Minister of Power R K Singh launches green day-ahead market

On Monday, Minister of Power RK Singh launched the green day-ahead market (GDAM) in a proposal to further develop the electricity trade in India. The Power Ministry said in a statement that the launch will also render competitive price signals, besides allowing the market participants to trade in green energy in the most transparent, flexible, competitive, and efficient manner. During the launch, RK Singh said that they are opening doors for renewable energy. In this new age of continuous reforms comprising the launch of GDAM, any interested party can install and trade renewable energy. Advantages of free ISTS (inter-State transmission system) will be available for renewable energy, and open access will be available within 15 days, he said. He further added that the big enterprises could go green, and the government would make attempts to make business simpler and GDAM is a move in that direction. The minister further said that the nation requires it to reduce its dependence on imported sources of fossil fuel. He added that the Centre is working to execute the Green Hydrogen Mission under the leadership of Prime Minister Narendra Modi. The market-based competitive costs will render another option to renewable generators to trade power and expedite the renewable capacity addition towards the Government’s idea of developing India as a sustainable and efficient energy economy. The distribution utilities would also be able to trade surplus renewable power produced in their area. The obligated entities (distribution licensee, open access consumers and captive power consumers) would additionally be able to meet the RPO goal by directly purchasing green power from the power exchange(s). The non-obligated entities will be able to acquire power voluntarily and help improve the share of green power. Image Source