Besides aiding the financially stressed distribution companies (discoms) procure electricity at competitive rates, low auction prices in a real-time market (RTM) to trade power may help India create a common pool for neighbouring countries.
An RTM platform, with 48 auction sessions of 15 minutes each in a day, pushes trade closer to the real time. This in turn will help get more green energy such as wind and solar on the national grid, usher in competition and support grid balancing.
It assumes importance as India has 34.6 gigawatts (GW) of solar power and 38GW of wind power, and runs the world’s largest clean energy programme. The RTM is being offered by Indian Energy Exchange and Power Exchange India Ltd.
The plan has gained traction with India moving ahead with threading-the-needle for an ambitious global electricity grid and calling for bids last week to roll-out the “One Sun One World One Grid" (OSOWOG) plan.