Invetech Launches Mobile App for Power Trading

Invetech Solutions, a startup company of the Mittals Group, has developed and launched India's first power trading app, Power Trading Solutions (PTS).

The company in a media statement said with enhanced security for bidding information and safety from data loss due to viruses, on the move access through mobile phones and decreased operational cost of bidding, PTS app will empower open access market on exchanges.

Power trading has become a major activity after enactment of Electricity Act 2003. One of the popular ways to sell-purchase power in the short run is through online bidding in the Power Exchanges.

"The need for this path breaking IT initiative is to ensure timely availability of information and data in this rapidly evolving market. The power trading mobile application PTS would take the concept of power exchange to the next level. It will be a great tool for effective management and optimal resource utilization," said SK Chaturvedi, Chairman, Joint Electricity Regulatory Commission (JERC) for the Union Territories (UT) and the State of GOA.

"We have designed this 'Power Trading App' to ease the Day Ahead Market (DAM) trading process and provide hands-on solutions, which gives users the freedom to bid anytime, anywhere. The PTS App will not only provide bidding flexibility and ease, it will help in effective management of power portfolio by taking timely corrective measures. It also provides latest power market information and clearing price with graphical comparison on the mobile platform. For intra day contingency market, the app would be very effective for the stakeholders to utilize the cheaper power options available on power exchanges," said Kulbhusan Mittal, Managing Director, Mittals Group.

The company plans to add more features like Intimation of Real Time curtailment of Short Term Open Access (Bilateral and/or Collective), online submission and processing of no objection certificate (NOC), incorporating various products of TAM (Intra Day, Day Ahead DA, Contingency Contracts, Daily & Weekly Contracts) & REC trade in new app.