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Central Electricity Regulatory Commission (CERC) has issued an order approving the introduction of the Real Time Market (RTM) Contracts at Indian Energy Exchange Ltd (IEX).
Indian Energy Exchange Ltd. (IEX) filed a Petition for approval of introduction of Real Time Market (RTM) contracts on IEX platform and corresponding amendment in the Business Rules of IEX.
The Commission heard the petition on 12.03.2020 and issued the ROP of the hearing directing the petitioner to upload the Petition in its website for seven days for inviting comments from all stakeholders and general public on the proposed RTM contracts. The Commission also directed the petitioner to file the comments of the stakeholders and replies to the comments on or before 23.03.2020. The Commission, thereafter, heard the petition on 20.05.2020.
Following the directions of the Commission, the IEX has submitted the designed real-time contracts with following contract specifications:
The above contract specifications are detailed out in Schedule E of the revised Business Rules under the heads of eligibility of participation, risk management, bidding mechanism, price discovery methodology, auction timing, scheduling, delivery, transmission congestion management, Deviation Settlement Mechanism, timelines, contract specifications etc. IEX also submitted that the timelines of intraday contracts will not overlap with the timelines of RTM contracts.
The Commission has examined the RTM contract specifications and observed that the design of RTM contracts submitted by IEX is aligned with Power Market Regulations, Open Access Regulations and Indian Electricity Grid Code Regulations and that it has been suitably incorporated in the draft revised Business Rules that is specific to RTM Contracts.The Commission approves the proposed RTM Contracts made by IEX and order it to be incorporated in the Business Rules of IEX .
The commission directed IEX to follow the “Detailed Procedures for Scheduling of Collective Transactions through RTM” issued by POSOCO from time to time and also to submit a report on the functioning of RTM on IEX platform after one month from the date of issue of this order.
On 28th May the commission has already decided the allocation of transmission corridors between the power exchanges for implementation of Real Time Market in electricity.