NCDEX, NTPC to float JV for power exchange in 15 days

NTPC, the country's top power generating firm, expects to float a joint venture firm with NCDEX, PFC and others by month-end for the purpose of setting up India's second power exchange.

NTPC Chairman and Managing Director T Sankaralingam said efforts are on to sign an agreement for the joint venture in the next 15 days.

"We have talked to all the promoters. We just have to sit and sign the agreement, which will be done in the next 15 days before the end of December," Sankaralingam told PTI.

Power sector regulator Central Electricity Regulatory Commission (CERC) had directed NTPC and NCDEX to form a separate company for the proposed power exchange.

When contacted, a CERC official said the commission has not heard from NTPC after it was suggested to float a separate company.

The National Stock Exchange, National Hydroelectric Power Corp and Power Finance Corp, along with NTPC and NCDEX, are expected to hold equal stake in the proposed firm.

CERC has also barred PowerGrid Corp from being a part of the power exchange, as it is a transmission utility, the official said. India Energy Exchange, the country's first electricity trading platform, was launched in November with Financial Technologies Group, Power Trading Corp, Tata Power, among others, as promoters.