Settlements

Reading and Collecting Meter Data

Central to the IESO settlements systems is the meter data management system which is responsible for collecting raw data from over 1800 metering installations around the province. The revenue meters measure and record all energy injected and withdrawn from the grid for each five-minute interval.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.

The IESO uses the settlement-ready data to determine revenue owed to suppliers, and costs for consumers, as well as associated electricity charges.

It uses the data from the reconciliation process to produce preliminary settlement statements, final settlement statements, and invoices for participants.

Market participants with revenue meters can access their daily meter data on the IESO Participant Reports Site.

Market Participant Invoicing

Market participants receive a daily statement for each trade day, and a monthly invoice on their Participant reports site. See the Physical Market Settlement Schedule and Payments Calendar (SSPC) for the timelines to receive settlement statements, invoices and to submit or receive payments.

Preliminary Settlement Statement

The preliminary (first) statement for each trade day is available ten business days after each trade day.

Final Settlement Statement

The final statement for each trade day is available ten business days after the preliminary statement is available.

Recalculated Settlement Statements

Recalculated settlement statements for various calendar months within the 2-year limitation period may be issued, as needed, on the tenth business day of the month in accordance with the SSPC’s Resettlement Calendar (3rd tab).

Notice of Disagreement

If participants disagree with the amounts included on a settlement statement, they must submit a Notice of Disagreement (NOD) to the IESO using the Online IESO platform within the NOD submission window. The submission deadline may be six, eight or ten business days after the issuance of the settlement statement, depending on the trade day that the settlement statement relates to. NOD deadlines are noted in the SSPC’s main calendar (1st tab).

Data Files

The data file that accompanies the settlement statement for each trade day provides additional information that will help participants to reconcile their statement.

Invoices

Invoices are available once a month, published ten business days after the end of the calendar month. Each invoice includes all preliminary, final, and recalculated settlement statements issued after the prior invoice was published up to and including the preliminary settlement statement for the month-end trade day.

Transferring Funds

Market participants with an invoice indicating an amount due to the IESO are required to pay their IESO invoice within two business days of receiving the invoice. Market participants with an invoice indicating an amount due from the IESO will be paid four business days after receiving their invoice.

Settling the Financial Market

The IESO issues preliminary and final settlement statements and invoices for the Transmission Rights auction, the IESO’s only financial market, but the timelines are shorter. See Financial Market Settlement and Payments Calendar.

Related Tools

For statements and invoices: Participant report site

Key settlement and payment dates: Market Calendars

File Notice of Disagreement: Online IESO

Access to meter data: Participant report site

Documents: IESO Charge Types and Equations and Format Specifications for Settlement Statement Files and Data Files 

Training Workbooks: Introduction to the IESO Settlement Process and Revenue Metering