IEX's Indian Gas Exchange secures authorization from PNGRB

The regulatory authorization reaffirmed Indian Gas Exchange (IGX)'s commitment to provide neutral, transparent price discovery platform and foster gas markets in the country.

IGX on Thursday announced that it has secured the necessary authorization to operate as a Gas Exchange as per the provisions of the Petroleum and Natural Gas Regulatory Board Regulations, 2020 for a period of 25 years. IGX is incorporated as a wholly owned subsidiary of Indian Energy Exchange (IEX).

IGX currently offers trade in five contracts namely: daily weekly, weekday, fortnightly and monthly at three physical hubs at Hazira and Dahej in Gujarat and KG Basin in Andhra Pradesh. The exchange has since received encouraging response from all stakeholders and will shortly commence trading with over 500+ registered clients and 14 members. Since its launch on 15 June 2020, the platform has cumulatively traded 74,600 MMBTU. Through its robust value proposition such as transparency, flexibility, settlement, delivery facilitation and competitive price discovery, it aims to set competitive price benchmarks in the Indian gas market.

IEX is India's premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy, renewable energy certificates and energy saving certificates.

IEX's consolidated net profit declined 9.2% to Rs 44.34 crore on 5.1% increase in net sales to Rs 70.92 crore in Q2 September 2020 over Q2 September 2019.

Shares of IEX closed 0.07% lower at Rs 217.70 in yesterday's trading session.

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