This has placed Indian electricity market amongst a league of few electricity markets in the world, which have real time market.
While speaking at the event, Power minister RK Singh highlighted that 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.
Real time market would be 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/sellers shall have the option of placing buy/sell bids for each 15-minute time block. 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.
This story is from the June 2020 edition of Coal Insights.
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This story is from the June 2020 edition of Coal Insights.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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