The Indian Energy Exchange (IEX) operates a platform where power generators, distributors and large industrial consumers trade electricity before it is delivered to end users. It has worked with partners to modernize its infrastructure and respond to market changes.
No electricity flows through the exchange, only data that represents offers for producing, consuming and paying for electricity. Since this electricity has to be consumed immediately after it is generated, the exchange regularly conducts auctions in order to reconcile the non-constant, but at least somewhat predictable, demand and supply.
Trading used to take place on the day-ahead market, where a daily auction for the delivery of the next day’s electricity was held in 15-minute blocks. Many of the accounting operations were manual processes that could take four or five hours to complete.
The increasing share of renewable energies in the power supply, the output of which fluctuates depending on the weather, prompted the IEX to …