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SETTLEMENT STATEMENTS AND INVOICES

SETTLEMENT STATEMENTS AND INVOICES. $. Gather and Process Data. Invoice Participants. Transfer Funds. Reconcile Markets. Market Settlement Process Overview. 10 Business Days. 12 Business Days. Preliminary Daily Statement. Trading Day. Final Daily Statement.

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SETTLEMENT STATEMENTS AND INVOICES

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  1. SETTLEMENTSTATEMENTSANDINVOICES

  2. $ Gather and Process Data Invoice Participants Transfer Funds ReconcileMarkets Market SettlementProcess Overview

  3. 10 Business Days 12 Business Days Preliminary Daily Statement TradingDay Final Daily Statement “Real-time Markets” Statements

  4. 10 Business Days 2 Business Days 2 Business Days $ $ Monthly Invoice Purchasers Pay IMO IMO Pays Suppliers “Real-time Markets” Invoices Calendar Month of Trading Days

  5. Trading Day Trading Day Trading Day Preliminary Statement 17 Settlement Schedule N O V E M B E R MON TUES WED THURS FRI SAT SUN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

  6. N O V E M B E R MON TUES WED THURS FRI SAT SUN N1 N2 N3 N4 N5 N6 N7 N8 N9 N10 N11 N12 N13 N14 N15 N16 N17 N18 N19 PN 1 PN 2 PN 3,4,5 N20 N21 N22 N23 N24 N25 N26 PN 6 PN 7 PN 8 PN 9 PN 10,11,12 N27 N28 N29 N30 PN 13 PN 14 PN 15 PN 16 Calendar for Real-time Market Preliminary and Final Statements are issued daily

  7. N O V E M B E R D E C E M B E R MON MON TUES TUES WED WED THURS THURS FRI FRI SAT SAT SUN SUN N1 N2 N3 D1 N4 D2 D3 N5 PN 17,18,19 FN1 N6 D4 D5 N7 N8 D6 N9 D7 N10 D8 N11 D9 D10 N12 PN 22 FN 6 PN 23 FN 7 PN 24,25,26 FN 8 PN 20 FN 2 PN 21 FN 3,4,5 D11 N13 N14 D12 D13 N15 D14 N16 N17 D15 N18 D16 N19 D17 PN 29 FN 13 PN 30 FN 14 PD 1,2,3 FN 15 PN 27 FN 9 PN 28 FN 10,11,12 PN 1 PN 2 PN 3,4,5 D18 N20 N21 D19 D20 N22 N23 D21 D22 N24 D23 N25 D24 N26 PD 4 FN 16 PD 5 FN 17,18,19 PD 6 FN 20 PD 7 FN 21 PD 8,9,10 FN 22 PN 6 PN 7 PN 8 PN 9 PN 10,11,12 N27 D25 N28 D26 D27 N29 N30 D28 D29 D30 D31 PD 11 FN 23 PD 12 FN 24,25,26 PD 13 FN 27 PN 13 PN 14 PN 15 PN 16 Calendar for Real-time Market Preliminary and Final Statements are issued daily

  8. N O V E M B E R D E C E M B E R MON MON TUES TUES WED WED THURS THURS FRI FRI SAT SAT SUN SUN N1 N2 D1 N3 D1 D2 N4 N5 D3 PN 17,18,19 FN1 PN 17,18,19 FN1 D4 N6 D5 N7 N8 D6 N9 D7 N10 D8 N11 D9 N12 D10 PN 22 FN 6 PN 23 FN 7 PN 24,25,26 FN 8 PN 20 FN 2 PN 21 FN 3,4,5 D11 N13 D12 N14 D13 N15 D14 N16 D14 N17 D15 D16 N18 D17 N19 PN 29 FN 13 PN 30 FN 14 PN 30 FN 14 PD 1,2,3 FN 15 PN 27 FN 9 PN 28 FN 10,11,12 PN 1 PN 2 PN 3,4,5 Invoice for November Final Statements: Nov 1-14 Preliminary Statements: Nov 15-30 D18 N20 N21 D19 D20 N22 D21 N23 D22 N24 N25 D23 D24 N26 PD 4 FN 16 PD 5 FN 17,18,19 PD 6 FN 20 PD 7 FN 21 PD 8,9,10 FN 22 PN 6 PN 7 PN 8 PN 9 PN 10,11,12 D25 N27 D26 N28 D27 N29 N30 D28 D29 D30 D31 PD 11 FN 23 PD 12 FN 24,25,26 PD 13 FN 27 PN 13 PN 14 PN 15 PN 16 Invoices for the Real-time Market Invoices are composed of both Final and Preliminary data

  9. NEMSCk,h = Σt,m[EMPhm,t x ((AQEIk,hm,t - AQEWk,hm,t) + Σs(BCQs,k,hm,t - BCQk,s,hm,t ))] net allocated quantity adjustment for physical bilateral contracts price quantity Where: k = Market Participant h = Settlement Hour t = Metering Interval m = RWM (metering point) s = Market Participant * AQEW/I include DQSW/I at the interties NEMSC - 0100 • Settlement of energy for generators and dispatchable loads

