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Pxil
interactions of an unprecedented scale. It will provide a perfect platform for local lighting manufacturers to showcase their extensive technological capabilities before local and global industry players. We are confident that it will have a burgeoning impact in the progress of India’s domestic lighting sector.” “Building a localised supply chain is the ultimate pathway to India’s ascent as a global lighting technology hub and through our mega trade fair launch we strongly aim to support the lighting industry in this pursuit,” Mr Manek further remarked.
LED lights and the invention of smart and energy-efficient lighting systems as a whole have become an integral part of modern infrastructure, majorly contributing to industry demand. However, the dearth of domestic semiconductor manufacturers has continued to be a major drawback to the massive growth potential of the Indian lighting sector. With a PLI scheme of INR 76,000 Crore, the Indian government is currently working towards the development of semiconductors fab units and upscaling domestic production capacity within India. Poised to be the most anticipated lighting exhibition in India, Light + LED Expo India 2022 will highlight India’s potential to become the world’s most lucrative lighting market.
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PXIL introduces ‘Any-Day SingleSided Reverse Auction Contract’
E s ELEA ss R RE P
PXIL introduced the ‘Any-Day Single Sided Reverse Auction Contract’ today. This contract enables Buyers to procure power through a reverse auction process to meet their power requirement for period up to 90 days ahead. The introduction of this Reverse Auction based Contract is in line with the approval granted by Hon’ble Central Electricity Regulatory Commission (CERC) vide Order in Petition no 229/MP/2021 dated 07.06.2022.
In this Contract, a Buyer can initiate a Reverse Auction event by prescribing requirements in terms of quantum (in MW), minimum quantum from any Seller (in MW), delivery duration (‘T+2’ to ‘T+90’) and date of reverse auction event.
The Reverse Auction happens in two stages, i.e., Initial Price Offering (IPO) and Reverse Auction (RA). Interested Sellers can submit their Offers specifying quantum (in MW) and price (in Rs. /MWh) in the IPO stage. Later in the Reverse Auction stage, the qualified Sellers may improve their Offers within defined period of two-hour session.
On completion of Reverse Auction, the Offers would be ranked from ‘lowest-to-highest’ price till the buyer’s requisitioned quantum is fulfilled. Buyer then has a right to accept or reject the ranked Offers. On receipt of acceptance from the Buyer, the Exchange will submit application for scheduling delivery of power.
Commenting on the development, Mr. Prabhajit Kumar Sarkar, MD & CEO, Power Exchange India Limited (PXIL) said, “The introduction of ‘Any-Day Single Sided Reverse Auction Contract’ marks a new chapter in the Power exchange based transaction in the country as it allows greater planning, effectiveness, and transparency in power transactions. With commencement of 90-day contracts, power will be traded for a longer duration allowing Discoms to meet their power requirement in transparent and cost-effective way.”
The ‘Any-Day Single Sided Reverse Auction Contract’ introduced from today, enables participants to transact in Conventional power and in different types of Renewable energy i.e., Solar, Wind, Hydro, and other Renewable sources enabling Buyers to meet their Renewable Purchase Obligations as well. EM
