1. Key Dates for Pool Settlement Where to find the Pool Statements On-going Reporting to Pool Participants 2

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1 Settlement Process Your Guide to the wholesale electricity market January 2010

2 Table of Contents 1. Key Dates for Pool Settlement 1 2. Where to find the Pool Statements 2 3. On-going Reporting to Pool Participants 2 4. Components of the Pool Statements 4 5. How to Verify the Pool Statement 6 6. Trading Charge Calculation 6 7. Dispatch Down Service Payment and Charge Calculations 9 8. Uplift Payment and Charge Calculations 9 9. Settlement Discrepancies on Preliminary Pool Statements Settlement Discrepancies on Final Pool Statements Cash Settlement Net Settlement Instructions (NSIs) Dispatch Risk Rule Agency Arrangements General Items Who to Contact 17 The Electric Utilities Act is legislation that makes key changes to Alberta s electrical industry structure. Its fundamental component is the creation of the Alberta Electric System Operator (AESO), bringing the functions of the Power Pool and the Transmission Administrator into one statutory corporation on June 1, It also creates separate corporations and governance for the Market Surveillance Administrator and the Balancing Pool. This is your guide to the settlement processes specific to the financial settlement and reporting of your transactions with the AESO related to the wholesale electricity market.

3 Settlement Process 1. Key Dates for Pool Settlement 1. Preliminary Pool Statement available on the AESO s website on the 5th business day after the end of each production period. Log onto the AESO website using a digital certificate to retrieve the Preliminary Pool Statement. A preliminary statement is provided so that pool participants have an opportunity to review the information and contact the AESO if there is a discrepancy prior to the Final Pool Statement being issued. This is not the statement that is paid. 2. Final Pool Statement available on the AESO s website on the 15th business day after the end of each production period. Log onto the AESO website using a digital certificate and retrieve the Final Pool Statement. This statement includes updated information and corrections if required. This is the statement that payments are based on. 3. Pool Settlement Date and Payment all financial settlements of the Final Pool Statements occur on the 20th business day following the end of each production period, unless the due date has changed due to prior late payments. Pool participants must arrange for payment of amounts owing, as stated on the Final Pool Statement, to be electronically transferred into the appropriate AESO bank account. All amounts owed to pool participants by the AESO will be transferred on this date as well. WHAT TIME OF DAY ARE THE STATEMENTS AVAILABLE ON THE WEBSITE? The statements will be available by the end of business on the appropriate day. All pool participants will receive a message on the AESO s Energy Trading System (ETS) mail system on the website when the statements are available for retrieval. WHAT ARE THE EXACT SETTLEMENT DATES FOR 2010? A list that contains all of the relevant dates related to the 2010 settlements is available on the AESO s website. Go to: Market/Settlement/2010/2011 Settlement Dates. Settlement Process Your Guide to the wholesale electricity market PAGE 1

4 2. Where to find the Pool Statements 1. Log onto the Energy Trading System (ETS) secured section of the AESO s website using a digital certificate. 2. Go to: Reports/Historical/Pool Statement. To request a digital certificate contact the AESO s Digital Certificate Administrator at or 3. On-going Reporting to Pool Statements HOW OFTEN SHOULD THE SETTLEMENT REPORTS BE REVIEWED? It is recommended that pool participants check the settlement reports posted by the AESO periodically throughout the month. By checking the reports more frequently it is easier to catch any potential discrepancies and resolve them early. Ideally, import and export exchanges should be reconciled daily. If there are any discrepancies, contact the Settlement Coordinator at as soon as possible. HOW OFTEN IS THE METERING INFORMATION UPDATED ON THE WEBSITE? Generally, the metering information is updated five business days after the energy flows. For scheduled energy on the interconnections, the information is generally updated on the next business day. PAGE 2 Settlement Process Your Guide to the wholesale electricity market

