The Power Minister said that RTM is an organised market platform to enable buyers and sellers pan-India to meet their energy requirement closer to real time of operation
Introduction of RTM will bring required flexibility in the market to provide real time balance, while ensuring optimal utilisation of the available surplus capacity in the system, he added
New Delhi: Power Minister RK Singh formally launched pan-India RTM (Real Time Market) in electricity through video conference in New Delhi on Wednesday. The launch of the RTM has placed the Indian electricity market amongst the league of a few in the world which have real time market. Speaking at the event, the Power Minister said that RTM is an organised market platform to enable buyers and sellers pan-India to meet their energy requirements closer to real time of operation.
“Introduction of RTM will bring required flexibility in the market to provide real time balance, while ensuring optimal utilisation of the available surplus capacity in the system. It will also help manage diversity in the demand pattern in the country with an organised market at national level,” said the Ministry of Power in an official release.
RTM will benefit both discoms and gencos
RTM would be for every 30 minutes in a day based on double-sided closed auction with a 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 RTM 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 RTM 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 discoms. National Load Despatch Centre of POSOCO is facilitating necessary automation in coordination with power exchanges to ensure faster transactions and settlements in the real time market framework.
The Hon'ble Minister for Power & New and Renewable Energy, Shri R.K. Singh has launched Real Time Market for Power Trading. pic.twitter.com/Wv6TYinijn
— Office of R.K. Singh (@OfficeOfRKSingh) June 3, 2020
‘RTM would mitigate challenges posed by RE generation to grid management’
“The government’s target of 175 GW RE capacity by 2022 is driving accelerated renewable penetration pan-India. The real time market would help to mitigate challenges to grid management due to intermittent and variable nature of renewable energy generation and therefore, help to integrate higher quantum of renewable energy resources into the grid,” the ministry said.
It is expected that shorter bidding time, faster scheduling, and defined processes (eg gate closure) are expected to enable the participants to access resources throughout the all-India grid, promoting competition. It would lead to better portfolio management by utilities with efficient power procurement planning, scheduling, despatch, and imbalance handling.