  10. price NEMSCk,h = HOEPh xΣt,m (AQEIk,hm,t - AQEWk,hm,t + Σs BCQs,k,hm,t) - Σn,b,t (EMPhn,t x BCQk,b,hn,t) price net allocated quantity adjustment for physical bilateral contracts Where: k = Market Participant h = Settlement Hour t = Metering Interval m = RWM (metering point) s = Market Participant b = Market Participant n = Metering and Intertie Points NEMSC - 0101 • Settlement of energy for non-dispatchable loads, self-scheduled and intermittent generators

  11. Preliminary Settlement Statement File Header Record (H code) Example for a generator Header Primary trading day File type ST = statement Settlement type P = preliminary Amount due in total for billing period H | 1000 | 01-NOV-2000 | 9876543 | ST | P | P | 2725.50 | 2725.50 MP’s ID Statement ID Statement type P = physical Amount due for that trading date statement

  12. Preliminary Settlement Statement File Summary Records (SC code) Example for a generator Record type Charge type Charge type description SC | 100 | 0100 NET ENERGY MARKET SETTLEMENT FOR GENERATORS AND DISPATCHABLE LOAD | 01-NOV-2000 | 1745.06 | N Trading date Settlement total Adjustment flag

  13. Preliminary Settlement Statement File Detail Records (DP code) Example for a load Minute interval Location ID Bill quantity Record type Charge type Trading date Hour Settlement amount Zone ID Settlement type Price DP | 100 | 01-NOV-2000 | 1 | 1 | 138.95 | ONZN | 123456 | P | 5.0 | 27.79 | | | | | | | | | | 0.0700 | 0 | 0 | 0 | 0 | 0 | 5.0 | | 9.73 | | | | 0.0700 | 0.00 Bilateral tax rate Bilateral Tax Amount Schedule import quantity Tax rate Schedule export quantity AQEI Bilateral quantity bought Energy tax amount AQEW Bilateral quantity sold

  14. Preliminary Statement 15 Last Day to file Notice of Disagreement 22 Settlement Schedule N O V E M B E R MON TUES WED THURS FRI SAT SUN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

  15. NOD Home Screen

  16. NOD Contact Information

  17. NOD Details

  18. 1 2 3 Notice of Disagreement Process File a Notice of Disagreement within 5 business days of statement issue If the Notice of Disagreement directly affects other MP’s • MP’s will be notified Possibilities for resolution: • IMO disagrees, no action is taken • IMO agrees with the issue and the proposed solution • IMO agrees with the issue but proposes a different solution

  19. 4 5 6 Notice of Disagreement Process If the issue is resolved before the final statement: • The adjustment will appear on the final statement If the issue is resolved after the final statement: • The adjustment will appear on a subsequent preliminary statement and related final statement IMO must respond to Notice of Disagreement within 15 business days after final statement issue

  20. If you: • Disagree with the solution for the Notice of Disagreement or • Miss the 5 business day deadline for filing a Notice of Disagreement for a trading day Next Step: Dispute Resolution Process Disagreement

  21. Final Settlement Statements 10 Business Days 12 Business Days Final Settlement Statement Preliminary Settlement Statement TradingDay

  22. Disagreement Dispute Resolution Process • File within 20 business days of final statement issue

  23. N O V E M B E R MON TUES WED THURS FRI SAT SUN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 D E C E M B E R MON TUES WED THURS FRI SAT SUN 1 2 3 4 5 6 7 8 9 10 14 11 12 13 14 15 16 17 18 19 20 21 22 23 24 29 30 31 25 26 27 28 Invoices For The Real-time Market • Billing Period is one calendar month • Invoices will be issued on the 10th business day after the last trading day of the month

  24. N O V E M B E R D E C E M B E R MON MON TUES TUES WED WED THURS THURS FRI FRI SAT SAT SUN SUN N1 N2 D1 N3 D1 D2 N4 N5 D3 PN 17,18,19 FN1 PN 17,18,19 FN1 D4 N6 D5 N7 N8 D6 N9 D7 N10 D8 N11 D9 N12 D10 PN 22 FN 6 PN 23 FN 7 PN 24,25,26 FN 8 PN 20 FN 2 PN 21 FN 3,4,5 D11 N13 D12 N14 D13 N15 D14 N16 D14 N17 D15 D16 N18 D17 N19 PN 29 FN 13 PN 30 FN 14 PN 30 FN 14 PD 1,2,3 FN 15 PN 27 FN 9 PN 28 FN 10,11,12 PN 1 PN 2 PN 3,4,5 Invoice for November Final Statements: Nov 1-14 Preliminary Statements: Nov 15-30 D18 N20 N21 D19 D20 N22 D21 N23 D22 N24 N25 D23 D24 N26 PD 4 FN 16 PD 5 FN 17,18,19 PD 6 FN 20 PD 7 FN 21 PD 8,9,10 FN 22 PN 6 PN 7 PN 8 PN 9 PN 10,11,12 D25 N27 D26 N28 D27 N29 N30 D28 D29 D30 D31 PD 11 FN 23 PD 12 FN 24,25,26 PD 13 FN 27 PN 13 PN 14 PN 15 PN 16 Invoices for the Real-time Market Invoices are composed of both Final and Preliminary data

