FAQ's

Power Trading

What is Power Trading ?

It is a platform on which buyers and sellers come together for trade. According to CERC guild lines.

What will be the contract for trading ?

In a day-ahead market, the hourly electricity contracts (in MW) would be traded. It would also be possible to add certain conditions of block bids, to additionally specify the continuous hours for which the bid should be accepted.

When do clients place their orders on an auction day ?

Members may place their orders during the bid-call period (10:00 a.m. to 12:00 noon) of the auction day.

How will the payments be made ?

All payments to be routed electronically through clearing banks authorized by IEX.

Who is elegible to trade on the exchange ?

Any consumer with Contracted demand of minimum 1 MW or a generator with installed capacity of minimum 1 MW is eligible to trade on the Exchange.

What is the Contract Size ?

Minimum Volume= 1MWH
Minimum Size= 15 Minutes
Minimum Bid Price: Tick Size= Re. 1/MWH
Minimum Volume: Tick Size= 0.1MW

What are the Preliminary Requirements for start of trade ?

  • Grid Connectivity either at 11KV, 33 KV, 66 KV, 132KV, 220 KV or 400 KV level.

  • Installation of special Energy meter & other auxiliary equipments as directed by SLDC, which records flow of energy, demand, Voltage & Average frequency at fifteen minute intervals.

  • NOC from respective SLDC in prescribed format.

  • Depositing annual subscription of Rs. One Lac per financial year to exchange against which exchange will provide a unique identification number which enables an applicant to start trading.

  • Depositing the margin money to IEX which equals to the Last seven days average trading obligation (Applicable for Buyers only).

Who are the Promoters of IEX ? Which are the Agencies behind It ?

Financial Technologies ( India) Ltd ( FTIL) and Multi Commodity Exchange of India Ltd ( MCX) are the promoters of IEX.

What is Indian energy exchange ?

Indian Energy Exchange ( IEX) is India’s first ever, nationwide, automated, and online electricity trading platform , where number of Buyers and Sellers or Consumers and Generators come together on a common ground and trade in hourly electricity contracts. It is a new concept of Power trading introduced in India under the approved guidelines of Hon. CERC.

How can i become a client of the exchange ?

You can become a client of any existing Professional Member like Manikaran Power Ltd. When you choose to become a client of an existing Professional member, you need to pay the Annual Membership Fee of Rs.1,00,000/- plus 10.30 % Service Tax to the Exchange through the Member. Against this Fees, IEX will issue you a Unique Identification Code, which makes you eligible to trade Power on the Exchange. This membership is to be renewed every year.

How the Billing be done ? Is it same as state board – after 30 days ?

No. Electricity purchased on the Exchange Platform is a “Pre-paid “ electricity. You pay today, for bidding tomorrow, for delivery of power the day-after.

When will I come to know if my volume is passed ?

We send you the OBLIGATION REPORT on the same day of trading at around 4.30p.m. which will show the volume and the hours for which it is cleared, and the market clearing price. This report is generated by IEX and sent by us on your official e-mail id. We will also send you the POWER SCHEDULE REPORT by around 6.30 p.m, which will show the actual drawl/injection allowed at your interface point after the transmission losses.

What are the preliminary requirements to start trade on the exchange ?

a) Grid Connectivity either at 11 KV, 33 KV, 66 KV, 132 KV, 220 KV or 400 KV level. Most of the states insist on a dedicated grid connectivity.

b) NOC from the concerned SLDC in the prescribed Format PX1 and c) Installation of Special Energy Meter and other auxiliary equipments as directed by the SLDC , which records your drawl/injection in 15min intervals. The Availability Based Tariff Meter ( ABT Meter) is programmed to record flow of energy, demand and voltage.

Do I have to make any Technical changes in order to purchase power from the exchange ?

You will have to install Special Energy Meter ( ABT Meter) of 0.2s accuracy or as specified by the concerned SLDC and change the existing CT / PT to be compatible with it.

But I already have a meter installed. Why should I change It ?

The Meter that you have presently may be a TOD Meter, which records your consumption at hourly intervals, and it is 0.5 accuracy. The Special Energy Meter ( ABT Meter) is programmed to record injection/drawl of energy, demand, voltage and average frequency at 15 mins interval.

Suppose that I have Purchased power form the exchange, but due to any reason, I am not able to consume the same during those hours, then in that case what happens ?

When you purchase Power from the Exchange, you need to consume the same during those particular hours only. If by any reason, you are not able to consume Power during that period, the same is recorded by the ABT Meter and at the end of the month, when final readings are calculated, you should get the credit as per the UI Mechanism for Under Drawl, or as per the rules of your State. In some states in case of under drawl EB does not compensate and hence you lose the power.

Timeline for Scheduling & Settlement ?

TIME DETAILS
9.00 AM Collection of ATC from NLDC/RLDC & display the information on IEX website and also to be used as an internal input (master) for scheduling.
10.00 AM to 12.00 PM Bid - Call session
11.00 AM Funds pay out pertaining to day before previous days transaction for sellers.
12.00 PM to 12.30 PM Exchange to determine MCP & match the orders.
12.30 PM PROVISIONAL MCP & MCV
12.30 PM to 1.00 PM Communication to bank to Confirm & block the funds pay in from buyer member’s settlement account. Communication to NLDC/RLDC for transmission capacity.
1.30 PM Exchange will receive confirmation from bank for availability & blocking of clear balance along with a note on shortages.
2.30 PM In case if the member brings in funds in his settlement account afterwards (members who were reported as short), the bank will confirm it to the exchange.
3.30 PM NLDC/RLDC will confirm the transmission capacity
4.00 PM Exchange will generate FINAL MCP & MCV
4.00 PM to 4.30 PM Dispute period
4.30 PM File sent to banks for actual debits Exchange releases the trades schedule to the NLDC/SLDC
4.45 PM Confirmation file received from bank
5.00 PM NLDC/RLDC will confirm the final ATC & confirm the schedule if any

What are the loses to be adjusted ?

In day ahead marked, both buyers & sellers are to adjust the losses up to their regional periphery. RLDC will adjust the CTU & STU loses at the time of scheduling.

Alka Power