New Delhi: PXIL (Power Exchange of India Ltd) launched daily, weekly and monthly contracts for meeting power trading requirements for up to 90 days ahead on Monday. The introduction of daily, weekly and monthly contracts is in line with the approval granted by the Central Electricity Regulatory Commission (CERC) on June 7, 2022.
"PXIL introduced the Daily, Weekly and Monthly Contracts' in 'PRATYAY' system today, enabling market participants to meet their power trading requirements for period upto 90 days / 12-Weeks / 3-month ahead," a company statement said.
The price discovery for these contracts will be through a uniform price matching mechanism through an open auction system.
The delivery under daily contract would commence from 'T+2' up to 'T+90′ days ahead, with T' being the day of transaction.
The delivery under weekly contract would commence from week-1 to week-12, considering the week in which transaction occurs as week-0. Delivery under monthly contract would commence from month-1 to month-3.
These new contracts introduced in PXIL's proprietary transaction system 'PRATYAY' are double-sided open auctions enabling market participants to manage their portfolios efficiently and transparently for a long duration, it added.
These contracts will enable participants to transact in conventional power.
PXIL shall shortly introduce these contracts for transacting in solar, wind, hydro and other types of renewable sources, enabling buyers to meet their Renewable Purchase Obligations as well.
PXIL is promoted by the National Stock Exchange (NSE) and National Commodity & Derivatives Exchange (NCDEX).
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