Mumbai, Sep 15(ANI): The Power Exchange India Limited (PXIL) on Tuesday launched its longer duration power products for the Indian power market at a function in Mumbai.
These 'Weekly' and 'Day-Ahead Contingency (DAC)' products will enable the market players in the Indian power market to buy and sell electricity up to a month in advance.
Speaking on the occasion, Union Minister of State for Power, Bharat Singh Solanki, said that the power exchanges would give boost to investment in the power sector in the country.
"The Power exchanges are a part of development strategy of the Government to carry on market reforms and build nationwide support of infrastructure for providing market access. This strategy will also encourage power companies to come up with more surplus emergent power capacities and also drive new investments to meet India's growing power requirement," Solanki said.
The minister also stressed that a variety of products on the power exchanges will help achieve grid stability.
"Power exchanges will enable the distribution companies to achieve a better balance between demand and generation on a day ahead basis. This is going to be helpful in stabilizing the grid frequency and reducing overdrawal from the grid," Solanki said.
Solanki, however, clarified that no existing Power Purchase Agreement (PPA) will be re-opened for market development, hence power exchanges would have to harness new sources of supply to increase their volume.
The new power supply, he said, would stabilize the power prices in the country. (ANI)