The Electricity Act 2003 opened the power sector to multiple players by providing for a power market replete with competition, Mrs Rupa Devi Singh, MD&CEO, PXIL, informs R Srinivasan.Kindly give us an overview of the importance of power trading and exchanges in a power-deficit economy and what are the key trends in this segment? India has committed itself to creating a competitive power market by undertaking a series of reform initiatives, starting with an umbrella legislation, enabling policy framework as well as progressive regulatory guidance and support. The development of competitive markets is largely dependent not only upon de-regulation but also upon the creation of efficient marketplaces. Establishment of a power exchange in India is one such initiative that completes the value chain in India's move towards deregulated, efficient and vibrant power markets.Our country faces an overall power-deficit, which is also reflected in the numbers published by the Central Electricity Authority (CEA). However, on any day of trading, there is a combination of surplus and deficit entities that vary at different points of time throughout the day. Since the smallest level of control is at the state level, various entities need a platform to plan portfolios and remove disparities. Following the Electricity Act (EA) 2003, traders played a key role by acting as intermediaries, allowing buyers and suppliers to interact. However, the actual effect of a common marketplace began to emerge with the start of the exchanges in 2008, wherein the exchanges provided an electronic platform.The exchanges, over the last three years have also shown that it is possible for small entities like industrial consumers and power producers to participate directly in a national-level marketplace to meet their demand-supply requirements. Therefore, the presence of trading and exchanges in the Indian market has allowed for optimisation of available generation capacity at a national level, which otherwise would not have been possible. In addition to providing an efficient, transparent and equitable platform, the exchanges provide price signals for bilateral trades. They facilitate participants with access to the physical market free of cost and eliminate credit risks by becoming counterparty to all the trade.Some key trends are:
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