India has three power exchanges – India Energy Exchange (IEX), Hindustan Power Exchange (HPX) and Power Exchange India (PXI).
Taking a suo motu cognizance, it has ordered an audit of the processes as well as the software of the three power exchanges to review their operations for complying with the provisions of the Power Market Regulations 2021.
No extension in the trading hours will be allowed, except in case of any constraint identified by the system operator, the power sector regulator said.
The power exchanges can no longer entertain any request for cancellation of a bid post trading hours of a member in any of the collective market segments. To that extent, the commission reversed its own order dated October 2018, wherein it had allowed a limit of five times a year to a member for the cancellation of bids post trading hours.
As per the regulator’s order, power exchanges will have to build a robust system with end-to-end encryption of data from the trading workstation of the respective member or clients and the trading platform of the power exchange to ensure the trail of the bidding session is encrypted.”It is important that the power exchanges remain robust, neutral and transparent at all times in their management and operation and inspire confidence in market participants,” the commission said.
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