Each year, the IESO oversees and reconciles more than $14 billion in funds from the electricity market by collecting funds from buyers; transferring funds to sellers; collecting transmission tariffs; as well as settling the transmission rights market.
The IESO places the highest importance on maintaining the reliability of these systems and processes as well as ensuring the complete accuracy of these core functions.
This section explains the mechanics of IESO metering and settlements processes, how market participants transact with the IESO, and how specific charges are calculated.
Reading and Collecting Meter Data
Central to the IESO settlements systems is the meter data management system (MDMS), which is responsible for collecting raw data from over 1800 metering installations around the province. The meters measure and record all energy injected and withdrawn from the grid for each five-minute interval. The data undergoes the validation, editing and estimation (VEE) process before it is ready for settlement.
IESO market participants can access their meter data on the IESO Private Reports Site.
Market Participant Invoicing
Market participants receive a daily statement for each trade day, and a monthly invoice on their
private reports site. Market participant invoicing involves the following steps:
Preliminary Settlement Statement
The preliminary (first) statement for each trade day is available ten business days after each trade day. If participants have any disagreement with the statement, they can submit a Notice of Disagreement to the IESO using Online IESO within four business days of receiving their preliminary statement.
Final Settlement Statement
The final statement for each trade day is available ten business days after the preliminary statement is available.
Finally, invoices are available once a month, ten business days after the end of the calendar month. The invoice is based on final settlement statement data for the first half of the month and on preliminary settlement statement data for the last half of the month. Preliminary settlement statement issues will be corrected on the final settlements statement on the following months invoice.
Market Participants are required to pay their IESO invoice within two business days of receiving the invoice. Suppliers will receive their funds within four business days of receiving their invoice from the IESO.
More Inside Settlements
This section explains how the global adjustment is calculated and charged on based on the type of customer.
Find the Estimated, and Actual Global Adjustment rates charged to Class B customers plus information for Class A customers on tracking demand peaks.
Guide to Electricity Charges
This section provides an explanation of the different possible types of electricity charges participants may see on their bill.
Price Bias Adjustment Factor
Find a list of the current price bias adjustment factors used to calculate real-time import and export failure charge as well as the day-ahead linked wheel failure charge.