, 2008
• Expiry date: Aug 29, 2025

Classification

• Technology area (CPC Y): Emerging Cross-Sectional Technologies
• CPC primary: Y04S50/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

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.