MISO Market Operations & Settlements Best Practices

Understanding and Validating Settlement Charges for Merchant & BA Groups

May 20 - 21, 2025 Carmel, IN and Online :: Mountain Time ACES Power Marketing

This program will review best practices for front-office, back-office, and ETRM workflows for MISO market participants. Attendees will explore how to connect the dots between front-office bidding strategies and back-office workflow to validate settlement results, and visualize how settlement results drive profits for their resources and charges for their loads.

In this course, attendees will learn best practices for front-office and back-office groups in the areas of:

Load forecasting
Wind and solar forecasting
Gas forecasting
Battery optimization
Meter validation
Shadow settlements
Dispute management
P&L calculations
Month-end closing

Learning Outcomes

Attendees at this course will:

Identify how to optimize portfolio of resources in the MISO market to maximize profits
Determine the best way to optimize wind and solar resources
Assess whether AI and machine learning be used to improve load forecasting, wind and solar forecasting, and price forecasting
Optimize combined-cycle resources in the MISO market
Examine how to optimize and operate batteries in MISO to maximize market benefits
Identify the key MISO settlement charge codes for market and transmission settlements
Review how to validate MISO settlement charges and invoices
Discuss the main causes for settlement disputes and the best way for managing them
Indicate how to validate meter data for resources, loads, and tie lines
Evaluate how the front-office bidding workflow impacts settlement charges
Analyze settlement results to compute profit & loss metrics and provide feedback to traders on bidding strategies
Discuss the main reason for P&L leakages and how to use leakages to identify potential operating and market problems
Determine how to structure FTR and ARR contracts to cover congestion costs

Registration & Attendance Criteria

This course is open to utilities, power and energy industry operating companies (see above), software vendors, consumer groups, project developers and regulators only. Registrations that do not meet these criteria – or that may be construed as a competitive conflict – will be evaluated on a case-by-case basis and may not qualify for attendance. Any determination as to the fulfillment of a registration to attend this program shall reside solely with EUCI. Questions re: the application of this restriction can be addressed to [email protected].

Register

REGISTER NOW FOR THIS EVENT:

This event has passed and cannot be registered for. If you would like to see if this event will be offered again please reach out to [email protected]

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 April 18, 2025 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

Day one

Tuesday, May 20, 2025

Day two

Wednesday, May 21, 2025

Agenda

Tuesday, May 20, 2025
Mountain Time

Carmel, IN and Online

Continental Breakfast & Registration

8:00 AM

Group Luncheon

12:15 - 1:15 PM

Adjourn for the day

5:00 PM

8:00 AM - 8:30 AM

Continental Breakfast & Registration

8:15 - 8:30 AM

Online Log In

8:30 - 8:50 AM

Overview and Introductions

8:50 - 10:30 AM

Overview on MISO Market

Key features of MISO market
MISO’s role as reliability coordinator and balancing authority
Understanding MISO tariff
Understanding MISO full network model and commercial model
MISO bids and offers
Reviewing day-ahead and real-time bidding workflows for MISO
Understanding SCUC objectives for DA market and SCED objectives for the RT market
How does the two-step settlement work?
Reviewing MISO market statistics
Benefits of MISO market
Bid-to-Bill timeline and challenges

10:30 - 10:45 AM

Morning Break

10:45 AM - 12:15 PM

Uses of Nodal Locational Marginal Prices in Bidding & Settlement

Using full network model to compute nodal locational marginal prices
How are LMPs computed?
Understanding 3 components of LMP – energy, loss, congestion
Understanding impacts of flow-gates on congestion
Can LMPs be negative?
Day-Ahead settlement calculations
Why does MISO introduce ELMPs?
Can DA LMPs be forecast?

12:15 - 1:15 PM

Group Luncheon

1:15 - 3:00 PM

Understanding MISO Bid-to-Bill Workflow

Understanding 3-part energy offers for generators
Examples illustrating day-ahead and real-time settlement for generators
Market principles behind RSG make-whole payments and charges
Computing day-ahead RSG make-whole payments for generators
Who will pay DA & RT make-whole charges?
Validating Day-Ahead and Real-Time market operations
Understanding P&L leakages
Which RTOs pay make-whole payments to keep resources whole from a cost viewpoint and P&L viewpoint?
Optimizing batteries in MISO market
Understanding MISO resource-adequacy requirements
Reviewing results of MISO 2024-25 capacity auction
Understanding MISO settlement for resource adequacy

3:00 - 3:15 PM

Afternoon Break

3:15 - 5:00 PM

Validating MISO Market Settlements

Business objectives for settlement group
Reviewing MISO settlement calendar
Understanding settlement charge codes for MISO Market
Reviewing MISO settlement workflow
Downloading settlement statements and invoices from MISO server
Why perform shadow settlement?
Key functions of shadow settlement software
What data do we need to validate MISO settlement?
What are the most common causes for settlement disputes?
Computing 5-minute excessive-energy and non-excessive-energy volumes and charges
What criteria does MISO use to activate failure-to-follow dispatch flags? What behavior is MISO incentivizing and why?
When are resources exempt from penalties?
Computing penalties for non-performance
Computing net regulation adjustment payments and charges
Understanding real-time price-volatility make-whole payment calculations – what behavior is MISO incentivizing and why?
Market principles behind real-time make-whole payments and charges
Understanding real-time penalties for resources
Validating contract settlements for power-purchase agreements (wind, solar, batteries, crypto) and bilateral transactions
Reviewing ETag data
Reviewing end-to-end workflow for validating contract settlements

Goals for month-end closing

5:00 PM

Course Adjourns for the Day

Agenda

Wednesday, May 21, 2025
Mountain Time

Carmel, IN and Online

Continental Breakfast

8:00 AM

Group Luncheon

12:15 - 1:15 PM

Adjourn for the day

4:00 PM

8:00 AM - 8:30 AM

Continental Breakfast

8:15 - 8:30 AM

Online Log In

8:30 - 10:15 AM

Using Profit & Loss Metrics to Provide Feedback to Traders

Using settlement and production-costing results to compute DA and DART profits & losses (P&L) for your portfolio
Key factors influencing profits & losses
Computing P&L gains and leakages
Using profit & loss metrics to provide feedback to traders on effectiveness of day-ahead and real-time bidding strategies
Using profit & loss metrics to provide feedback to plant managers on plant performance
Using profit & loss metrics to build key performance indexes

Validating MISO Transmission Settlements

Overview of MISO transmission settlements for transmission owners and transmission providers
MISO calendar for transmission settlements
Downloading transmission settlement statements and invoices
Understanding key FERC schedules and key MISO transmission-settlement charge codes
What shadow data do you need to validate MISO transmission settlement statements?
How to validate MISO transmission settlement invoices?
Reviewing end-to-end workflow for validating transmission settlements

10:15 - 10:30 AM

Morning Break

10:30 AM - 12:15 PM

Understanding MISO Ancillary Service Market

Ancillary service (A/S) products supported by MISO
Formulating A/S offers
What is lost opportunity cost and how to calculate it
How does MISO compute A/S marginal clearing prices (MCPs)?
Are A/S MCPs influenced by congestion?
Understanding key A/S charge codes in MISO
Computing revenues and costs for providing ancillary services
How does MISO pay resources for regulation-mileage?
How does MISO penalize resources for not delivering regulation mileage?
Validating A/S charges for loads

12:15 - 1:15 PM

Group Luncheon

1:15 - 2:30 PM

Using ARR & FTR to Hedge Against Congestion Costs

Key factors causing congestion in MISO
Use FTR and ARR contracts to hedge against congestion
How to procure ARR & FTR contracts in MISO?
Understanding FTR annual and monthly auctions
Understanding MISO settlement charges for ARR & FTR contracts
Evaluating benefits of FTR & ARR contracts

2:30 - 2:45 PM

Afternoon Break

2:45 - 4:00 PM

Case Study to Illustrate Settlements and Profit & Loss Calculations

Using settlement and production-costing results to compute DA settlements and profits & losses (P&L) for 3 portfolios
Using profit & loss metrics to provide feedback on effectiveness of bidding strategies
Settlement forensics – where front & back offices meet

Course Review & Round-Table Discussion

4:00 PM

Course Adjourns

Instructors

Khai Le

Senior Vice President

PCI Energy Solutions

Over the past 45 years, Khai Le has conducted more than 750 seminars on market-based operations, trading and bidding strategies, portfolio optimization, and shadow settlement for utilities and ISOs worldwide. He is currently working with market participants in RTO and bilateral markets to deploy the PCI Suite to automate their bid-to-bill, portfolio-optimization, ETRM, and BA-operations workflows. He has authored some 100 technical papers on unit commitment, hydro-thermal coordination, emission dispatch, optimization of ancillary services, post analysis, and short-term planning. Five of his papers received prize awards. Mr. Le received his BS from Harvey Mudd College and his MS from Carnegie Mellon University. He is a Fellow of the IEEE and a Registered Professional Engineer in Pennsylvania.

Daric Moenter is Manager of Market Settlements at the Midcontinent ISO (MISO). He has more than 18 years of energy industry experience across multiple utilities and ISO/RTO markets. His background includes power generation, US fleet asset management, utility-centered analytics, and market settlements. Mr. Moenter leads the Market Settlements team at MISO and is responsible for the accurate and timely settlement of more than $50B in annual gross market activity. He received his BS in Mechanical Engineering Technology from Purdue University, his MBA from Oakland City University, and his Business Analytics Certification from the Wharton School.

Daric Moenter

Manager – Market Settlements

Midcontinent ISO (MISO)

Jeremy Pober

Senior Manager

PCI Energy Solutions

Jeremy Pober manages the development of the PCI back-office software suite that can be used to validate MISO market and transmission settlements. He participates in MISO market meetings and works with MISO market participants on defining new software requirements to meet emerging settlement needs. Mr. Pober received both his BA and MBA from the University of Oklahoma.

Ken Lukowski

Director

PCI Energy Solutions

Ken has more than 17 years of settlements experience. He chaired the MISO Market Settlements Working group from 2010 to 2013. Mr. Lukowski received his BS in Accountancy & BS in Finance from Southern Illinois University and his MBA from Lindenwood University.

Michael Schulz is a Project Engineer at PCI Energy Solutions. He has three decades of experience in plant operations, market operations, load forecasting, battery and renewable management, and data analytics. Mr. Schulz earned a MS degree in Human Resources Management from New School University, a MBA from Ashford University and DBA (Energy Management) from Walden University.

Michael Schulz

Project Engineer

PCI Energy Solutions

Location

ACES Power Marketing
4140 West 99th Street
Carmel IN 46032

Nearby Hotels/Airports

Holiday Inn Express & Suites Indianapolis North - Carmel
9797 N. Michigan Rd.
Carmel, IN (.08 miles from ACES)
Discount code set up with the hotel for $99,
must use this link to get discount Aces Power Marketing

Renaissance Inn Indianapolis
11925 N. Meridian St.
Carmel, IN (7.2 miles from ACES)

Embassy Suites By Hilton Indianapolis North
3912 Vincennes Rd
Indianapolis IN 46268 (1.6 miles from ACES)

Continuing Education Credits

IACET

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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 1.3 CEUs for this event

Verify our IACET accreditation

Who recognizes IACET Credits?

Requirements for Successful Completion of Program

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

Instructional Methods

This program will use PowerPoint presentations, case studies and group discussions.

CPE

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

Course CPE Credits: 15.0
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Method: Group Internet Based
Advanced Preparation: None

Cpe EUCI 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 website: www.nasbaregistry.org

CLE

Only registered attendees can request CLE credits for an EUCI course/event. Please email [email protected] prior to the course start date and list the state where you are licensed and your bar# as well as the name and date of your course/event in your request, and someone will be in contact.

Who Should Attend

Front-Office personnel who would like to maximize profits for their assets in the MISO market
Back-office employees who need to understand the settlement rules for the MISO market
Power-plant managers who would like to understand the impact of settlement on their plant profitability
IT personnel who need to build the IT infrastructure to support the bid-to-bill workflow