Markets & Operations

Billing, Settlements & Credit

PJM manages all aspects of the electric grid and the wholesale market, including the purchase and sale of energy, transmission services and ancillary services. PJM provides weekly and monthly invoices for each market participant. The market settlements and billing FAQs provide an introduction to how charges are billed in the market. 


Emergency Energy Settlement Process for April 2015 Load Management Events PDF
Guide to Billing: PDF| WEB
Contains billing line items, charges/credits and references
Requirements for Agency Agreements PDF
Guidelines for using an agent to conduct business with PJM
Credit Overview & Supplement PDF
An overview of the credit policy and requirements, and supplement to the Open Access Transmission Tariff, Attachment Q
Market Settlements Reporting System Reports Documentation
Drivers of Uplift
5-Minute Settlements

Reconciliation Billing Determinants


Monthly Billing Determinants CSV
Daily & Hourly Billing Determinants CSV

Past Years

Billing Determinant Definitions

Reconciliation billing determinants are used by PJM to reconcile past months' billings between EDCs and Retail Load Aggregators (a.k.a. Electric Generation Suppliers) for certain allocations that are based on real-time load ratio shares. The reconciliation kWh data supplied to PJM by the EDCs, which represents the difference between the scheduled Retail Load Responsibility eSchedules and the "actual" customer usage based on metered data, are multiplied by the applicable billing determinants to determine the reconciliation billing amounts for each of the following:

Scheduling, System Control & Dispatch Service Charges

PJM Charges - June 2006 - present

Monthly $/MWh rate calculated as PJM's Control Area Administrative Service (Tariff Schedule 9-1) rate, plus PJM's Market Support Service (Tariff Schedule 9-3) rate for transmission customers.

Transmission Owner Charges - July 1999 - present

Monthly $/MWh rate for each zone as filed in Schedule 1A of the PJM Open Access Transmission Tariff.

Regulation Charges

Regulation Charges - August 2005 - present

Hourly $/MWh rates calculated as total cost of Regulation in applicable PJM Mid-Atlantic or Western Control Zone regulation market divided by total real-time load in that market.

Transmission Loss Credits

Transmission Loss Credits – June 2007 - present

Hourly $/MWh rates calculated as total transmission loss revenues divided by total PJM real-time load plus exports.

Synchronized Reserve Charges

Synchronized Reserve Charges - May 2006 - present

Hourly $/MWh rates calculated as total cost of Synchronized Reserve in the applicable reserve zone divided by the total real-time load in that zone.

Network Integration Transmission Service Revenue Requirements & Rates

January 2018 PDF
December 2017 PDF
July 2017 PDF 8.18.2017
June 2017 PDF 8.8.2017
March 2017 PDF 3.20.2017
January 2017 PDF 1.12.2017

Past Years

2016 | 2015 PDF

THEO, PLC & NSPL Methodology Inventory
An inventory of the procedures for calculation of THEO, PLC, and NSPL for each of the electric distribution companies.
Formula Rates

Network Service Peak Loads

2018 PDF 12.13.2017
2017 PDF 6.6.2017

Past Years

2009-2016 PDF

Transmission Enhancement Worksheets


January XLS 1.19.2018

Past Years

20172016 ZIP

Reactive Supply & Voltage Control Revenue Requirements


January XLS 2.7.2018

Past Years

2017 | 2016 | 2015 ZIP

Balancing Transmission Congestion Preliminary Billing Data

Balancing Transmission Congestion Preliminary Billing Data

Preliminary Billing - Ancillary Services Market Data

Regulation: PJM
Synchronized Reserve: PJMDay-Ahead Scheduling ReserveNon-Synchronized Reserve

Black Start Revenue Requirements


December XLS 1.8.2018
November XLS
September XLS
August XLS 9.7.2017
July XLS 8.9.2017
June XLS 7.7.2017
May XLS 6.6.2017
April XLS 5.4.2017
March XLS 4.10.2017
February XLS 3.3.2017
January XLS 2.3.2017

Past Years

2016 | 2012-2015 ZIP

Contact PJM

Other Contacts


(866) 400-8980
(610) 666-8980

Credit Group
Market Settlements Group
Cash Management Group


PJM Settlement, Inc. - Credit

New to Billing, Settlements & Credits?

Market Settlements/Billing FAQs 
Guide to Billing: PDF| WEB
Monthly Billing Statement Example
Quick Reference Guide to Market Settlements by Type of Business PDF
Subscribe to the Bill Notice Email List


How billing, settlements and credit work at PJM
Market Settlements 101
Market Settlements Advanced

Market Settlements Subcommittee (MSS)

Upcoming Meetings | Past Meeting Materials
Issue Tracking 
Subscribe to the MSS email list 

Weekly Billing Calendars

Learn how to add the Market Settlements Billing schedule to your personal calendar

June 2018 - May 2019 PDF 
June 2017 - May 2018 PDF

All dates - Web version 
PJM Business Holiday Calendar: 2018 | 2017 PDF
Holiday Deadline Extensions: 2018 | 2017 PDF


M-27: Open Access Transmission Tariff Accounting
Current PDFRedline PDF
M-28: Operating Agreement Accounting
Current PDFRedline PDF
M-29: Billing
Current PDFRedline PDF


Operating Agreement PDF
Open Access Transmission Tariff PDF

Seams Elimination Charge/Cost Adjustment/Assignment (SECA) Refund Report Filing Attachments - 9.18.2017

Final SECA Refund Report PDF
SECA Refund Reporter: 9.15.2017 | 10.2.2017 | 10.31.2017 XLS
Attachment A - SECA Refund Report - User Guide PDF
Attachment B - SECA Settlements Chart PDF