Power and renewable energy minister R K Singh on Wednesday launched the pan-India real-time market (RTM) in electricity, placing India amongst a few electricity markets in the world having it.
RTM is an organized market platform to enable the buyers and sellers pan-India to meet their energy requirement closer to real time of operation.
R K Singh said that RTM would bring required flexibility in the market to provide real-time balance while ensuring optimal utilisation of the available surplus capacity in the system and would also help manage demand pattern diversity in the country with an organized market.
According to the press release, RTM would be for every 30 minutes in a day based on double-sided closed auction with uniform price.
“The concept of ‘gate closure’ has been introduced for bringing in the desired firmness in schedules during the hours of market operation. Buyers or sellers shall have the option of placing buy or sell bids for each 15-minute time block,” it said.
The release added that the proposed RTM would provide an alternate mechanism for discoms to access larger markets at a competitive price and generators would get to participate in this.