Central Electricity Regulatory Commission
(Power Market) Regulations, 2021
Central
Electricity Regulatory Commission (Power Market) Regulations, 2021
[15th February, 2021]
In exercise of
powers conferred under Section 66 read with sub-section (1) of Section 178 and
clause (y) of sub-section (2) of Section 178 of the Electricity Act, 2003 (36
of 2003) and paragraph 5.7.1(f) of the National Electricity Policy, and all
other powers enabling it in this behalf, and after previous publication, the
Central Electricity Regulatory Commission hereby makes the following
regulations, namely:
Part-1 PRELIMINARY
Regulation 1. Short title and commencement.
(1) These
regulations may be called the Central Electricity Regulatory Commission
(Power Market) Regulations, 2021.
(2) These
regulations shall come into force from the date to be separately notified by
the Commission.
Regulation 2. Definitions and Interpretation.
(1) In these
regulations, unless the context otherwise requires,
(a) “Act” means the
Electricity Act, 2003 (36 of 2003);
(b) “Ancillary
Services” shall have the same meaning as defined in the Grid Code;
(c) “Ancillary
Services Contract” means a contract for providing Ancillary Services;
(d) “Associate” in
relation to a Power Exchange or Trader Member or Proprietary Member or Facilitator
Member of a Power Exchange, as the case may be, means associate company or
related party as defined in sub-sections (6) and (76) of Section 2 of the
Companies Act, 2013 (18 of 2013) respectively;
(e) “Automated
audit trail” means automated creation and maintenance of electronic
time-sequenced record of transactions (creation, modification or deletion) in
the Power Exchange for reference or audit at a later date or time;
(f) “Bid” means the
electronic document by which a member of a Power Exchange submits price and
quantity in relation to a contract, for which it seeks to make a transaction;
(g) “Bid type”
means the category of bids with distinct specifications as applicable in
relation to each contract to be transacted on a Power Exchange;
(h) “Board” means the
Board of Directors of a Power Exchange;
(i) “Cartelization”
means an act by Market Participants who, by agreement amongst themselves, limit
or control or attempt to limit or control generation, distribution, sale, price
or trade of electricity;
(j) “Capacity
Contract” means a contract where the capacity of a generating station is
contracted in advance wherein the generating station is obligated to despatch
contracted electricity as and when required by such buyer during the tenure of
the contract and consideration by way of capacity payment is made by the buyer;
(k) “Circular
Trading” means and relates to trading and transactions by a member or group of
members, wherein on one side, one or more entities of the member or group of
members enter buy bids and on the other side, one or more entities of the same
member or same group of members enter sell bids or vice versa, by design to
manipulate the price of electricity or by design to create an artificial market
or to defraud or misuse the system;
(l) “Clearing”
means the process of determination of obligations of members of a Power
Exchange resulting from the conclusion of a transaction at the Power Exchange;
(m) “Client” means
a person who has executed an agreement with a member of a Power Exchange for
dealing with or clearing through such member;
(n) “Collective
Transactions” means a set of transactions executed in the Power Exchange(s) and
whose price is discovered through anonymous and simultaneous competitive
bidding by buyers and sellers;
(o) “Conduct of
Business Regulations” means the Central Electricity Regulatory Commission
(Conduct of Business) Regulations, 1999, as amended from time to time and any
re-enactment thereof;
(p) “Contingency
Contract” means a contract wherein Continuous Transactions occur on day (T)
after the finalization of day ahead transactions and the delivery of
electricity is on the next day (T+1);
(q) “Continuous
Transactions” means a set of transactions executed in the Power Exchange(s),
not being Collective Transactions, where the buy bids and the sell bids are
matched on a continuous basis with price-time priority;
(r) “Contract”
means an agreement between seller and buyer for sale and purchase of
electricity or Renewable Energy Certificate or Energy Savings Certificate or
any other product as may be decided by the Commission;
(s) “Day Ahead
Contract” means a contract wherein Collective Transactions occur on day (T) and
delivery of electricity is on the next day (T+1);
(t) “Day Ahead
Market (DAM)” means a market where Day Ahead Contracts are transacted on the
Power Exchange(s);
(u) “Energy Savings
Certificates Regulations” means the Central Electricity Regulatory Commission
(Terms and Conditions for Dealing in Energy Savings Certificates) Regulations,
2016, as amended from time to time and any re-enactment thereof;
(v) “Gate closure”
refers to the time at which the bidding for a specific delivery period closes
and no further bidding or modification of already placed bids can take place
for the said delivery period;
(w) “Grant of
Connectivity Regulations” means the Central Electricity Regulatory Commission
(Grant of Connectivity, Long-term Access and Medium-term Open Access in
inter-State Transmission and related matters) Regulations, 2009, as amended
from time to time and any re-enactment thereof;
(x) “Grid Code”
means the Central Electricity Regulatory Commission (Indian Electricity Grid
Code) Regulations, 2010, as amended from time to time and any re-enactment
thereof;
(y) “Independent
Director” means a Director as defined in sub-Section 47 of Section 2 of the
Companies Act, 2013;
(z) “Insider” means
a person:
(i) who is or has
been, during the six months prior to the concerned event, associated with the
Power Exchange, directly or indirectly, in any capacity including by reason of
frequent communication with its officers or by being in any contractual,
fiduciary or employment relationship or by being a Director, officer or an
employee of the Power Exchange or by holding any position including a
professional or business relationship with the Power Exchange whether temporary
or permanent, that allows such person, directly or indirectly, access to
unpublished price sensitive information about transactions on a Power Exchange;
(ii) who is in
possession of or has access to unpublished price sensitive information about
transactions on a Power Exchange;
(iii) who has
acquired unpublished price sensitive information through criminal activity.
