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. 


Guide to Billing: PDF | WEB
Contains billing line items, charges/credits and references
Credit Overview & Supplement PDF
An overview of the credit policy and requirements, and supplement to the Open Access Transmission Tariff, Attachment Q
Tariff WEB | PDF - Attachment Q
Market Settlements Reporting System Reports Documentation
Drivers of Uplift
5-Minute Settlements
Update billing contacts in the Membership Management Community

Reconciliation Billing Determinants

Monthly | Hourly | Daily

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 InSchedule 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

June 2024 PDF    5.31.2024
January 2024 PDF    1.22.2024

Past Years

2023 | 2022 | 20212019 | 2018 (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

2024 PDF 11.15.2023
2023 PDF 11.15.2022
2022 PDF 11.16.2023
2021 PDF 2.8.2023

Past Years

2019 | 2018 | 2017 | 2016 PDF

Border Yearly Charge (Revised pursuant to FERC Settlement Order issued in Docket No. ER19-2105):

2024 XLS   12.1.2023
2023 XLS   12.14.2022
2022 XLS   12.14.2022
2021 XLS   12.14.2022
2020 XLS   12.14.2022

Transmission Enhancement Worksheets


June XLS 6.7.2024 
February XLS 2.6.2024 
January XLS 2.6.2024 

2022 Cost Allocation Updates – Docket No. ER23-1399

2022 Cost Allocation Updates XLS 6.15.2023 

Past Years

2023 | 2022 | 2021 | 202020192018 ZIP

Reactive Supply & Voltage Control Revenue Requirements

Reactive Supply and Voltage Control from Generation or Other Source Service Frequently Asked Questions PDF


May XLS 6.6.2024
April XLS 5.6.2024
March XLS 4.4.2024
February XLS 3.6.2024
January XLS 2.7.2024

Past Years

20232022 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


May XLS 6.6.2024
April XLS   5.6.2024
March XLS   4.4.2024
February XLS   3.6.2024
January XLS   2.7.2024

Past Years

2023 | 2022 | 2020 | 20192018 ZIP

Contact PJM

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

Other Contacts

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 2024 - May 2025 PDF
June 2023 - May 2024 PDF
June 2022 - May 2023 PDF

All dates - Web version 
PJM Business Holiday Calendar: 2024 | 2023 PDF
Holiday Deadline Extensions: 2024 | 2023 PDF


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


Operating Agreement WEB | PDF
Open Access Transmission Tariff WEB | PDF