Under the terms of MARIA, each retailer aggregates customer metering data (adjusted for local losses). The aggregated data is then passed on to the National Reconcilitation Manager, and is reconciled with metering information from Generators and the Grid Operator. Reconciled quantities are then passed on to the Clearing Manager to calculate the amounts owed and to whom.
With reference to the settlement process, the step in which the settling entity, such as the IMO or a Municipal Electric Utility, determines through reference to metered data the actual vs. scheduled levels of electricity generated or consumed. Reconciliation also includes the calculation of market clearing prices and the subsequent determination of all moneys owing in the IMO-administered markets.