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ID:
166948
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| Summary/Abstract |
Economic forces of the market drives any restructuring. Same is the case with power sector where presence of any economic inefficiency advocates the liberalization. Since the enactment of the ‘Electricity Act 2003’, Indian Power Sector had been through transformation phase to separate loss making vertically integrated ‘State Electricity Boards’ into ‘Generation’, ‘Transmission’ and ‘Distribution’ utilities. Fifteen years have been conceded to witness milestones in many directions. However, concerns pertaining to ‘monopolistic inefficiencies of distribution sector’ as well as ‘energy security’ could not be addressed properly by the principle act. This drew the attention of policy makers and they recommended amendments in the act to provide a policy push. Indian Power Sector has seen two documents for suggesting these amendments ‘Electricity Amendment Bill 2014’ and ‘Draft Electricity Amendment Act 2018’. This paper does analyze both of the documents for the similarities and differences and thus provides insights about the existing gaps. The paper recommends policy makers that how these gaps can be narrowed down before finally putting up the amendments in Indian Parliament.
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| 2 |
ID:
183564
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| Summary/Abstract |
In India, short term electricity market realises on power exchanges to trade standard contracts on intraday and day ahead horizon. In the absence of contracts on real time horizon, market participants often used to exploit frequency based grid balancing mechanisms. This led to the concerns on grid safety and security. Therefore, to address this issue, the policy makers formulated ‘Real Time Market (RTM)’ to offer contracts on real time horizon. RTM was introduced in 2020 and in the short span of time, it has attracted significant liquidity to become second highest avenue in terms of number of transactions taken place. This paper elaborates on these developments and narrows down its scope gradually. First, the paper briefly provides an overview of short term electricity market in India inter alia describing power trading and power exchanges. The paper then elaborates on the erstwhile issues of real time power procurement and misappropriation of deviation settlement mechanism and ancillary services by the market participants. The paper while discussing these, derives the necessity of RTM and opportunities which it offers. In last, paper provides a short term assessment of RTM and concludes it with few policy recommendations.
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