A pan-India real time market in electricity was launched by Minister of State (Independent Charge) R K Singh through video conference on Tuesday. This has placed Indian electricity market amongst a league of few electricity markets in the world, which have real time market, an official statement said.
Singh said that this real time market is an organized market platform to enable the buyers and sellers pan-India, to meet their energy requirement closer to real time of operation.
“Introduction of real time market will bring required flexibility in the market to provide real time balance while ensuring optimal utilization of the available surplus capacity in the system. It will also help manage diversity in the demand pattern in the country with an organized market at national level,” the statement said.
The proposed real time market would provide an alternate mechanism for Discoms to access larger market at competitive price. On the other hand, generators would also benefit by participating in the real time market with their un-requisitioned capacity. A mechanism has been provided for generators having long-term contract and participating in this market to share the net gains with the Discoms. National Load Despatch Centre-POSOCO is facilitating necessary automation in coordination with power exchanges to ensure faster transactions and settlements in the real time market framework, the statement added.
It is expected that shorter bidding time, faster scheduling, and defined processes are expected to enable the participants to access resources throughout the all India grid, promoting competition. It would lead to better portfolio management by the utilities with efficient power procurement planning, scheduling, dispatch, and imbalance handling, the statement said.