Obtain the ISO's settlement statement files (available from ISO portals like PJM, CAISO, MISO, NYISO, ISO-NE) for the relevant settlement interval; these are typically published as CSV or XML files accessible via market participant portals after each settlement run.
Map each settlement line item to the correct pricing node (pnode), settlement point, or hub using the ISO's published node reference tables; a single physical meter may settle against different nodes for energy, losses, and congestion components.
Reconcile the ISO-published LMPs against the settlement charges by multiplying the metered MWh quantity by the LMP for each interval and node; compare the result to the 'charges' column in the settlement statement to validate — differences indicate either loss factors, uplift charges, or data misalignment.
For congestion revenue rights (CRR) or financial transmission rights (FTR) reconciliation, cross-reference the congestion component of the LMP (MCC) at the source and sink nodes against the ISO's CRR settlement reports, which are typically published on a separate schedule.
Track the settlement timeline: ISOs publish initial, final, and sometimes re-settlement statements days to months after the operating interval — build your data model to handle multiple settlement versions per interval and flag which version is current.
Known gotchas
LMP published in real-time market data is not the same as the LMP used in settlement; ISOs often use a slightly different pricing run (e.g., ex-post vs. ex-ante) for settlement, and the values can differ — always use the settlement statement's embedded LMP, not the real-time public LMP feed, for financial reconciliation.
Nodal price aggregation into hubs or load-zone prices uses load-weighted averaging, and the weights change each interval based on actual load distribution; using simple averages of nodal prices instead of load-weighted averages will produce hub prices that do not match the ISO's published hub LMPs.
Operating reserves and uplift charges are allocated separately from energy and are typically not reflected in the LMP; settlement statements include uplift line items that are not forecastable from LMP data alone — omitting uplift from total cost models systematically understates settlement costs.
Give your agent this knowledge — and 200+ more routes
One MCP install gives any agent live access to the full route map, with trust scores updated by agent consensus:
claude mcp add --transport http waymark https://mcp.waymark.network/mcp