ISO Market Settlements

ISO Market Settlements

Renewable Energy, DERs and Storage

December 15-16, 2021 | Online :: Central Time


“This is a great way to orient staff on the RTO/ISO settlements space. EUCI is incredibly talented at putting together groups of individuals with similar interests and goals.” Manager of RTO Settlements, The Energy Authority

“Very informative conference.  All presentations were relevant to me.  Learned a lot in two days.” Settlements Manager, GDF Suez NA

“A good forum to bring fresh ideas and discussions around the settlements world.” Portfolio Analyst, Duke Energy

This conference will examine the systems and processes associated with wholesale electricity (ISO) market settlements of renewable energy resources, DERs and storage.  It provides a comprehensive survey of how transmission organizations and system operators across North America are engineering their settlements design to accurately reflect system operations associated with these assets.  The Settlements Summit will also offer insights into how load serving entities (LSEs) and market participants are managing their assets and settlement processes to ensure optimum asset performance for the markets in which they operate.

As wholesale market and bilateral power transactions mushroom to reflect increasing grid operations sophistication and complexity, load serving entities (LSEs) market participants and system operators confront myriad challenges in settling the related transactions.  These include the need to:

  • Improve data management through continual technology upgrades
  • Maximize accuracy to avoid the need for costly resettlements
  • Promote accelerated settlements timelines
  • Adjust to changing power industry technologies and practices
  • Accommodate challenges related to the proliferation of settlement increments

Learning Outcomes

Attendees will hear presentations and engage in discussions that will allow them to:

  • Examine the leading settlement issues from ISO/RTO staff perspectives
  • Apply settlement analysis to drive profits and improve operations
  • Evaluate optimum methods for accelerating settlement timelines
  • Assess process adjustments related to sub-hourly/5 min settlements
  • Discuss market structure designs to accommodate distributed generation and related settlement implications
  • Assess the relationship between shifts in operational practices (e.g., energy storage, demand response and increasing renewable energy penetrations) and corresponding settlement requirements
  • Evaluate methodologies, challenges and resource allocation decisions associated with closing market participants’ monthly “financial book”
  • Discuss methods for optimizing the statement validation and disputing process
  • Identify challenges, lessons learned and best practices of market participation shadowing of ISO/RTO settlements


Wednesday, December 15, 2021 : Central Time

12:45 – 1:00 p.m.
Log In

1:00 – 4:45 p.m.
Conference Timing


1:00 – 1:15 p.m. :: Overview & Introductions

1:15 – 2:45 p.m. :: Considering ISO Settlement Depts’ Current and Up-and-Coming Changes and Challenges

This introductory segment will feature settlements staff and SMEs from the various ISOs discussing developments and salient settlement aspects of their markets, including:

  • FERC orders
  • Past, present and future
  • ISO-specific market measures
  • Technology refresh

Shannon Carey, Director – Market Analysis and Settlements, ISO New England (ISO-NE)

Heather Kelley, Director – Market Services Support, California Independent System Operator, CAISO

Laura Rauch, Director – Market Settlements, Midcontinent ISO (MISO)

Christopher Russell, Manager – Customer Settlements, New York ISO (NYISO)

Rebecca Stadelmeyer, Manager – Market Settlements Development, PJM Interconnection

Brent Wilcox, Manager – Settlements, Southwest Power Pool

2:45 – 3:00 p.m. :: Afternoon Break

3:00 – 4:45 p.m. :: Settlements in the Aftermath of Feb ’21 Storm Yuri and Feb ‘15 Polar Vortex

How does the settlement “landscape” mirror the grid upheavals triggered by epic weather events of the past few years?  This segment will examine the system ripples initiated by two memorable events, as well as the consequences experienced by market participants when settling associated transactions during the difficult period:


  • What happened at the operations level in ERCOT, SPP and MISO
  • How the effects settled out
  • The role of ancillary services
  • Impact to other MP of defaults and the pro rata re-distribution of market revenue/charges
  • Adjustments to markets and settlements going forward

Polar Vortex

  • The gyrating market for gas
  • Policy, operations and credit impacts
  • Adjustments to rules and regulatory changes as a result of polar vortex and how those affected settlements