(aa) “Insider
Trading” by an Insider means:
(i) communicating,
providing, or allowing access to any unpublished price sensitive information,
to any person including other Insiders except where such communication is in
furtherance of legitimate purposes, performance of duties or discharge of legal
obligations;
(ii) recommending
any person, on basis of unpublished price sensitive information, to acquire or
dispose of any contract on the Power Exchange, to which that information
relates.
(bb) “Intraday
Contract” means a contract wherein Continuous Transactions occur on day (T) and
delivery of electricity is on the same day (T), such that its delivery period
does not overlap with the specified delivery period of the Real-time Contract
transacted in the same bidding session as that of the Intraday Contract;
(cc) “Load Despatch
Centre” (LDC) means the National Load Despatch Centre (NLDC) or Regional Load
Despatch Centres (RLDC) or State Load Despatch Centres (SLDC), as the case may
be;
(dd) “Managing
Director” means a Director as defined in sub-Section 54 of Section 2 of the
Companies Act, 2013;
(ee) “Market” means
a platform where buyers and sellers, either directly or through Trading
Licensees, or through Power Exchanges, buy or sell electricity or Renewable
Energy Certificates or Energy Savings Certificates or any other product as may
be decided by the Commission;
(ff) “Market
Coupling” means the process whereby collected bids from all the Power Exchanges
are matched, after taking into account all bid types, to discover the uniform
market clearing price for the Day Ahead Market or Real-time Market or any other
market as notified by the Commission, subject to market splitting;
(gg) “Market
Coupling Operator” means an entity as notified by the Commission for operation
and management of Market Coupling;
(hh) “Market
Manipulation” means:
(i) entering into
any transaction on the Power Exchange by any Market Participant, which:
(1) gives, or is
likely to give, false or misleading signals as to the supply of, demand for, or
price of any of the contracts;
(2) secures or
attempts to secure, by any member of the Power Exchange or client, relatively
higher sale price while curtailing supply to other beneficiaries entitled to
receive the same power;
(ii) disseminating
any information through the media which gives, or is likely to give, false or
misleading signals as to the supply of, demand for, or price of any of the
contracts;
(ii) “Market
Participants” shall include:
(1) grid connected
entities;
(2) Power
Exchanges;
(3) Members of
Power Exchanges;
(4) Trading
Licensees;
(5) Market Coupling
Operator;
(6) OTC Platform;
(7) Any other
entity as notified by the Commission.
