Chennai: Financial Technologies (India) Ltd has got nod from the Central Electricity Regulatory Commission (CERC) to establish India’s first national level power trading platform called ‘Indian Energy Exchange Limited (IEX)’ for trading electricity.

IEX, which is promoted by Financial Technologies, will be a pan-India neutral and transparent electronic demutualised exchange for competent price discovery in the electricity market. PTC India Ltd has responded favorably to obtain 26% stake in IEX.

The launch of the exchange is expected to alter the power markets, which presently function with power purchase agreements for long-run trading and two-sided contracts for the short-run.

Other business groups who have gven an affirmative reply to obtain a stake include Reliance Energy, Tata Power, Rural Electrification Corporation, Adani Enterprises and IDFC in the group. Financial Technologies will keep on inviting strategic associates to connect the power exchange.

While commenting on this launch, Dewang Neralla, Co-founder Financial Technologies stated, “A pan- India neutral and transparent energy exchange is the need of the hour for strengthening the power sector by providing them efficient short-term and long-term price signals. IEX is a reflection of Financial Technologies’ vision to create world-class market driven economy which empowers the entire supply chain equalising the smallest and the largest. IEX’s endeavor will be to create a platform that can eradicate the gap between buyers and sellers by taking the supply where the demand exists at most efficient equilibrium price.”