Power Exchange India to re-launch 'day-ahead spot' contract in six weeks

'Day-ahead' is a closed auction in which both buyers and sellers quote their prices daily between 10 a.m. and noon for delivery the next day

Power Exchange India Ltd (PXIL), the electricity trading platform promoted by the National Stock Exchange (NSE) and National Commodity & Derivatives Exchange (NCDEX), is planning to re-launch ‘day-ahead spot’ contracts in the next six weeks.

A day-ahead contract is a double-side closed auction in which both buyers and sellers quote their prices daily between 10 a.m. and noon for delivery the next day, depending upon uniform price auction on 15-minute-time-slot basis.

Launched in 2008 with NSE, NCDEX and several large utilities as its shareholders, PXIL turned unprofitable and suffered great deal of attrition, due to which its networth turned negative