PXIL launches Green Term Ahead Market
Power Exchange India Ltd (PXIL) has launched the Green-Term Ahead Market (GTAM) on its transaction platform. The development took place after receiving approval from the Central Electricity Regulatory Commission (CERC).
The Green Term Ahead Market contracts to allow the RE generators the flexibility to map their generation profile and at the same time purchasers have an avenue to meet their Renewable Purchase Obligations (RPO) requirements. GTAM platform plans to lead to an increase in the number of participants in the renewable energy sector and benefit buyers of RE through competitive prices and transparent and flexible procurement. It will also benefit RE sellers by providing access to the pan- India market.
PXIL aims to offer trade in two types of green term-ahead contracts, intra-day contracts and any-day contracts in both solar and non-solar segments. Intraday contracts are structured as a static contract (pre-defined delivery slots to place bids) and anyday contracts are structured as dynamic contracts (user selected slots for delivery during the day as well the days of delivery). The combination of the contracts covers the delivery period starting from a few hours upto 11 days from the trade.
To familiarise the market participants about the product and its features, PXIL conducted two virtual mock sessions attended by more than 20 members and clients representing utilities, OA Consumers, RE generators and traders. Vedanta SEZ and Himachal Pradesh SEB were amongst the first set of participants in this segment. Currently, PXIL holds above 60% market share on an average in the Term Ahead Market segment which is expected to increase with the launch of GTAM.
PXIL’s electronic transaction platform facilitates the trading of electricity at a national level.
Written from a news release.