5 WHERE ARE THE REPORTS LOCATED? Metering: Settlement: Net Settlement Instructions: Pool Statement: Prior Period: Net Settlement Instructions: Trading Charge: PFAM Summary: DDS Payments And Charges: Uplift Payments And Charges: For pool participant specific data: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/Metering (Specific). For pool participant specific data: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/Daily Detail, Daily Summary, or Monthly Summary specifically for production or consumption. For pool participant specific data: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/Reports/NSI and Meter Volume Breakdown. For pool participant specific Pool Statements: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/Pool Statement. For pool participant specific data: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/Settlement Changes specifically for production or consumption. For pool participant specific data on details of the NSI: Log onto the AESO website Instructions: using a digital certificate and Go to: Reports/Historical/ NSI Detail. For pool participant specific data: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/Trading Charge specifically for production or consumption. For pool participant specific data: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/PFAM Summary. For Dispatch Down Service Payments and Charges: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/ DDS Payment Summary; DDS Charge Summary or DDS Payment Detail. Hourly DDS Payments and Charges are also included in the Daily Detail Production Report. For Uplift Payments and Charges: Log onto the AESO website using a digital certificate and Go to: Reports/Historical/ Uplift Payments Summary; Uplift Charges Summary or Detail Uplift Payment. Hourly Uplift Payment and Charge information can also be found in the Daily Detail Production and Daily Detail Consumption Reports respectively. Settlement Process Your Guide to the wholesale electricity market PAGE 3

6 4. Components of the Pool Statements The following information explains ALL of the line items that could appear on a statement. An individual pool participant statement may not include ALL of the items listed below. Also refer to the illustration of a statement by clicking on Market/Settlement/Settlement Process Guides/Energy Market/Sample Pool Statement. CONSUMPTION: Energy Charge the amount of electric energy consumed or exported by a pool purchaser less net settlement instructions. Prior Period Energy Charge the resettlement of prior period production energy charges broken down by production month. Supporting documentation is available on the AESO Energy Trading System (ETS) that shows the amount of the prior period change for each asset, by day, by hour (Go to: Reports/Historical/Settlement Changes specifically for consumption). Spot Trading Charge In 2010, the trading charge is 29.8 cents per megawatt hour traded through the power pool. The trading charge was 25.7 cents per megawatt hour in Refer to the following section titled Trading Charge Calculation for a detailed explanation of the trading charge. Prior Period Trading Charge the resettlement of prior period trading charges broken down by production month. Uplift Charge total uplift charges for current production month. This charge is calculated based on a participant s load within a settlement interval. Prior Period Uplift Charge resulting from resettlement of prior production period uplift. PRODUCTION: Energy Payment the amount of electric energy supplied or imported by a pool supplier less net settlement instructions. Prior Period Energy Payment the resettlement of prior period production energy payments broken down by production month. Supporting documentation is available on the AESO Energy Trading System (ETS) that shows the amount of the prior period change for each asset, by day, by hour (Go to: Reports/Historical/Settlement Changes specifically for production). Spot Trading Charge In 2010, the trading charge is 29.8 cents per megawatt hour traded through the power pool. The trading charge was 25.7 cents per megawatt hour in Refer to the following section titled Trading Charge Calculation for a detailed explanation of the trading charge. Prior Period Trading Charge the resettlement of prior period trading charges broken down by production month. Uplift Payment total monthly uplift payment based on the difference between participant s offer price and the pool price for volumes produced from offer blocks dispatched above the pool price. PAGE 4 Settlement Process Your Guide to the wholesale electricity market

7 Prior Period Uplift Payment resulting from resettlement of prior production period uplift. Dispatch Down Service Payment monthly total of payments to generators who offered in the Dispatch Down Service Merit Order and were dispatched down in a settlement interval. Prior Period Dispatch Down Service Payment resulting from resettlement of prior production period and recalculation of dispatch down service payment. Dispatch Down Service Charge monthly total of charges collected from all source assets active in a settlement interval when a generator was dispatched down. Generators receiving a Dispatch Down Service (DDS) payment must also pay a portion of the Dispatch Down Service (DDS) Charge. Prior Period Dispatch Down Service Charge resulting from resettlement of prior production period and recalculation of dispatch down service charges. SPECIAL TRANSACTIONS AND ADJUSTMENTS: Participant Fee an annual fee all pool participants pay to join the AESO. Digital Certificate an annual fee paid by all pool participants for a digital certificate required to log onto to the Energy Trading System (ETS), the secure section of the AESO s website. Interest and Penalties the amount charged for a late payment related to cash settlement day. See the section called Cash Settlement for further information. Cash on Deposit funds held by the AESO to be applied on the current Pool Statement. Retailer Specific Adjustment (RSA) an adjustment to a retailer s statement amount related to updated load settlement data for a specific retailer s consumption. This adjustment is made after final load settlement has occurred. This is one type of Post-Final Adjustment Mechanism (PFAM) adjustment. For further information, refer to Compliance/Load Settlement/PFAM PFEC/Resources on the AESO s website. Retailer Adjustment to Market (RAM) a PFAM adjustment made to all retailers in a settlement ID (as defined in the load settlement rules AUC Rule 021) for the collection/payment required to offset the RSA described above. For further information, refer to Compliance/Load Settlement/PFAM PFEC/Resources on the AESO s website. Transmission Administrator Adjustment (TAA) a PFAM adjustment to the AESO related to a misstatement of transmission line losses resulting from a RSA. For further information, refer to Compliance/Load Settlement/PFAM PFEC/Resources on the AESO s website. Settlement Process Your Guide to the wholesale electricity market PAGE 5

