Real Time Electricity Market launched by Indian Energy Exchange
On June 1, 2020, Indian Energy Exchange launched Real Time Electricity Market (RTM). The main aim of the launch is to help discoms plan their power requirements.
Working of the market
The market will conduct 48 auction sessions during the day and the power will be delivered within one hour of closure of the bid session. The market, thus, will help distribution companies manage their power demand-supply variation. It will also help meet power supply needs in a better way.
About Real Time Electricity Market
The market aims to allow power utilities manage their demand dynamically. It will help to save huge deviation-related penalties. Also, it integrates renewables in an effective way. The market will facilitate utilities reduce their dependency on deviation framework. This will help save huge penalties.
The RTM will also help grid operators enhance renewables by facilitating the discoms manage their challenges of intermittency that are associated with renewables. The RTM will help the discoms forecast and schedule green energy. This will help India achieve its target of 175 GW of renewable energy by 2022.
India Energy Exchange
India Energy Exchange is an electronic system that is regulated by the Central Electricity Regulatory Commission (CERC). It was started in 2008. The exchange has participants from various platforms that includes power producers, State Electricity Boards, power traders and open access consumers.
Central Electricity Regulatory Commission
It is a statutory body that was set up under the Electricity Act 2003. It is Quasi-Judicial Body. Quasi-Judicial body is a non-judicial body that can interpret law.
The Commission was constituted mainly to regulate the tariff on power generating companies that are controlled or owned by GoI.