(jj) “Market
Splitting” means the mechanism adopted by the Power Exchange or Market Coupling
Operator, as the case may be, for discovering price of electricity in various
bidding areas or zones facing congestion in transmission corridor, whereby
these bidding areas or zones are split into independent markets and the flow of
electricity between these independent markets is permitted to the extent of
available transmission corridor under safe grid operating conditions;
(kk) “Member of
Power Exchange” means a person who has been admitted as such by a Power
Exchange in accordance with these regulations and in accordance with bye-laws,
rules and business rules of the concerned Power Exchange;
(ll) “Net worth”
means aggregate value of the paid-up equity share capital and compulsorily
convertible preferential shares and free reserves (excluding reserves created
out of revaluation and write back of depreciation) reduced by the aggregate
value of accumulated losses, deferred expenditure (including miscellaneous
expenses) not written off and loans and advances to and investment made in the
Associates;
(mm) “Open Access
Regulations” means the Central Electricity Regulatory Commission (Open Access
in inter-State Transmission) Regulations, 2008, as amended from time to time
and any re-enactment thereof;
(nn) “Over the
Counter (OTC) Contracts” means the contracts transacted outside the Power
Exchanges;
(oo) “Over the
Counter (OTC) Market” is a market where OTC Contracts are transacted between
the sellers and the buyers directly or through a Trading Licensee;
(pp) “Over the
Counter (OTC) Platform” is an electronic platform for exchange of information
amongst the buyers and sellers of electricity;
(qq) “Payment of
Fees Regulations” means the Central Electricity Regulatory Commission (Payment
of Fees) Regulations, 2012, as amended from time to time and any re-enactment
thereof;
(rr) “Persons acting
in concert” shall have the same meaning as assigned to it in clause (q) of
sub-regulation (1) of Regulation 2 of the Securities and Exchange Board of
India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as
amended from time to time and any re-enactment thereof;
(ss) “Power
Exchange” means an electronic platform registered as a Power Exchange under
these regulations;
(tt) “Real-time
Contract” means a contract other than Day Ahead Contract or Intraday Contract
or Contingency Contract, wherein Collective Transactions occur on day (T) or
day (T-1) and delivery of electricity is on day (T) for a specified delivery
period;
(uu) “Real-time
Market” means a market where Real-time Contracts are transacted on the Power
Exchange(s);
(vv) “REC
Regulations” means the Central Electricity Regulatory Commission (Terms and
Conditions for recognition and issuance of Renewable Energy Certificate for
Renewable Energy Generation) Regulations, 2010, as amended from time to time
and any re-enactment thereof;
(ww) (aw)
“Settlement” means the process of discharging the obligations of members or
clients of such members resulting from conclusion of a transaction at a Power
Exchange;
(xx) “Settlement
Guarantee Fund (SGF)” means a fund created and maintained by Power Exchange and
used for settlement of defaults of its members or clients of such members as
stipulated in the default remedy mechanism of Power Exchange and shall comprise
of any sources of funds as may be determined by the Power Exchange with prior
approval of the Commission;
(yy) “Shareholder
Director” means a Director of the Power Exchange who represents the interests
of shareholders, and is elected or nominated by such shareholders;
(zz) “Sharing
Regulations” means the Central Electricity Regulatory Commission (Sharing of
Inter-State Transmission Charges and Losses) Regulations, 2020, as amended from
time to time and any re-enactment thereof;
(aaa) “Term Ahead
Contract” means a contract (including Green Term Ahead Contract) wherein
transactions occur on day (T) and physical delivery of electricity is on a day
more than one day ahead (T + 2 or more);
(bbb) “Term Ahead
market” means a market where Term Ahead Contracts are transacted on the Power
Exchange(s);
(ccc) “Trading
Licence Regulations, 2020” means the Central Electricity Regulatory Commission
(Procedure, Terms and Conditions for grant of trading licence and other related
matters) Regulations, 2020, as amended from time to time and any re-enactment
thereof;
(ddd) “Trading
Licensee” shall have the same meaning as defined in Trading Licence
Regulations, 2020;
(eee)“Transaction
fee” means the fee payable (in Rs./kWh) by members or clients, as applicable,
for transactions on a Power Exchange;
(fff) “unpublished
price sensitive information” means any information, relating to contracts
transacted on the Power Exchange, that is not generally available which upon
becoming generally available, is likely to materially affect the price of the
contract and shall ordinarily include, but not restricted to, information
relating to the following contracts:
(i) Day Ahead
Contract;
(ii) Real-time
Contract;
(iii) Intraday
Contract;
(iv) Contingency
Contract;
(v) Term Ahead
Contract.
(2) Save as
aforesaid and unless repugnant to the context or if the subject-matter
otherwise requires, words and expressions used in these regulations and not
defined, but defined in the Act or other regulations made thereunder by the
Commission shall have the meaning assigned to them in the Act or other
regulations made by the Commission.
Part-2 SCOPE OF REGULATIONS AND EXTENT OF APPLICATION
Regulation 3. These regulations shall apply to.
(1) Power Exchange;
(2) Market
Participants other than Power Exchange; and
(3) OTC Market.
Regulation 4. These regulations shall apply to the following types of contracts.
(1) Contracts
transacted on the Power Exchange:
(a) Delivery based
electricity contracts:
(i) Day Ahead
Contracts;
(ii) Real-time
Contracts;
(iii) Intraday
Contracts;
(iv) Contingency
Contracts;
(v) Term Ahead
Contracts; and
(vi) Any other
contracts, including Capacity Contracts and Ancillary Services Contracts, as
may be approved by the Commission;
(b) Contracts
relating to Renewable Energy Certificates;
(c) Contracts
relating to Energy Saving Certificates; and
(d) Any other
contracts, as may be approved by the Commission.
(2) Contracts in
the OTC Market: Delivery based contracts.
Part-3 FEATURES OF CONTRACTS
Regulation 5. Contracts transacted on Power Exchanges.
(1) Day Ahead
Contracts and Real-time Contracts
(a) Price
discovery:
(i) Price Discovery
shall be done by Power Exchanges or by Market Coupling Operator as and when
notified by the Commission.
