Union Minister of Power and New and Renewable Energy R. K. Singh today launched a pan-India Real-Time Market in electricity through video conference in New Delhi. This initiative has placed Indian electricity market amongst a league of few electricity markets in the world, which have a real-time market.
Speaking on the occasion, Mr Singh said that real-time market is an organized market platform to enable the buyers and sellers pan-India to meet their energy requirements closer to real-time of operation.
He said, introduction of real time markets will bring required flexibility to provide real time balance while ensuring optimal utilization of the available surplus capacity in the system.
Real time market would be operational for every 30 minutes in a day based on double sided closed auction with uniform price.
The concept of “Gate Closure” has been introduced for bringing in the desired firmness in schedules during the hours of market operation. Buyers and sellers will have the option of placing buy and sell bids for each 15-minute time block.
The proposed real-time market would provide an alternate mechanism for Power Distribution Companies to access a larger market at a competitive price.