Power exchange attracts 100 firms

The Indian Energy Exchange (IEX), the country's first-ever power exchange, has received expressions of interest from over 100 companies in power and allied services for membership.

Of this, over 50 companies are likely to receive approval for trading in the first phase. The exchange is set to begin operations and online trading for its members on January 16.

Some of the companies who have expressed interest in the new exchange include PTC India, Tata Power Trading, Tata Power, Reliance Energy, Lanco, Adani, REC, IDFC, BGR Energy, Konaseema Gas Power, JSW Power Trading, DCM Shriram Consolidated, Monnet Ispat & Energy, among others.

In the first phase, IEX has also planned a training programme for its members between January 16 and 25. The training will be conducted by a team from OMX Technology, Sweden, which specialises in Nordpool-based trading system, the staff of Financial Technologies India, MCX and IEX. Nearly 200 participants from across the country are expected to be trained.

"The Indian Energy Exchange (IEX) will enable the true discovery of prices, better capacity utilisation and smoothen prices for consumers," said Joseph Massey, director, IEX.

IEX is promoted by Financial Technologies India and PTC India Ltd, and its other shareholders are Reliance Energy, Tata Power Company, Lanco Infratech, Adani Enterprises, REC and Infrastructure Development Finance Company (IDFC). The Multi Commodity Exchange of India (MCX) will provide the domain expertise.

IEX will have features such as closed auction with double-side bidding and clearing at uniform price. It is planning to offer products such as week-ahead, month-ahead, seasonal and one-year contracts along with OTC clearing in the second phase of operations.