Gestalt Successfully Completes Phase III of Next Generation Billing and Settlements System with NYISO
New Daily Settlement Time Sets Benchmark for the Rest of the Electricity Industry
Since the new settlements engine went live on August 9, 2007, the NYISO has run 1,275 billing days with each settlement taking less than 30 minutes on average to process – an 80 percent decrease in processing time. The NYISO's previous billing and settlement system required lengthy processing time each market day. On average, each settlement took upwards of two and one-half hours per day to process. The billing and settlements process for an independent power system operator (ISO) is based upon a series of exacting, multi-factored calculations using real-time data extracted from thousands of electrical nodes spread over large geographic regions. In this case, the NYISO manages wholesale power markets for the entire state of New York, settling several hundred thousand transactions valued at more than ten billion dollars annually.
Itron (NASDAQ: ITRI) announced a multiple-year contract recently with Diamond Power to host a Japanese language-enabled version of its Itron Enterprise Edition™ Customer Care solution. As one of Japan's largest Power Producer and Suppliers (PPS), Diamond Power provides both extra-high and high-voltage electricity service to more than 100 commercial and industrial customers.