Power regulator CERC has extended the trading session time up to 24 hrs a day on energy bourses IEX and PXIL to help optimum utilisation of capacities by producers and distribution companies.
In its order, the Central Electricity Regulatory Commission (CERC) has directed the Power Exchange of India Limited (PXIL) and Indian Energy Exchange (IEX) to start operation of extended market session by August 1.
However, the two exchanges have already extended their market sessions.
"We expect the market to greatly benefit the distribution companies and generators manage and balance their systems better. The market will also facilitate the utilities in large-scale integration of renewable energy, especially wind and solar capacities as also envisaged by the government," IEX said in a statement.
Following the CERC order, the IEX started offering trading in 24 hourly day-ahead contingency contracts and intra day contracts on a daily basis from July 20.
At IEX, the intra-day market session were open from 1000 hrs to 1700 hrs till July 19, which would now be operational between 0030 hrs to 2300 hrs.
PXIL has also revised its market session time to 0000-2400 hours from July 20 from 0800 hours to 2000. That means the market session would be open round the clock at the bourse.
PXIL MD & CEO M G Raoot said: "We have already operationalised the availability on our Exchange platform from Monday 00:00 hrs. The 24x7 product will help in a great way to manage the contingency requirements of market players under strict demand side management.
"This product is on a bilateral basis wherein the sellers and buyers will come on the exchange platform and mitigate their needs.
