Indian Energy Exchange has launched the much-awaited Real-Time Electricity Market (RTM) on its platform effective 01 June 2020.
The real time market is an endeavor by the regulator, CERC, to make the power market dynamic by enabling trade in electricity through half-hourly auctions. There will be 48 auction sessions during the day with delivery of power within one hour of closure of the bid session.
The market will greatly aid the distribution utilities to manage power demand-supply variation and meet 24×7 power supply aspirations in the most flexible, efficient, and dynamic way. The utilities presently manage unplanned changes in schedule through the Deviation Settlement Mechanism and in the process, end up paying penalties.
RTM will facilitate utilities to reduce dependency on deviation framework and save on the huge penalties. It will also support the grid operators to enhance overall safety and security of the grid.
With the fast-paced shift towards renewable energy, RTM will facilitate the distribution utilities to manage the challenge of intermittency associated with renewables. The market will help the utilities and system operators to forecast and schedule green energy in an effective way thereby supporting the national green energy aspirations towards building India as a sustainable green energy economy.
RTM would also provide an opportunity to generators to sell their unrequisitioned capacity thereby enabling efficient use of generation capacity.
IEX’s RTM is powered by the state-of-the-art technology and features double-sided closed auction to ensure transparency, competitive price discovery, and a seamless trading experience to the market participants.