The total compensated value from the test mode screen on an ION meter represents the sum of the phase kw MU (metering units) from the meter. This number will match the total KW listed if the compensation function is disabled. If the compensation value is enabled and set correctly, the total compensated value will be representative of the total KW taking compensation into account.
Metering units are the readings that the meter is directly reading negating any CT/PT ratios.



As an example:
A meter is programmed to use a one to one (potential/voltage transformer) ratio and a CT (current transformer) ratio of 600:5.
The primary readings from the meter are 208V L-L/120V L-N and the current was 300A per phase. The total compensated value would be calculated using the metering units. The metering units would be:
Voltage line to line = 208V (no transformer ratio)
Voltage line to neutral = 120V (no transformer ratio)
Per Phase Current = 2.5A This was calculated by maintaining the ratio(the same calculation would be performed for the PT's):
(600/5) = (300/x)
120 = (300/x)
120x = 300
x = (300/120)
x = 2.5
(This is assuming that all per phase currents are the same, if they are not the calculation would need to be performed on each phase)

kw A = 120V * 2.5A = 300W = 0.300 kw
kw B = 120V * 2.5A = 300W = 0.300 kw
kw C = 120V * 2.5A = 300W = 0.300 kw
kw total = kw A + kw B + kw C
= 0.300 + 0.300 + 0.300
= 0.900 kw (Keep in mind this value is in metering units, this is the value that the inputs of the meter is seeing directly negating CT and PT values.)
The kw total calculation will be the same value that is listed as the total compensated value.