New Delhi: Power Minister RK Singh has said that the commencement of green market has positioned India amidst the league of nations with developed electricity markets. Singh formally launched Indian Energy Exchange's (IEX) green energy term-ahead market on September 1 during a virtual event organised by the Ministry of Power. "The markets are aligned with the Honorable Prime Minister's vision to build India as a sustainable Energy Economy. Going forward, we expect introduction of several new and innovative market products to deepen the green markets as well as work on integration of storage and other new technologies towards assuring round the clock and firm renewable energy. The government is pro-actively working with the stakeholders in this direction," the minister said in his keynote address.
"The Ministry of Power and Ministry of New and Renewable Energy will continue to focus on strengthening our energy market, given the advantages like competitive prices, transparency, flexibility, and payment security that it offers. The distribution companies are also moving towards the short-term market and do not want to be tied down under long-term contracts." added the Honorable Minister.
Power Secretary Sanjeev Nandan Sahai said, "The launch of green markets is a significant development for the energy ecosystem. The markets besides offering payment assurance for the renewable energy generators will be a good indicator to guide much needed investments in the renewable sector. We need to expand the renewable energy spectrum and introduce several market products to expand the market. Through various government initiatives, we have witnessed technological developments in the renewable market."
Speaking on the occasion Ghanshyam Prasad, Joint Secretary (Power) while welcoming the digital gathering said, "Today, we have achieved an important milestone for the energy sector and green market will play an instrumental role in growth of the renewables in India. We are confident that the green markets will accelerate the adoption of renewable energy in the country."
"The introduction of green markets will facilitate building a vibrant pan India-wide market in renewable energy. The generators will now be able to commit part capacity under PPA as well as sell the energy in the market. The recently launched real-time electricity market coupled with the green term-ahead market will offer distribution utilities to integrate renewable energy in an efficient manner. We are thankful to the government and the regulator for their continued support and we will work in collaboration to build vibrant power market in the country," said IEX MD and CEO SN Goel.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)