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CERC Gives Operational Approval For Country’s Third Power Exchange, Hindustan Power Exchange Limited


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  • In a recent order central electricity regulatory commission (CERC) gives permission to country’s third power exchange, Hindustan Power Exchange Limited (HPXL), for commence its operation. 


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On may 2021, after granting registration to HPXL for establish and operate a power exchange in India, the commission asked for further compliance in terms of getting approval on Bye-laws, Rules and Business Rules and the technology including trading software to start operation in the country. Subsequently, in response to a new petition by HPXL, the commission gave approval to the Bye-laws, Rules and Business rules of HPXL. Further, for approval of the exchange’s proposed transaction platform, HPXL filed a separate petition with audited report of the proposed software’s algorithm. All of the above criteria for getting approval for commencing operation by the commission is according to the terms of Power Market Regulation, 2021 (PMR 2021).

Submission Of Petitioner :

Salient features of the proposed software submitted by HPXL are given below.

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a. The trading platform designed to provide the member admin terminal, trader workstations to its members and admin terminal to the exchange users. It is enabled with standard security protocols and real time surveillance.

b. The trading platform have the capability to monitor trading margin utilization of trading members and participants with continuous checks on their exposure limits and availability of funds.

c. The transaction platform provides the price discovery for different types of contracts based on matching methodology given below.

ContractsPrice Discovery Methodology
Day Ahead Market and Real Time Market (DAM & RTM)Double sided closed bid uniform price auction with congestion management module
Intraday, Day Ahead ContingencyContinuous matching
Daily & Weekly ContractContinuous Matching
RECs & ESCertsDouble sided closed bid
uniform price step

Deloitte, an independent 3rd party auditor, conducted audit on all of the methodologies with different probable scenarios, with no significant deviation between price and quantity computed by trading algorithm and manual re-computation.

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d. The clients and members of the Power Exchange are to be assigned with unique code with the maximum length of 15 characters.

e. The transaction system has been set up both at the Primary Site and Disaster Recovery site. In case of any exigency, Primary Site will switch over to Disaster Recovery site which has all the facilities for allowing bidding and related works.

f. Technologies of the transaction platform and different modules :

For DAM & RTM: Frontend – Dotnet framework 4.6.2; App Server – Core Java (OpenJDK 14), JSP, REDIS 6.2.1 or above, Tomcat; Database – Microsoft SQL Server (Version can be taken from SysAdmin team); OS – Windows for App Servers & Redhat Linux 7.x.

For TAM, Intraday, Day Ahead Contingency: Frontend – JSP / HTML / Dotnet framework 4.8; App Server – Java (JDK 1.8+), JRE 1.8+, HTML, JSP, Tomcat; Database – Microsoft SQL Server, MS SQL 2019; OS – MS Windows OS 2019.

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For RECs & ESCerts: Frontend – Dotnet framework 4.8; App Server – IIS; Database – Microsoft SQL Server, MS SQL 2019; OS – MS Windows OS 2019.

Commission’s Decision :

After observing all submission by the petitioner, commission gave approval for commencing operation to the new power exchange, HPXL. Commission also directed HPXL to charge transaction fee in line with CERC PMR 2021 regulation till the commission decides on the transaction fee.

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