8 5. How to Verify the Pool Statement There are various reports available on the AESO s website that can be used to check the statement. Go to: Reports/Historical and choose to view a monthly summary, a daily summary, a daily detail report, a trading charge report, the PFAM summary, Dispatch Down Service, Uplift or a settlement changes report to check the information. The production (generation) and consumption (load) assets will show on these reports. The reports are available in two formats, html and csv. The csv (comma separated value) formatting allows the conversion of reports into an Excel spreadsheet and the html format is a static web report. 6. Trading Charge Calculation The megawatt amount to which the trading charge is applied is shown on the spot trading charge line on the Pool Statement. For pool participants with no net settlement instructions (as defined in the ISO Rules), this is also the metered volume megawatt amount. The trading charge, 29.8 cents per MWh for energy traded in 2010 (25.7 cents per MWh in 2009), is calculated on an asset-by-asset basis for each hour. The trading charge is applied to the greater of the metered volume or the net settlement instructions for each asset for each hour. For example: Load Asset #1: Metered Volume Net Settlement Instruction Net Settlement Load 100 MW (45 MW) 55 MW Trading Charge Calculation: Greater of Metered Volume or Net Settlement Instruction 100 MW 45 MW 100 MW x 29.8 = $29.80 WHAT KIND OF ASSETS DO POOL PARTICIPANTS HAVE? There are four possible asset types: 1. Metered physical generation asset 2. Metered physical load asset 3. Unmetered sell asset 4. Unmetered buy asset PAGE 6 Settlement Process Your Guide to the wholesale electricity market

9 HOW ARE METERED ASSETS IDENTIFIED? The AESO assigns all metered generation assets an Asset ID when they are initially set up in the system. All metered physical load assets are assigned an Asset ID that will identify the pool participant, load settlement zone and Wire Service Provider. The following table provides the potential load asset IDs for Company AB in different areas. Asset ID Components Asset ID Zones WSP ID WSP AB1A 1 A ATCO AB1X 1 X Enmax AB1E to AB7E 1 to 7 E EPCOR AB1U 1 U Fortis AB1C 1 C Cardston AB1W 1 W Crowsnest Pass AB1L 1 L Lethbridge AB1R 1 R Red Deer AB1F 1 F Fort MacLeod AB1P 1 P Ponoka Note some exceptions may apply HOW ARE UNMETERED ASSETS IDENTIFIED? An unmetered asset has a + or sign included in the Asset ID. For example, ABC+ is an unmetered buy asset and ABC- is an unmetered sell asset. Some pool participants have unmetered assets for trading purposes. These assets allow pool participants to trade physical energy without associating it directly to a metered asset at the time of trade and facilitate the registration of net settlement instructions from Forward Market Operators. The unmetered assets also assist pool participants who prefer to have a separate reporting unit for their net settlement instructions. HOW DO UNMETERED ASSETS AFFECT THE TRADING CHARGE? When the trading charge is calculated on an asset by asset basis, the assignment of a net settlement instruction to an unmetered asset will impact the amount of trading charge that a pool participant pays. Settlement Process Your Guide to the wholesale electricity market PAGE 7

