PTC India Limited (PTC), the leading provider of power trading solutions in India, is a Government of India initiated Public-Private Partnership, whose primary focus is to develop a commercially vibrant power market in the country. PTC was born on 16th April 1999 out of the need for an institution which would provide credit risk mitigation to private power project developers. At a point in time when no private player was willing to venture into this arena, the Government initiated the inception of the company. The trading activities undertaken by PTC include long term trading of power generated from large power projects as well as short term trading arising as a result of supply and demand mismatches, which inevitably arise in various regions of the country. Today, the company is not just the leading power trader in the country, but has also diversified into the unique role of being a Complete Energy Solutions Provider.
The Company commenced its business on 15th July of the year 1999 with initial contribution from POWERGRID, NTPC, PFC and Individuals. The development agreement for the project Hirma Mega Power Project (6x660 MW) - Orissa, on the lines of Memorandum of Understanding (MoU) was signed during September of the year 2000 in Washington DC. At first time that the company had entered into Power Purchase Agreement (PPA) in the year 2000-01 with a generating company in a state and a private sector company for inter-regional / interstate trading of power and also during the same period PTC notified as the Nodal Agency for exchange of power between India and Nepal. An agreement was signed in February 2001 between the company and the West Bengal Power Development Corporation Ltd. (WBPDCL) in Eastern Region for purchase of power up to 200 MW for supply to the neighbouring regions.
Since July 2001, PTC had started trading of power on a sustainable basis; it provided the best value to both the buyers and sellers while ensuring optimum utilization of resources. During the year 2002, the company had purchased office accommodation in the NBCC Tower at Bhikaji Cama Place to shift its registered office. PTC had shifted its focus from very large power projects to small and medium sized projects in the year 2002-03 that are promoted by IPPs. And also in the same year of 2002-03, MoUs had been signed with developers of projects like Lower & Middle Kolab hydro power projects in Orissa, Samal hydro power project in Orissa, Vemagiri Gas based Project in Andhra Pradesh, besides those of large projects like Maithon Thermal Project in Jharkhand and West Seti Hydroelectric Project in Nepal. The Company made its Initial Public Offering (IPO) in the year of 2004 and also in the identical year PTC had structured innovative products to address the opportunities across all time-epochs.
PTC had conceptualized various product modules for sale of surplus power namely Round the clock, Evening peak, Night Off-Peak, Afternoon Off-Peak, 18 hours a day Off- Peak etc. with variation in price to meet the requirements of customers. The Company took its first decision on acquisition of an equity stake in generation in the 330 MW LANCO Amarkantak Power Project during the year 2004-05. PTC had entered into an agreement with SWECO Groner AS, Norway in September of the year 2005 for cooperation in the field of 'Nordic Power Market Experiences and their Relevance for the Evolving Power Market in India'. In 2006, the company had entered into long-term Power Purchase / Sale agreements for five projects totaling a capacity of 4000 MW and also the Lanco Amarkantak project in Chhattisgarh, where PTC had previously picked up an 11% stake, achieved financial closure and entered the construction phase.
India Infrastructure Finance Company Ltd and PTC had signed an MOU in May of the year 2007 to facilitate, encourage and promote the development and construction of power projects, including thermal, hydro and other sources. The Company, Indian Renewable Energy Development Agency Limited (IREDA) and PTC India Financial Services Ltd. (PFS) had entered into MoU to provide a range of services for both fee and fund based activities and off-take & marketing of power focused upon renewable energy projects, it was signed in April 2008.