(ii) Price discovery
mechanism shall adopt the principle of maximisation of economic surplus (sum of
buyer surplus and seller surplus), taking into account all bid types.
(iii) The bidding
mechanism shall be double sided closed bid auction on day ahead basis or on real
time basis, as the case may be.
(iv) The price
discovered for the unconstrained market shall be a uniform market clearing
price for all buyers and sellers who are cleared:
Provided that
in case of congestion in transmission corridor, market splitting shall be
adopted.
(b) Scheduling and
delivery:
(i) The scheduling
and delivery of transactions for Day Ahead Contracts and Real-time Contracts
(including the timeline for gate closure, wherever applicable) shall be in
coordination with the National Load Despatch Centre and in accordance with
relevant provisions of the Open Access Regulations and the Grid Code.
(ii) Inter-State and
intra-State transmission charges and losses shall be as per the Open Access
Regulations and the Sharing Regulations.
(2) Intraday
Contracts and Contingency Contracts
(a) Price discovery.—The bidding
mechanism and price discovery mechanism shall be as approved by the Commission
based on the proposal of the Power Exchange.
(b) Scheduling and
delivery:
(i) The scheduling
and delivery of transactions for Intraday Contracts and Contingency Contracts
shall be in coordination with the system operator and in accordance with
relevant provisions of the Grid Code and the Open Access Regulations and the
Procedure issued thereunder.
(ii) Inter-State and
intra-State transmission charges and losses shall be as per the Open Access
Regulations and the Sharing Regulations.
(3) Term Ahead
Contracts
(a) Price discovery.—The bidding
mechanism and price discovery mechanism shall be as approved by the Commission
based on the proposal of the Power Exchange.
(b) Scheduling and
delivery:
(i) The scheduling
and delivery of transactions for Term Ahead Contracts shall be in coordination
with the system operator and in accordance with relevant provisions of the Grid
Code and the Open Access Regulations and the Procedure issued thereunder.
(ii) Inter-State and
intra-State transmission charges and losses shall be as per the Open Access
Regulations and the Sharing Regulations.
(iii) Term Ahead
Contracts shall be settled only by physical delivery of electricity and shall
be binding on the participants executing the transactions.
(iv) No Circular
Trading shall be allowed and the rights and liabilities of the parties to the
Term Ahead Contract shall not be transferred or rolled over by any other means
whatsoever.
(4) Renewable Energy
Certificates.—The transactions in Renewable Energy Certificates shall be in
accordance with the procedure issued by the Central Agency in pursuance to the
REC Regulations.
(5) Energy Savings
Certificates.—The transactions in Energy Savings Certificates shall be in
accordance with the procedure issued by the Administrator in pursuance to the
Energy Savings Certificates Regulations.
Regulation 6. Contract and Settlement conditions.
(1) Contracts
covered under clauses (1) to (3) of Regulation 5 of these regulations cannot be
annulled or curtailed except due to constraints in the transmission corridor or
any other technical reasons in accordance with the Open Access Regulations and
the Grid Code.
(2) Settlement of
payments pertaining to the transactions for contracts covered under clauses (1)
to (5) of Regulation 5 of these regulations shall be carried out in accordance
with the provisions of Regulation 27 of these regulations.
(3) In the event of
a forced outage of a generating station or unit thereof, or any other event as
may be notified by the Commission, wherein the obligation of the generating
station to supply electricity continues under an existing contract, such
generating station may fulfil its obligation under the said contract by
entering into a contract(s) covered under clause (1) or (2) or (3) of
Regulation 5 of these regulations.
Regulation 7. Contracts transacted in the OTC Market.
(1) Price discovery.—The price and
other terms of contract in the OTC Market shall be determined either through
mutual agreement between the buyer and the seller directly or through a Trading
Licensee or through competitive bidding process or as determined by the
Appropriate Commission.
(2) Delivery
procedure.—The application for scheduling of contracts in the OTC Market
shall be made in accordance with the:
(i) Open Access
Regulations for:
(a) Advance
scheduling;
(b) First-Come-First-Served;
(c) Day-Ahead
bilateral transaction;
(d) Bilateral
transactions in a contingency.
(iii) Grant of
Connectivity Regulations for:
(a) Long-term
access;
(b) Medium-term open
access.
(2) Settlement
Conditions.—The settlement of contracts transacted in the OTC Market shall
be only by physical delivery of electricity.
Part-4 POWER EXCHANGE
Regulation 8. Objectives of Power Exchange.
The Power
Exchanges shall be established and operated with the following objectives:
(1) To design
electricity contracts and facilitate transactions of such contracts;
(2) To ensure fair,
neutral, efficient and robust price discovery, till such time the
responsibilities are transferred to the Market Coupling Operator in respect of
Day Ahead Contracts or Real-time Contracts or any other contracts as notified
by the Commission;
(3) To facilitate
extensive, quick and efficient price discovery and dissemination.