4:45 p.m. :: Conference Adjourns for Day


Thursday, December 16, 2021 : Central Time

8:45 – 9:00 a.m.
Log In and Welcome

12:15 – 1:00 p.m.
Lunch Break

9:00 a.m. – 4:00 p.m.
Conference Timing


9:00 – 10:30 a.m. :: BatteryStorage-Related Settlements

From a traditional market perspective, battery storage jumbles the ISO equation.  It can provide energy, certain types of ancillary services, offer in at the bulk power scale as well as at the distributed scale.  Transmission type characteristics are in there, too.  Therefore, it’s essential that settlements processes can capture the operational performance characteristics to accommodate this complex array of variables:

  • Contractual elements that allow for a battery’s multiple resource profile
  • Distinctive protocols that should be reflected in tariffs/BPMs, imbalances, state-of-charge, imbalance allocation against performance criteria, neutrality charges, net charge or credit, establishing charge types and bill determinants, calculations, statement, tips and traps
  • Establishing settlements metrics for bilateral transactions, controls, data, varying types of units, measuring P&L Review implementation and market-trial schedule
  • Correlation to meter data

10:30 – 10:45 a.m. :: Morning Break

10:45 a.m. – 12:15 p.m. :: Renewable Energy Settlements

From an ISO perspective, this segment will examine how the various markets have established their procurement mechanisms for wind, solar, hybrid and hydro resources, and what challenges confront ISOs in settling the market transactions involving these resources.    From the market participants’ perspective, this segment will consider both settlements with the ISO and settlements with each counterparty, taking into account these criteria:

  • Forecasting differences between renewable energy resources from baseload resources
  • Can renewable energy resources provide ancillary services
  • Will market participants have enough time and data allowing them to shadow ISO settlements
  • How do settlement data account for differences, curtailment or deviation between forecast delivery and actual meter volume
  • Contract treatment of anticipated vs actual power delivery and variation among counterparties
  • The treatment of RECs
  • The timing and availability of true-up information

12:15 – 1:00 p.m. :: Lunch Break

1:00 – 2:30 p.m. :: Settlements for Distributed Energy Resources (DERs)  

Distributed energy resources (DERs) are now on the march in a manner previously undertaken by wind resource expansion in the early 2000s, solar in the 2010s, and batteries in the past five years.  As the ISOs look forward to facilitating the intent of FERC Orders 841 and 2222, proliferating community aggregation and the renaissance of load modifying reductions (LMRs) like demand response, what insights can they draw from to shape their settlement processes.  Will the increasing appearance of DERs on the system require:

  • New or existing charges
  • New or existing determinants
  • Size or scope-specific gradients
  • Allocation of charges among aggregated sources
  • Variance analysis
  • Double-counting and/or double-compensation

2:30 – 2:45 p.m. :: Afternoon Break

2:45 – 4:30 p.m. :: Resource Adequacy/Capacity Market Settlements

ISOs’ settlement processes track with the resource adequacy (RA) measures their systems have established to procure sufficient energy and capacity resources to serve future load.  As the markets adjust to these RA standards, market participants will be assessing for themselves how the following measures translate into the settlement systems:

  • Calculation methodology
  • Assignment of capacity value to specific asset classes
  • Relationship between an asset class metric and specific unit performance
  • Availability requirement or penalty

4:30 p.m. :: Symposium Adjournment


Power Settlements 101

From the Trade Floor through Settlements and Treasury/Finance

Wednesday, December 15, 2021 : Central Time

This workshop will explain the roles and functions of settlements in relationship to the Front, Middle and Back Offices, and provide an overview of market and financial instruments as well as ISO Markets.  It will provide a high-level picture of the trade floor structure, describe the role of the settlement department, and provide an understanding of information flow from the trade floor to Treasury/Finance.  The target audiences of this class are those who are new to the energy industry or to settlements aspect of markets.  The goal of this workshop is to provide settlement professionals greater confidence to effectively communicate with various departments within a market participation organization regarding the wholesale energy market.

