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Home News Power Sector News PXIL - India's Second power exchange launched

PXIL - India's Second power exchange launched

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Second power exchange of India, Power Exchange India Ltd (PXIL) was launched on 10-11-2008Second power exchange of India, Power Exchange India Ltd (PXIL) was formally inaugurated on 10-11-2008 by central Power minister Sri. Sushil Kumar Shinde. PXI received regulatory approval from Central Electricity Regulatory Authority (CERC) on 30th September 2008 to begin operations. After receiving the final nod from the National Load Despatch Centre, the apex body of the country grid operator, PXI has successfully started its operations on 22nd October 2008.Although India's first power  exchange, Indian Energy Exchange (IEX), went live on 27th June 2008, it could not obtain considerable power for trading as India is basically facing heavy power shortage. Presently, power exchange handles less than 0.5% of total power generation in the country.

“Due to transparency in the operations, the exchange will send a stronger signal for bringing fresh investment to the power sector,” Power Minister Sushil Kumar Shinde said while speaking on the occasion of the launch.
But, the head of the India's first power  exchange, Indian Energy Exchange(IEX), Jayant Deo, feels the entry of too many players will make "survival difficult for all," in a market where volumes are very low.

"Power is the sector which is growing. It is true that the volumes are very low and will remain low for next two to three years. We  expect it will rise 30-40 times from the current about 1,000 megawatts," said Rupa Devi Singh, chief executive officer of the Power Exchange India Ltd (PXIL). 

India plans to expand capacity by over 78 gigawatts by 2012, a more than 50 percent rise over current capacity. About 15 percent of this capacity addition is for merchant sale and can be traded through exchanges, Singh said.

India is also planning a third exchange, promoted by power major NTPC Ltd, NHPC and Tata Consultancy Services. Less than 0.5 percent of power generated in India is traded at the moment, through negotiations and short- to medium-term contracts, despite the enormous potential provided by huge variations in demand in different regions of the vast country. Tradeable volumes at the existing power exchange are about 15 million units a day.

PXIL has been jointly launched by National Stock Exchange and the National Commodities and Derivatives Exchange. State-run Power Finance Corp, JSW Energy and GMR Energy and Jindal Power Ltd also have a stake in the Power  Exchange.

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