Regulation 9. Eligibility criteria.
The applicant
for establishing a Power Exchange shall fulfil the following criteria at the
time of making application for registration of Power Exchange:
(1) The applicant
is a company limited by shares incorporated or deemed to be incorporated under
the provisions of the Companies Act, 2013;
(2) The applicant
is demutualised;
Explanation:
For the purposes of this sub-regulation, the term “demutualised” means that the
ownership and management of the applicant is segregated from the trading
rights, in terms of these regulations.
(3) The main
objects of the applicant company is to establish and operate a Power Exchange.
(4) The applicant
has a Net worth of minimum Rs. 50 crores as per the audited special balance
sheet as on any date falling within 30 days immediately preceding the date of
filing the application for grant of registration.
(5) The Directors
of the applicant satisfy the requirements relating to qualifications and are
not disqualified for appointment on the Board of Directors as specified in
Regulation 18 of these regulations.
(6) The applicant
satisfies the requirements relating to the ownership as specified in Regulation
15 and governance structure as specified in Regulation 17 of these regulations.
Regulation 10. List of documents to be submitted along with the application.
The applicant
shall submit the following documents along with its application for
registration of Power Exchange:
(1) Memorandum and
Articles of Association of the company;
(2) The audited
special balance sheet as on any date falling within 30 days immediately preceding
the date of filing the application for grant of registration showing the Net
worth of the applicant;
(3) Copies of the
annual report and/or audited accounts of the applicant for the last three years
or such lesser period during which the applicant may have been incorporated;
(4) Project report
containing the following details:
(a) Constitution of
the proposed Power Exchange;
(b) Business plan,
including funding sources, of the proposed Power Exchange;
(c) Management and
administrative structure of the proposed Power Exchange;
(d) Infrastructural
facilities available or proposed to be acquired by the Power Exchange;
(5) The draft rules
of the proposed Power Exchange in general relating to constitution of the
proposed Power Exchange and in particular relating to:
(a) The Board of
Directors of the Power Exchange, its constitution and powers; and
(b) Management of
the Power Exchange and the manner in which its business is to be transacted;
(6) The draft
bye-laws, draft rules and draft business rules of the proposed Power Exchange covering
aspects specified in Regulation 19 of these regulations.
Regulation 11. Procedure for filing application.
(1) Application for
grant of registration of a Power Exchange shall be filed in the form of a
petition before the Commission in accordance with the Conduct of Business
Regulations.
(2) The applicant
shall publish salient details of the applicant, proposed transaction platform
and website where the full application is accessible, in all editions of at
least two national daily newspapers including one economic daily newspaper
within 7 days of filing of the application inviting public objections and
suggestions up to a period of 30 days from the date of publication of such
notice in the newspapers.
(3) After scrutiny
of the application, the Commission may call for such further information or
documents as may be considered appropriate.
(4) The application
as filed and the information as sought for by the Commission shall be posted
and kept on the website of the applicant till the disposal of the application
by the Commission.
(5) The applicant
shall file before the Commission its reply to the objections and suggestions
received in response to the public notice within 60 days of its publication in
the newspapers.
(6) The Commission,
after consideration of the application, the objections and suggestions received
in response to the public notice published by the applicant and the applicant's
reply to objections and suggestions received in response to the public notice,
and on being satisfied that the applicant meets the eligibility criteria
specified in Regulation 9 of these regulations, may propose to grant
registration to the applicant for setting up and operation of the Power
Exchange.
(7) Where the
Commission proposes to grant registration to the applicant in terms of clause
(6) of this Regulation, it shall publish a notice of its proposal in all
editions of two national daily newspapers, as the Commission may consider
appropriate, stating the name and address of the applicant to whom the
registration is proposed to be granted along with such other details as the
Commission considers appropriate, to invite further objections and suggestions.
(8) The applicant
may file reply to the objections and suggestions received in response to the
notice published by the Commission.
(9) On consideration
of objections and suggestions received in terms of clause (7) of this
Regulation and the reply of the applicant thereto in terms of clause (8) of
this Regulation, the Commission shall deal with the application in accordance
with clause (1) of Regulation 12 of these regulations.
Regulation 12. Grant and renewal of registration to Power Exchanges.
(1) The Commission
may, after making such inquiries as may be necessary in this regard and after
obtaining such further information as it may require, grant registration
subject to such conditions as deemed fit, for establishing and operation of a
Power Exchange, or reject the application, for reasons to be recorded in
writing:
Provided that
no application shall be rejected unless the applicant has been given an
opportunity of being heard.
(2) The
registration of a Power Exchange shall be for a period of twenty-five (25)
years from the date of grant of registration unless such registration is
revoked or cancelled earlier.
(3) The Commission
may, on an application filed by the Power Exchange, after making such inquiries
as may be necessary in this regard and after obtaining such information as it
may require, renew registration for a further period of 25 years or for such
lesser period as the Commission considers appropriate.
(4) An application
for renewal of registration shall be filed by the Power Exchange at least one
year before the expiry of the period of registration.
(5) The Power
Exchanges which have been granted registration by the Commission prior to the
date of coming into force of these regulations shall be deemed to be registered
under these regulations subject to payment of annual registration charge:
Provided that
such Power Exchanges shall realign their bye-laws, rules and business rules in
accordance with these regulations and for this purpose, shall submit the draft
bye-laws, draft rules and draft business rules for approval of the Commission
within six months from the date of coming into force of these regulations;
Provided
further that the existing approved bye-laws, rules and the business rules shall
remain in force till the Commission gives approval to revised bye-laws, rules
and business rules;
Provided also
that anything done or any action taken or purported to have been done or taken
under the existing approved bye-laws, rules and business rules, after coming
into force of these regulations shall, in so far as they are not inconsistent
with the provisions of these regulations, be deemed to have been done or taken
under the corresponding provisions of these regulations.
Regulation 13. Registration Charge.
(1) Power Exchange
shall pay an annual registration charge as specified in the Payment of Fees
Regulations.
(2) The annual
registration charge shall be payable by 30th of April every
year in accordance with the Payment of Fees Regulations.
(3) A Power
Exchange shall declare, at the beginning of each financial year, the volume of
transactions proposed to be undertaken during the financial year and pay the
annual registration charge for the corresponding category:
Provided that
in case of any difference between volume of transactions proposed to be
undertaken during the financial year and actual volume of transaction at the
end of financial year, the annual registration charge shall be adjusted in the
registration charge for the next financial year.
Regulation 14. Net worth.
A Power
Exchange shall have a minimum Net worth of Rs. 50 crores at all times:
Provided that
the Power Exchanges which have been granted registration by the Commission
prior to the date of coming into force of these regulations shall meet the
minimum Net worth criteria within a period of six months from the date of
coming into force of these regulations and submit an audited special balance
sheet to support the compliance of Net worth requirement;
Provided
further that in case the Net worth of the Power Exchange reduces at any time
below Rs. 50 crores, the Commission may allow the Power Exchange to achieve the
Net worth within such period as may be considered necessary.
Regulation 15. Ownership structure of Power Exchange.
(1) The
shareholding pattern for equity holders in Power Exchange shall be as follows:
(a) Any shareholder
other than a member or a client, directly or indirectly, either individually or
together with persons acting in concert, shall not acquire or hold more than
25% of shareholding in the Power Exchange.
(b) A member or a
client, directly or indirectly, either individually or together with persons
acting in concert, shall not acquire or hold more than 5% of shareholding in
the Power Exchange.
(c) A Power
Exchange can have a maximum of 49% of its total shareholding owned by entities,
which are members or clients, directly or indirectly, either individually or
together with persons acting in concert.
(2) The Power
Exchanges which have been granted registration by the Commission prior to the
date of coming into force of these regulations, shall within a period not
exceeding one year from the date of coming into force of these regulations,
ensure compliance with sub-clauses (a) to (c) of clause (1) of this Regulation.
(3) The Power
Exchange shall ensure compliance with the shareholding limits as specified in
this Regulation at all times.
Regulation 16. Disclosure of information regarding ownership of the Power Exchange.
(1) The Power
Exchange shall disclose to the Commission by 30th April each
year its category-wise shareholding pattern as on 31st March of
that year, or when there is a significant change in the shareholding or as and
when directed by the Commission.
(2) The Power
Exchange shall maintain and preserve all the relevant documents and records
relating to the issue or transfer of its shares for a period of not less than
eight years and make them available to the Commission as and when directed.
Regulation 17. Governance structure of Power Exchange.
(1) The Board of
Directors of the Power Exchange shall have the following categories of
Directors:—
(a) Shareholder
Director;
(b) Independent
Director; and
(c) Managing
Director.
(2) The number of
Independent Directors shall not be less than the number of Shareholder Directors
on the Board of the Power Exchange:
Provided that
for this purpose, the Managing Director shall be included in the category of
Shareholder Directors.
(3) A minimum of
two names shall be submitted by the Board of the Power Exchange to the
Commission for approval for each vacancy of Independent Directors.
(4) The Power
Exchange shall ensure that Independent Directors are selected from diverse
fields of work and while deciding to propose name of a particular person as an
Independent Director, the Power Exchange shall also take into account the
following factors:
(a) Persons having
qualification in the area of law, finance, accounting, economics, management,
administration or any other area relevant to the power markets, may be
considered;
(b) At least one
person having experience and background in finance or accounts, shall be
inducted;
(c) Persons
currently holding positions of trust and responsibility in reputed
organisations or persons who have retired from such positions, may be
considered;
(d) Persons who are
likely to have interested positions in commercial contracts and financial
affairs of the Power Exchange, shall be excluded;
(e) Persons who are
directors in the board of the promoter entity of the Power Exchange, shall be
excluded;
(f) Persons who are
in any fiduciary relationship with any member of Power Exchange, shall be
excluded.
(5) The Manging
Director shall be a professional qualified in the fields of power sector or
finance or management or information technology and hold sufficient experience.
(6) The Managing
Director shall function as the Chief Executive of the Power Exchange and all
powers in respect of day-to-day affairs of the Power Exchange shall be vested
with him.
(7) The Managing
Director or any employee of the Power Exchange shall not be directly or
indirectly associated with any member of the Power Exchange or client or
participant of the Power Exchange or with a holding or subsidiary company
thereof.
(8) The Managing
Director shall ensure that the details of individual bids of members of the
Power Exchange are not shared with the Board of Directors.
(9) The names of
persons to be appointed as Shareholder Directors shall be approved by the Board
of Directors of the Power Exchange, followed by shareholders' approval and
thereafter shall be submitted to the Commission for information.
(10) The manner of
election, appointment, tenure, resignation and vacation of Shareholder
Directors shall be governed by the relevant provisions of the Companies Act,
2013.
(11) No member of
Power Exchange or their client shall be on the Board of Directors of any Power
Exchange.
(12) The Power
Exchanges which have been granted registration by the Commission prior to the
date of coming into force of these regulations, shall within a period not
exceeding one year from the date of coming into force of these regulations,
align the governance structure as specified in this Regulation.
Regulation 18. Qualifications and Disqualifications for appointment as Director on the Board of Power Exchange.
(1) A person to be
appointed as Director on the Board of the Power Exchange, shall have good
reputation and character, and a record of fairness, integrity and honesty.
(2) A person shall
be considered as disqualified for appointment or continuation as Director on
the Board of the Power Exchange, if the person:
(a) is convicted by
a court for any offence involving moral turpitude or fraud or any economic
offence or any offence against any law and a period of five years has not
elapsed from the date of expiry of the conviction:
Provided that
if the person is convicted of any offence and sentenced in respect thereof to
imprisonment for a period of seven years or more, such a person shall not be
eligible to be appointed as a Director in any Power Exchange; or
(b) is found guilty
in any proceedings for non-compliance of any of the provisions of the Act or
the rules or the regulations made thereunder or any order made by the
Appropriate Commission or the Appellate Tribunal for Electricity and a period
of five years has not elapsed from the date of the order; or
(c) is restrained,
prohibited or debarred from holding the post of a director in the Board of a
company by any other authority constituted under any law in force in India; or
(d) has an adverse
order against him by a competent court or tribunal in a winding up proceedings;
or
(e) is an undischarged
insolvent; or
(f) has applied to
be adjudicated as an insolvent and the application is pending; or
(g) is found to be
of unsound mind by a court of competent jurisdiction and the finding is in
force.
(3) No person who
suffers from any of the disqualifications for appointment of director
prescribed under Companies Act, 2013 shall be eligible for appointment or
continuation as Director on the Board of the Power Exchange.
(4) If any
shareholder of the Power Exchange suffers from any of the disqualifications
mentioned in clauses (2) and (3) of this Regulation, such shareholder or its
nominee shall be debarred from being appointed as Director on the Board of the
Power Exchange.
(5) If any dispute
arises as to whether a person is disqualified to be a Director on the Board of
a Power Exchange, the decision of the Commission shall be final.
Regulation 19. Bye-laws, rules and business rules of Power Exchange.
(1) The Power
Exchange shall function according to its bye-laws, rules and business rules as
approved by the Commission, which amongst others, shall cover the following:
(a) Qualifications
for membership, exclusion, suspension and expulsion of members of the Power
Exchange;
(b) Risk management;
(c) Price discovery
and matching mechanism, including market splitting to handle congestion in
transmission corridor, till such time the responsibilities are transferred to
the Market Coupling Operator in respect of Day Ahead Contracts or Real-time
Contracts or any other contracts as notified by the Commission;
(d) Reporting of
default (delivery of electricity or payment or both) and penalty mechanism;
(e) Penalty for
deviation from contract;
(f) Transaction
fee;
(g) Trading margin
for a Trader Member and service charge for a Facilitator Member;
(h) Clearing and
Settlement procedure;
(i) Rights and
liabilities of its members;
(j) Timeline for
publishing trading and settlement calendar;
(k) Transaction
timelines;
(l) Procedure from
opening of the platform up to its scheduling by Load Despatch Centre;
(m) Market
surveillance and investigation;
(n) Procedure for
handling default;
(o) Dispute
resolution mechanism;
(p) Maintenance of
records and accounts;
(q) Preparation of
annual accounts and audit thereof;
(r) Mechanism for
redressal of grievances;
(s) Exit scheme;
(t) Indemnification
of Central Transmission Utility, National Load Despatch Centre, Regional Load
Despatch Centres and State Load Despatch Centres by the Power Exchange.