10 DETAILED TRADING CHARGE CALCULATION Assume the following example is the settlement data for one hour for a pool participant with a metered load asset and an unmetered buy asset. Asset #1: METERED Load Metered Volume Net Settlement Instruction Net Settlement Load 100MW (15 MW) 85 MW Trading Charge Calculation: Greater of Metered Volume or Net Settlement Instruction 100 MW 15 MW Trading Charge: 100 MW x 29.8 = $29.80 Asset #2: UNMETERED Buy Metered Volume Net Settlement Instruction Net Settlement Load 0MW (45 MW) (45 MW) Trading Charge Calculation: Greater of Metered Volume or Net Settlement Instruction 0 MW 45 MW Trading Charge: 45 MW x 29.8 = $13.41 PAGE 8 Settlement Process Your Guide to the wholesale electricity market

11 7. Dispatch Down Service Payment and Charge Calculations Dispatch Down Service (DDS) is part of the Market Policy Implementation. This ISO Rule took effect on December 3, 2007 and was implemented as a solution to address the impact on Pool Price when a Transmission Must Run (TMR) asset is dispatched on in the province. DDS charges are allocated to all source assets that have generated or imported power into Alberta during a settlement interval where a generator has triggered a DDS payment. DISPATCH DOWN SERVICE (DDS) PAYMENT ISO RULE 8.1.3: Dispatch Down Service Payment is calculated by the following formula: DDS price ($) x DDS quantity (MWh) x DDS time (minutes) 60 minutes DISPATCH DOWN SERVICE (DDS) CHARGE ISO RULE 8.1.4: Dispatch Down Service Charge is calculated by the following formula: Participant s energy production (MWh) Sum of all energy production (MWh) x Sum of DDS Payments 8. Uplift Payment and Charge Calculations Uplift (Payments to Suppliers on the Margin) is part of the Market Policy Implementation rule that took effect on December 3, UPLIFT PAYMENT ISO RULE 8.1.2: When a pool participant s asset has been dispatched for a portion of the settlement interval where their offer price is greater than pool price for that settlement interval, they may qualify for an energy production uplift payment. Pool participants will receive the difference between their offer price and the pool price for MWh produced from offer blocks dispatched above pool price. UPLIFT CHARGE ISO RULE 8.2.3: Settlement charges for payments to suppliers on the margin will be applied to all load based on their proportion of total load within a settlement interval where a generator is eligible to receive an Uplift payment. Settlement Process Your Guide to the wholesale electricity market PAGE 9

12 9. Settlement Discrepancies on Preliminary Pool Statements GENERATION/PRODUCTION: If a pool participant believes there is a discrepancy in the amount of production on the statement please contact the Meter Service Provider to make sure all current generation has been submitted to the AESO. IMPORTER/EXPORTER: Contact the AESO Settlement Coordinator at (403) to resolve any discrepancies related to import/export settlement. The following information will be required for each hour in question: day, hour ending (HE), Asset ID, E-Tag number, E-Tag status and megawatt hours according to a pool participant s records. All discrepancies must be resolved by the 7th business day of the month so that corrections can be incorporated into the Final Pool Statements. The import/export settlement data is posted to the AESO s website on the business day following the flow date. Import/export data can be checked on a regular basis throughout the month and any discrepancies reported immediately. All discrepancies should be communicated to the AESO by the end of the 3rd business day after the end of the calendar month. After this time, all changes must be initiated through the formal dispute resolution process (refer to the following section titled Discrepancies on Final Pool Statements ). LOAD/CONSUMPTION: If the consumption on the Preliminary Pool Statement does not reconcile to the information provided by a pool participant s Load Settlement Agent (LSA), the pool participant should confirm the data with the AESO. The metering information used to prepare the Preliminary Pool Statement is the initial settlement data provided by the LSA and it will be adjusted for interim and final settlement data. When the new settlement data is provided to the AESO, in accordance with the ISO Rules on load settlement, the adjustments will appear as a Prior Period Energy Charge on the Pool Statement. The interim settlement data will be reflected on a settlement statement issued three months after the AESO s Preliminary Pool Statement. The final settlement data is included on the statement issued seven months after the AESO s Preliminary Pool Statement. Details regarding the settlement timings can be found on the AESO s website under Market/Settlement/ Settlement Dates. For example, for the January 2010 production period, the process would be as follows: Feb 22/10 Final January 2010 Pool Statements. May 21/10 Final April 2010 Pool Statements which includes a resettlement of the January 2010 load settlement data. Sept 22/10 Final August 2010 Pool Statements, which includes the second resettlement of the January 2010 load settlement data. This is the final resettlement of the January 2010 production month. PAGE 10 Settlement Process Your Guide to the wholesale electricity market

