Video about Kinnect Settlement Solution
Here you can watch a video about the Kinnect Settlement Solution that will handle our core balancing and settlement operations. Elexon Kinnect Settlement Solution forms the “engine” of our digital platform and will run our day-to-day settlement and invoicing operations. The video is introduced by Mark Bygraves, the Elexon CEO, and details of the Settlement Solution are presented by Peter Stanley the Director of Digital Operations.
On this page
Video about the Settlement Solution
Video published: August 2021
Video length: 3 min, 42 sec
About the Kinnect platform
At Elexon, our core business is electricity balancing and settlement. That is, working out how much electricity suppliers have actually used and how much generators have actually produced, comparing these amounts with what was agreed in the trading contracts, and settling the differences.
To do this, we rely on processing massive volumes of data on our central systems, which have served us well, but are still based on architecture designed over twenty years ago. So, in order to continue to deliver best in class customer service in this rapidly changing and diversifying industry environment, we’re investing in a new digital platform, Elexon Kinnect.
About the Settlement Solution
Peter Stanley, Director of Digital Operations, introduces the The Elexon Kinnect Settlement Solution that forms the ‘engine’ of our digital platform and will run our day-to-day settlement and invoicing operations. It’s crucial that we have secure and robust technology that’s also agile and flexible enough to cope with increasing levels of change as we respond to the rapidly evolving energy market.
The Settlement Solution on Kinnect will access data storage and process technologies that can be developed quickly to adapt to changes in market rules. Our flexible and scalable cloud-native technology will allow us to expand capacity on demand to cater for increased workloads or volume of data.
Benefits of the Settlement Solution
The Settlement Solution in Kinnect establishes several modular components, which will each access data storage and processing technologies that can be developed quickly in response to changes in market rules, without unduly impacting other services. New data storage and processing technologies will also enable access to the BSC data within the Settlement calculations. The microservices architecture style is what helps to achieve flexibility and modularity.
The flexible, cloud-based technology we will use for the Settlement Solution will allow us to respond to the needs of our customers by reducing manual processes, delivering BSC change and support for innovation more quickly and efficiently. This means we can deliver changes to the BSC faster, resulting in lower overall costs for our customers.
By using microservices that splits the systems into smaller components, it will be easier and quicker to make changes and improvements as well as increasing the accuracy of early Settlement calculations.
Additional parts of the Kinnect platform
Elexon Kinnect platform that will deliver two further functions for BSC Parties: