The Indian Energy Exchange on Thursday said its arm, Indian Gas Exchange (IGX), has secured authorization from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate as a Gas Exchange. IGX is India’s first automated delivery-based gas trading platform.
IGX has secured the necessary authorization to operate as a Gas Exchange as per the provisions of the PNGRB (Gas Exchange) Regulations, 2020 for a period of 25 years, an Indian Energy Exchange (IEX) statement said.
According to the statement, the regulations were notified by the PNGRB on September 28, 2020. IGX had submitted its application for authorization on October 8, 2020.
“With this development, IGX has become the first regulated gas exchange in the country. The Exchange will play an instrumental role in transparent discovery of gas prices, accelerate investments in the value chain, aid in capacity utilization of pipelines as well as boost consumer confidence and in turn increasing gas demand in the country,” PNGRB Chairperson D K Sarraf said.
India is eying to increase the share of gas in its overall energy mix from 6 per cent to 15 per cent by 2030.