13 NET SETTLEMENT INSTRUCTIONS FROM FACILITATED EXCHANGES: Contact the Forward Market Operator to confirm the specific information used by the AESO to net settle. NET SETTLEMENT INSTRUCTIONS (NSI): Review the pool participant specific report for all NSIs accepted for settlement purposes by logging onto the AESO website using a digital certificate and Go to: Reports/Historical/NSI and Meter Volume Breakdown. To see which NSIs were in effect for a specific time period, log into the AESO website using a digital certificate and Go to: Reports/Historical/NSI Detail. For additional information on NSI refer to the following section titled Net Settlement Instructions. 10. Settlement Discrepancies on Final Pool Statements WHAT IS THE PROCESS IF THERE IS A DISCREPANCY IN THE INFORMATION ON THE FINAL POOL STATEMENT? Each production month is settled three times as part of the regular AESO settlement process cycle. The production month is settled one month (initial), four months (interim) and eight months (final) after the end of the production month to comply with the ISO Rules on load settlement. Any settlement data (generation or load) that is received by the AESO in advance of these timelines is included in the resettlement. The Dispute Submission Period is a period of twenty business days following the issue date of the Final Pool Statement that includes a final settlement (mentioned above). If there is a disagreement with the settlement amounts on the final settlement statement, then a written dispute must be filed with the AESO within the Dispute Submission Period. An exception to this process is load settlement data. This data is governed by separate market rules which include the Post-Final Adjustment Mechanism (PFAM) process. Go to: Market/Settlement/ Dispute Timelines on the AESO website for the dispute timelines. IF THERE IS A DISCREPANCY WITH THE STATEMENT, WHAT SHOULD BE PAID TO THE AESO? Even if a pool participant believes there is a discrepancy in the information on the statement, the Final Pool Statement amount must be paid in full by the 20th business day of the month. Any required corrections will be made on subsequent statements after the dispute resolution deadline date, or when updated load settlement data is provided to the AESO. Settlement Process Your Guide to the wholesale electricity market PAGE 11

14 11. Cash Settlement WHEN DO CASH SETTLEMENTS OCCUR? Cash settlement occurs on the 20th business day following the end of the production period. The actual calendar dates for the year are provided in a schedule under Market/Settlement /2010/2011 Settlement Dates on the AESO s website. There are circumstances where a pool participant may be required to make the cash settlement on the 18th or 19th business day following the end of the production period. These circumstances are detailed in the ISO Rules. HOW DO POOL PARTICIPANTS RECEIVE AMOUNTS OWED FROM THE AESO? The AESO transfers payments by wire transfer. The payment is deposited into a pool participant s bank account on the due date. The transfer does not occur at a specific time of day. The AESO uses wire transfers for all amounts owing. A wire transfer provides the AESO with additional tracking that is more appropriate for large transfer amounts. A wire transfer fee of approximately $10 to $15 will be charged to a pool participant by their bank for receiving a wire payment. HOW SHOULD POOL PARTICIPANTS PAY THE AESO? Payment for an amount owed according to the Final Pool Statement must be made through an electronic method directly into the AESO s bank account at the Bank of Montreal by the due date. The AESO facilitates the cash clearing of the market whereby suppliers to the market get paid and purchasers from the market must make payment on the same settlement day. To facilitate this function, payment must be received on settlement day and payment must be made through an electronic method. The AESO does not accept cheques, counter deposits or bank drafts for payment of Final Pool Statements. WHAT ARE THE AESO S BANKING INSTRUCTIONS FOR ENERGY MARKET SETTLEMENT? Contact the Accounting group: Kate Kar Mei Medardo IS IT POSSIBLE TO SET UP AN AUTOMATIC WITHDRAWAL? At the present time, the AESO does not have a process for automatic withdrawals from pool participant accounts to collect amounts owed to the AESO. Pool participants are expected to arrange for an electronic transfer by the due date if they have an amount owing to the AESO. CAN DEPOSITS BE MADE DIRECTLY INTO THE AESO S ACCOUNT AT THE BANK? The AESO does not accept cheques due to the potential of insufficient funds in the depositor s account when the cheque is cleared through the banking system. As a result of this, the AESO does not accept counter deposits at the bank or cheques sent directly to the AESO s office. PAGE 12 Settlement Process Your Guide to the wholesale electricity market

