Patent ID: 8583520

Claim:
A system for market-based settlement of transactions within an electric power grid network comprising: a settlement processor for market-based financial settlements comprising a server and/or a processor operatively coupled with a memory, and a database constructed and configured for electrical connection and IP-based communication via a network with at least one coordinator; wherein each of the coordinator(s) is constructed and configured for electrical connection and network-based communication with at least one active grid element; wherein each active grid element is registered to participate within the electric power grid; and wherein the settlement processor provides a market based financial settlement based upon a kilowatt packet (KWP) unit, wherein each KWP unit comprises measured data transformed into market settlement data for financial settlement for an electric power load and an electric power supply corresponding to each of the active grid element(s) participation in the electric power grid for the corresponding electric power load and/or the electric power supply, and each KWP unit provides a quantifying market rate for monetization for any unit of kilowatts with respect to time.