Settlements’ primary function is to ensure all power purchases and sales are correctly reconciled to the terms, agreements and Tariffs, and that any discrepancies are properly investigated and disputed.  A secondary function of settlements is to provide feedback on the financial implication of power transactions to the Front Office, and to report on the financial performance of transactions to various Back Office departments.  Therefore, in order to appreciate the importance of the settlements process to the organization, it is necessary to have a comprehensive understanding of its relationship to the other internal functions as they relate to the bidding and scheduling of power and related products in ISO/RTO market systems.

Learning Outcomes

  • Define the elements of ISO transactions that result in the formulation of settlements between the ISO and its transaction counterparties
  • Identify the flow of business operations within a member or market participant organization that are necessary to support the settlement function
  • Define the trade floor structure within a member or market participant organization
  • Review the market instruments that ISOs use to schedule transactions that result in financial settlements
  • Discuss the multiple markets within ISOs that require financial settlements
  • Examine the numerous settlements charge types
  • Discuss hints and tips to understand how ISO settlements work in the settlements process



8:45 – 9:00 a.m.
Log In

9:00 a.m. – 12:15 p.m.
Workshop Timing

9:00 – 9:15 a.m. :: Overview & Introductions

9:15 – 10:30 a.m. :: Trade Floor Structure

Front Office

  • Major groups within a typical trading Front Office
  • Functions these groups perform
    • Hourly Trading
    • Term Trading
    • Scheduling
    • Origination
    • Physical Gas Trading and Scheduling
    • Financial Gas Trading
    • Analytics
    • Weather Forecasting
    • Load Forecaster
    • Environmental Trading

Middle Office

  • Major groups within a typical trading Middle Office
  • Functions these groups perform
    • Risk policy development
    • Portfolio modeling and risk analytics
    • Trading control
    • Credit and contract services

Back Office

  • Major groups within a typical trading Back Office
  • Functions these groups perform
    • Physical Market Settlements
    • Structured Market (ISO) Settlements
    • Transmission Settlements

10:30 – 10:45 a.m. :: Morning Break

10:45 a.m. – 12:15 p.m. :: ISO Settlements

Market Instruments

    • Financial schedule
    • Physical schedule
    • Virtual schedule
    • Options

ISO Markets

    • Energy
    • Day Ahead
    • Real Time
    • Financial Transmission Rights (FTRs)
    • Capacity markets

Settlements Process

    • Understanding the numerous charge types
    • Hints and tips to understand how ISO settlements work



Henry Chu, Manager, Power Settlements

Henry Chu is Lead Product Manager at Power Settlements.  He has more than 25 years of experience in the utility/energy industry, with a majority of that time in settlements.  Mr. Chu started at BC Hydro and its marketing arm POWEREX.  While there, he recovered more than $5 million in disputes with CAISO.  In 2003, he joined the Midcontinent ISO (MISO) where he worked in various positions, formalizing the market settlement training at the system operator and providing a series of market settlement training during the 2013/2014 integration of four Southern States into MISO.  Prior to joining the software and consulting company, Mr. Chu was Senior RTO/ISO Energy Market Analyst at Entergy, where he spent 6 1/2 years. 

Brad Johnston, Senior Performance Trainer, Southwest Power Pool (SPP)

Brad Johnston is Senior Performance Trainer at the Southwest Power Pool.  He has more than 14 years in the energy industry, working for both a utility and RTO. He began his career working as an energy trader, and later transitioned into a Middle Office role at Arkansas Electric Cooperative Corporation (AECC). While working on the utility side, he played a pivotal role in helping the company establish themselves in both the SPP and MISO Day-Ahead Markets. During this time, he was a voting member of the Market Working Group at SPP. He transitioned from the utility side to the RTO side in 2016, helping SPP Customer’s resolve their operational issues. In 2019, he transferred to the Performance Support group to help prepare SPP for their Reliability Coordinator role in the West, and to assist with the implementation of the Western Energy Imbalance Market (WEIS).  He has been NERC certified since 2011. 