15 WHAT HAPPENS IF THE PAYMENT IS NOT PAID BY THE DUE DATE? Contact the AESO Director, Accounting & Treasury at (403) immediately. While this will not avoid late payment and interest charges and the temporary change of settlement date, it may help avoid other consequences of late payment. The AESO contacts a pool participant that has not paid by the due date on the following day to understand the circumstances causing the default, and when the payment will be received by the AESO. If the AESO is not satisfied that the payment will be made immediately, the procedures detailed in the ISO Rules will commence and the AESO may apply money from the pool participant s security deposit to the outstanding amount. WHAT HAPPENS IF THE TIME PERIOD BETWEEN RECEIVING THE FINAL POOL STATEMENT AND THE DUE DATE OF PAYMENT IS NOT SUFFICIENT TO PAY THE AMOUNT OWED? The AESO recommends that pool participants estimate what the net energy charges would be on the Final Pool Statement and pay that amount by the due date. All pool participants are expected to review their Final Pool Statements when they are issued and immediately remit any shortfall or contact the AESO if there is an amount owing. On the due date, the AESO will compare the amount received to the Final Pool Statement and any shortfall will be considered a late payment and will be charged the corresponding late payment and interest charges. Any excess funds received by the AESO will be returned to the pool participant upon request, less the applicable wire costs. If the pool participant requests that the excess funds should not to be returned, they will be considered as a prepayment for the next settlement period. There will be no interest paid to the pool participant related to this prepayment. WHAT ARE THE CHARGES APPLIED TO LATE PAYMENTS? In accordance with ISO Rules: 1. Late payment charge equal to two days interest on the outstanding amount owing. The interest will be calculated using the Bank of Montreal (BMO) prime rate plus 6%, and 2. Interest charge for the time period that the funds are outstanding. The interest will be calculated using the BMO prime rate plus 6%. If, due to prior late payments, the cash settlement date has been moved to the 19th business day, late payment charges and interest are calculated at BMO prime rate plus 12%. Failure to pay on the 18th business day results in interest at BMO prime rate plus 12% and the AESO Board will determine the participant s ongoing status or may terminate their involvement in the power pool. WHAT IF THERE IS A DISCREPANCY WITH THE FINAL POOL STATEMENT? If a pool participant believes there is a discrepancy in the information on the Final Pool Statement, they are required to submit a formal, written request for resettlement to the AESO to initiate the resettlement process. Further information on the dispute timelines can be found on the AESO website under Market/Settlement/Dispute Timelines. Until the dispute is resolved, a pool participant is required to pay the Final Pool Statement amount by the 20th business day. Any required corrections will be made on subsequent statements after the dispute resolution deadline. Settlement Process Your Guide to the wholesale electricity market PAGE 13