  25. N O V E M B E R D E C E M B E R MON TUES WED THURS FRI SAT SUN J A N U A R Y MON TUES WED THURS FRI SAT SUN N1 N2 N3 N4 N5 MON TUES WED THURS FRI SAT SUN D1 D2 D3 J5 J6 J7 J1 J2 J3 J4 PN 17,18,19 FN1 PD 19 FD 1,2,3 PD15,16,17 FN 29 PD 18 FN 30 PD 14 FN 28 N6 N7 N8 N9 N10 N11 N12 D4 D5 D6 D7 D8 D9 D10 J8 J9 J10 J11 J12 J13 J14 PN 22 FN 6 PN 23 FN 7 PN 24,25,26 FN 8 PN 20 FN 2 PN 21 FN 3,4,5 PD 22,23,24 25,26 FD 6 PD 27 FD 7 PD 28 FD 8,9,10 PD 20 FD 4 PD 21 FD 5 N13 N14 N15 N16 N17 N18 N19 D11 D12 D13 D14 D15 D16 D17 Invoice for December Final Statements: Dec 1-11 Preliminary Statements: Dec 12-31 Adjustments: Nov 15-30 J15 J15 J16 J17 J18 J19 J20 J21 PN 1 PN 2 PN 3,4,5 PN 29 FN 13 PN 30 FN 14 PD 1,2,3 FN 15 PN 27 FN 9 PN 28 FN 10,11,12 PJ 3 FD 13 PJ 4 FD 14 PJ 5,6,7 FD 15,16,17 PD 29,30,31 PJ 1 FD 11 PD 29,30,31 PJ 1 FD 11 PJ 2 FD 12 N20 N21 N22 N23 N24 N25 N26 D18 D19 D20 D21 D22 D23 D24 J22 J23 J24 J25 J26 J27 J28 PN 6 PN 7 PN 8 PN 9 PN 10,11,12 PD 4 FN 16 PD 5 FN 17,18,19 PD 6 FN 20 PD 7 FN 21 PD 8,9,10 FN 22 PJ8 FD 18 PJ 9 FD 19 PJ 10 FD 20 PJ 11 FD 21 PJ 13,14,15 FD22,23,24,25,26 N27 N28 N29 N30 D25 D26 D27 D28 D29 D30 D31 J29 J30 PN 13 PN 14 PN 15 PN 16 J30 PD 11 FN 23 PJ 15 FD 27 PJ 16 FD 28 PJ 17 FD 29,30,31 FJ 1 Calendar for Real-time Market Preliminary and Final Statements are issued daily

  26. $ BANK $ $ BANK $ Market Participant’s Bank IMO Bank Payments • Payment due from market participant - by 2nd business day after invoice issue • Payment from IMO to market participant - by 4th business day after invoice issue • Payment by EFT (Electronic Funds Transfer) to settlement accounts in bank

  27. Energy Forward Market Real-time Market Content: • Charges from activity in Energy Forward Market may include Transmission Rights Auction Debit Content: • Charges from activity in Real-time Market • Payments for transmission rights

  28. Timing: • Preliminary statements issued on 2nd business day after trading day Timing: • Preliminary statements issued on 10th business day after trading day • Final statements issued on 4th business day after preliminary statement has been issued • Final statements issued on 12th business day after preliminary statement has been issued Energy Forward Markets(Transmission Rights Auction) Real-time Markets

  29. Retrieval: Access via MPI • Retrieval Problems • Contact IMO Retrieval: Access via MPI • Retrieval Problems • Contact IMO Energy Forward Markets(Transmission Rights Auction) Real-time Markets

  30. Preliminary Statement File: • Header Record • Summary Record • Detail Records • Manual Line items Preliminary Statement File: • Header Record • Summary Record • Detail Records • Manual Line items Preliminary Data File: • Header Record • Physical Bilateral Contracts • Zonal Price Data • Schedules Data • Bid/Offer Data Energy Forward Markets(Transmission Rights Auction) Real-time Markets

  31. Disagreement: • Preliminary statement • Notice of Disagreement • File within 2 business days of statement issue Disagreement: • Preliminary statement • Notice of Disagreement • File within 5 business days of statement issue • Final statement • Dispute resolution • File within 20 business days of final statement issue • Final statement • Dispute resolution • File within 20 business days of final statement issue Energy Forward Markets(Transmission Rights Auction) Real-time Markets

  32. Energy Forward Market Real-time Market Timelines: • Billing period one week (7 consecutive days) Timelines: • Billing period 1 calendar month • Invoice issued 6 business days after billing period • Invoice issued 10 business days after billing period Access: • Web via MPI • EDI 810 Access: • Web via MPI • EDI 810

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