  • Christopher Brown, Technical Specialist – Settlements, New York ISO (NYISO)

  • Valerie Caputo, Supervisor – Settlement Operations, New York ISO (NYISO)

  • Shannon Carey, Director – Market Analysis and Settlements, ISO New England (ISO-NE)

  • Monique Charron, Director – Settlements & Structure Transactions, Brookfield Renewables

  • Chris Delk, Manager – Market Settlements Midcontinent ISO (MISO)

  • Heather Kelley, Director – Market Services Support, California Independent System Operator (CAISO)

  • Konstantin Korolyov, Supervisor – Settlements, DTE Energy

  • Khai Le, Senior Vice President, PCI

  • Dan Lobue, President, CECI

  • James Lynn, Senior Advisor – Settlement Design, California Independent System Operator (CAISO)

  • Margaret Lowe, Wholesale Settlements & Support Director, Consumers Energy (invited)

  • Alishan Mansourian, Senior Manager – Energy Settlements & ISO Market Analytics, Southern California Edison (SCE)

  • Laura Rauch, Director – Market Settlements, Midcontinent ISO (MISO)

  • Christopher Russell, Manager – Customer Settlements, New York ISO (NYISO)

  • Rebecca Stadelmeyer, Manager – Market Settlements Development, PJM Interconnection

  • Elizabeth R Tutor, MISO Settlement Supervisor, Big Rivers Corp

  • Steve White, Senior Settlements Analyst, Southwest Power Pool

  • Brent Wilcox, Manager – Settlements, Southwest Power Pool

Online Delivery

We will be using Microsoft Teams to facilitate your participation in the upcoming event. You do not need to have an existing Teams account in order to participate in the broadcast – the course will play in your browser and you will have the option of using a microphone to speak with the room and ask questions, or type any questions in via the chat window and our on-site representative will relay your question to the instructor.

  • IMPORTANT NOTE: After November 30 you will not be able to join a Teams meeting using Internet Explorer 11. Microsoft recommends downloading and installing the Teams app if possible. You may also use the Edge browser or Chrome.
  • You will receive a meeting invitation will include a link to join the meeting.
  • Separate meeting invitations will be sent for the morning and afternoon sessions of the course.
    • You will need to join the appropriate meeting at the appropriate time.
  • If you are using a microphone, please ensure that it is muted until such time as you need to ask a question.
  • The remote meeting connection will be open approximately 30 minutes before the start of the course. We encourage you to connect as early as possible in case you experience any unforeseen problems.



ISO Market Settlements

December 15-16, 2021 | Online
Individual attendee(s) - $ 1195.00 each
- OR - I choose to attend remotely
Individual remote connections(s) - $ 1195.00 each

Volume pricing available for remote connections

Individual attendee tickets can be mixed with ticket packs for complete flexibility

Pack of 5 connections - $ 4,780.00 (20% discount)
Pack of 10 connections - $ 8,365.00 (30% discount)
Pack of 20 connections - $ 14,340.00 (40% discount)

Buy 4 seats and only pay for 3! For this event every fourth attendee is free!


Power Settlements 101

Individual attendee(s) - $ 495.00 each

Volume pricing also available

Individual attendee tickets can be mixed with ticket packs for complete flexibility

Pack of 5 connections - $ 4780.00
Pack of 10 connections - $ 8365.00
Pack of 20 connections - $ 14340.00

Your registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before November 12, 2021 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of conference cancellation, EUCIs liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at 303-770-8800




EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 1.0 CEUs for this event and 0.3 CEUs for the workshop.

Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

Course CPE Credits: 11.0 event, 3.0 workshop
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Methood: Group-Live
Advanced Preperation: None

CpeEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site:


Requirements For Successful Completion Of Program

Participants must log in each day and be in attendance for the entirety of the event to be eligible for continuing education credit.

Instructional Methods

Case studies, PowerPoint presentations, and panel discussions will be used in this program.

Who Should Attend

This program will appeal to professionals and support staff who support the following functions relating to ISO/RTO market transactions:

  • Settlements and energy clearing
  • Back office
  • RTO/ISO accounting
  • Operations accounting
  • Transaction accounting
  • Tariff billing
  • Trading and Power Management
  • Market management
  • Business controls
  • Commercial operations
  • Credit
  • IT analysis and support
  • Financial analysis


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