Indian Energy Exchange received an overwhelming response from participants on the first trading day on its newly-launched Real Time Market (RTM).
The launch witnessed the participation of more than 80 market participants.
The new market segment was operationalised at the IEX platform at 10:45 PM on May 31, 2020 for delivery at 12:00 AM on June 1, 2020.
The launch witnessed the participation of more than 80 market participants including all major distribution utilities and generating companies. It also saw participation from industrial customers through open access, which indicates high interest from this segment of consumers as well.
The real time market traded 3.41 MU (million units; one unit = 1 kwh) volume in 48 auction sessions on day one of the launch. The platform witnessed significant sell-side liquidity at about 10-times of the total buy volume leading to very attractive prices for the buyers. The average price discovered on day one was Rs 1.55 per unit, the auctions saw the price go as low as Rs 0.10 per unit on the platform.
This reinforces IEX’s belief that real time trading of electricity would significantly help utilities and open access consumers manage power demand-supply variation and meet 24×7 power supply aspirations in the most flexible, efficient, and dynamic way.
The Real Time Market will support the utilities in reducing dependence on grid deviation framework, reducing penalties and enable a safe and secure grid.
The Real-time Market will make the power market more dynamic by enabling trade in electricity through 48 half-hourly closed double-sided auctions during the day, with delivery of power within one hour of closure of the bid session.
(Featured photograph for illustration only)