16 12. Net Settlement Instructions (NSIs) WHERE ARE THE NET SETTLEMENT INSTRUCTIONS ON THE POOL SETTLEMENT STATEMENTS? All NSIs (as defined in the ISO Rules) are net settled with the actual metered volume amounts. The settlement formulas take all of the accepted NSIs into consideration in the settlement process and all statement amounts appear net of these instructions. HOW ARE NSIs REGISTERED WITH THE AESO? A NSI must be registered and acknowledged by both parties through the Energy Trading System (ETS) 30 minutes before the hour the instruction is to start. Refer to the ISO Rules for more detailed information (Go to: Market/Manuals/ISO Rules). The AESO also receives information about NSI through the exchange of information by the Forward Market Operator on behalf of Participants. HOW ARE NSIs REPORTED? A pool participant specific report on the AESO s website is available by logging onto the Energy Trading System (ETS) using a digital certificate and then Go to: Reports/Historical/NSI and Meter Volume Breakdown. This report includes all NSIs accepted and considered in the Pool Settlement Statement. To see further detail on NSIs in effect for a specified date range, log into the secured area of the AESO website using a digital certificate and Go to: Reports/ Historical/NSI Detail. DOES THE AESO SETTLE NSIs FOR POOL PARTICIPANTS? No. The NSI volumes are registered with the AESO and they are used in settlement to be netted with the actual metered volumes (or scheduled volumes for the interconnections) to determine the volumes financially settled through the AESO. The NSI settlement price is not communicated to the AESO, so the pool participants involved must settle these transactions outside of the AESO. POTENTIAL SETTLEMENT SCENARIOS: Impact of NSIs to sell energy, on an hourly basis: Actual generation/import volume are less than NSI amounts Actual generation/import volumes are more than NSI amounts The difference is considered a purchase from the spot market and it will be settled through the power pool. The difference is considered a sale to the spot market and it will be settled through the power pool. Impact of NSIs to purchase energy, on an hourly basis: Actual load/export volumes are less than NSI amounts Actual load/export volumes are more than NSI amounts The difference is considered a sale to the spot market and it will be settled through the power pool. The difference is considered a purchase from the spot market and it will be settled through the power pool. PAGE 14 Settlement Process Your Guide to the wholesale electricity market

17 13. Dispatch Risk Rule WHAT IS THE DISPATCH RISK RULE? The dispatch risk rule states that any generated energy greater than an acceptable range from the energy market dispatch volumes and/or the ancillary service directive volumes may not receive payment. Any variances from the total dispatched generation volume will be subject to an audit for power pool settlement purposes. The AESO recognizes that there may be valid operational reasons (for example power plant testing or commissioning) that may result in a waiver of this rule. The AESO has developed guidelines and a process for communicating these valid operational exceptions. This information is available on the AESO s website Go to: Market/ ISO Rules (Section 6). HOW DOES THE AESO HANDLE THE DISPATCH RISK RULE IN SETTLEMENT? Pool Statements are issued based on metered generation. Non-payment for energy that is in contravention to the dispatch risk rule will be included as an adjustment on Pool Statements after an audit is completed. 14. Agency Arrangements HOW DOES AN AGENT INTERACT WITH THE AESO? A participant can assign and authorize an agent to act on their behalf on any or all matters in connection with the AESO. If there is specific information that the AESO requires about a participant and their agent is not authorized to release the information, or for some reason does not have the information, the AESO may contact a participant directly to obtain the information. Otherwise all information will be communicated to the agent first. WHO PAYS THE POOL STATEMENT? Either the agent or the pool participant can pay the balance owing the AESO; this will depend on a pool participant s agency agreement. Settlement Process Your Guide to the wholesale electricity market PAGE 15

18 15. General Items WHERE CAN MORE INFORMATION ON THE SETTLEMENT PROCESS BE FOUND? The ISO Rules contain all of the information related to the settlement process. Go to: Rules and Procedures/ ISO Rules. WHAT IS A SETTLEMENT PERIOD? A calendar month. HOW IS THE SETTLEMENT AMOUNT CALCULATED? It is calculated on an hourly basis by multiplying the MWh by the Pool Price. WHERE IS THE HOURLY POOL PRICE LOCATED? On the AESO website, Go to: Reports/Historical/Pool Price. DOES THE AESO ISSUE A SEPARATE STATEMENT RELATED TO TRANSMISSION? Yes. On timelines similar to the energy market settlement, the AESO issues a Statement of Account for transmission transactions. PAGE 16 Settlement Process Your Guide to the wholesale electricity market

19 16. Who to Contact POOL STATEMENTS AND REPORTS: Primary Contact: Alternate Contact: Hazel Carvalho Ena Gibbons Settlement Coordinator Settlement Analyst Phone: Phone: Fax: Fax: GENERAL AESO INQUIRIES: Contact us at AESO (2376). This is your one-stop information resource for electricity market and transmission inquiries, AESO application inquiries as well as research, data and publication requests. An AESO customer services staff member will answer your call 8 a.m. to 5 p.m. Monday to Friday. Settlement Process Your Guide to the wholesale electricity market PAGE 17

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