The exchange received bids for 13,176 mwph (mw per hour) of electricity on the first day and transactions took place in the price range of Rs 6.46-8.01 per kwh (kilowatt per hour), depending on the hour of trading. Power will be delivered tomorrow as the exchange is trading a day ahead currently.
Over 50 members and users have been identified for participation in the first phase. Power trading firms from Maharashtra, Tripura, West Bengal, Karnataka and Madhya Pradesh participated today.
"A transparent price mechanism would encourage power generation companies to add more capacity and attract new investments to meet India's growing power needs," said Jignesh Shah, chairman & MD, FTIL. The exchange's key stakeholders include Adani Enterprises, Infrastructure Development Finance, Lanco Infratech, Reliance Energy and Tata Power Co.
"The true spirit of the Electricity Act 2003 of creating a competitive power market has been initiated today through the IEX platform. Price discovery on the IEX physical market will provide a credible and secure reference price for other physical market trades in the power sector," said Jayant Deo, MD and CEO, IEX.
Trading on the exchange will aid price discovery on the national level and will bring much needed investment in this capital intensive sector. It provides a common marketplace with a nationwide reach and market-driven prices with payment security.
More From This Section
IEX is a spot exchange where actual demand and supply of power takes place and price discovery is determined on the basis of bids and offers during the transaction period. Commodity exchanges essentially trade in futures.
But IEX is a delivery-based exchange with PowerGrid managing the transmission and scheduling operations.