On June 1, 2020, Indian Energy Exchange Limited (IEX), an electronic system based power trading exchange, has started a real-time (electricity) market (RTM) to meet the demand for electricity. This will enable the power companies to buy and sell electricity according to their needs only one hour before.
Who will get the Benefits?
Through this market, distribution companies (DISCOMS) and other consumers, including bulk customers consuming energy for personal use, will be able to buy electricity from the exchange just one hour before the supply.
How the platform works?
There will be 48 auction sessions throughout the day & the power delivery will be done within one hour of the end of the bidding session. This will help in reducing dependency in case of grid fluctuations for power companies.
Central Electricity Regulatory Commission: This market for the immediate purchase and sale of electricity is the result of the efforts of the Central Electricity Regulatory Commission (CERC). This new market will make the electricity market dynamic & will promote flexibility, competitiveness and efficiency in the power sector and the emerging needs will be met.
This will also help the centre’s target to achieve 175 GW of renewable energy by 2022.
About Indian Energy Exchange Limited (IEX):
Headquarters– New Delhi
CEO & Managing Director- Rajiv Srivastava