R. K. Singh, the Minister of State (IC) Power and New & Renewable Energy through a video conference said, the real-time market is an organized market platform to enable the buyers and sellers pan-India to meet their energy requirement closer to the real-time of operation.
Singh added introduction of the real-time market will bring required flexibility in the market to provide real-time balance while ensuring optimal utilization of the available surplus capacity in the system. It will also help manage diversity in the demand pattern in the country with an organized market at a national level.
According to the ministry, the real-time market will be open for 30 minutes every day based on double-sided closed auction with the uniform price. During the market opening, buyers and sellers will have the option of placing buy/sell bids for each 15-minute time block.
The government has also added a concept of “Gate Closure” for bringing in the desired firmness in schedules during the hours of market operation.
The ministry proposes a real-time electricity market as an alternate mechanism for Discoms to access a larger market at a competitive price.
Moreover, the generators would also benefit from participating in the real-time market with their un-requisitioned capacity. The ministry has unveiled a mechanism for generators having a long-term contract and participating in this market to share the net gains with the Discoms.
To ensure faster transactions and settlements in the real-time market framework, the National Load Despatch Centre-POSOCO is facilitating necessary automation in coordination with power exchanges.
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