(2) No amendment to
the bye-laws, rules and business rules shall be carried out without prior
approval of the Commission:
Provided that
the Commission may, through a separate order, dispense with the requirement of
prior approval for amendment of certain provisions of the bye-laws, rules and
business rules;
Provided
further that such amendments shall be required to be approved by the Board of
Directors of the Power Exchange.
Regulation 20. Management of Power Exchange.
The senior
management of the Power Exchange shall comprise of at least three full-time
professionals having qualifications and experience in the following areas:—
|
Discipline
|
Qualification and Experience
|
|
Power system operations
|
Degree in engineering with at least 10 years of
experience in the field
|
|
Finance, Commerce, Economics and Accounts
|
CA/ICWA/MBA (Finance)/Post graduate degree in
Economics with at least 10 years of experience in the field
|
|
Information Technology
|
Degree in Computer Science/Computer
Application/Information Technology with at least 10 years of experience in
the field
|
Regulation 21. Membership in Power Exchange.
(1) Membership of
the Power Exchange shall be of the following three categories:
(a) Trader Member:
Any person who has been granted licence for trading in electricity under
Trading Licence Regulations, 2020 and admitted as a member of the Power
Exchange shall be called a Trader Member. Trader Member shall trade and clear
on its own account or trade and clear on behalf of its client:
Provided that a
Trader Member or any of its Associates shall not be a Facilitator Member.
(b) Proprietary
Member: Any person who is a distribution licensee or a deemed distribution
licensee or a grid connected entity and admitted as a member of the Power
Exchange shall be called a Proprietary Member. Proprietary Member shall
transact and clear through its own account.
(c) Facilitator
Member: Any person who is neither a Trader Member nor a Proprietary Member and
admitted as a member of the Power Exchange for providing one or more of the
following services to its clients to facilitate transactions at the Power
Exchange shall be called a Facilitator Member:
(i) IT
infrastructure for bidding on electronic exchange platform or skilled
personnel.
(ii) Facilitation of
clearances for delivery of power:
Provided that
the Facilitator Member shall not provide any credit or financing or working
capital facility to its client.
Regulation 22. Reporting about Members of the Power Exchange.
(1) The Power
Exchange shall submit to the Commission the details of the members as per the
format (Form XVI) appended to these regulations.
(2) In case any
discrepancy is found in the transactions of a member in contravention of these
regulations, the Commission may, after giving the member of the Power Exchange
an opportunity of being heard in the matter, direct the Power Exchange to debar
or revoke the membership of such member. Any such direction will be without
prejudice to any action against the Power Exchange under these regulations.
(3) The Commission
may direct the Power Exchanges to introduce qualification test for personnel
handling electronic trading terminals and trading in electricity.
(4) A Power
Exchange shall stipulate criteria for membership of the Power Exchange
including Net worth, minimum base capital, security deposit requirement and
liquid asset requirement.
(5) The Power
Exchange shall maintain supporting documents provided by the members for
obtaining membership including the documents evidencing compliance with any
criteria specified by the Power Exchange and furnish it to the Commission on
being required to do so. These documents shall be maintained upto a period of
five years after the member has surrendered membership or ceases to be a member
of the Power Exchange.
Regulation 23. Power Exchange transaction fee.
No Power
Exchange shall charge transaction fee exceeding 2(two) paise/kWh from either
party to the transactions covered under Clauses (1) to (3) of Regulation 5 of
these regulations:
Provided that
transaction fee shall not include the charges for scheduled energy, open access
(transmission charge, operating charge and the application fee) and
transmission losses:
Provided
further that the Power Exchanges shall be required to obtain approval of the
Commission for the transaction fee to be charged by the Power Exchanges based
on types of contract or quantum of transaction or duration of transaction or
such other factor(s) as may be proposed by the Power Exchanges within a period
of six months of the date of coming into force of these regulations or six
months from the date of registration of the Power Exchange, whichever is later.
Regulation 24. Trading margin and service charge.
(1) A Trader Member
shall charge trading margin in accordance with the provisions of Trading
Licence Regulations, 2020 in respect of all transactions carried out through
the Trader Member at the Power Exchange.
(2) A Facilitator
Member shall not charge service charge of more than two (2.0) paise/kWh,
including service charges for any subordinate service providers, for providing
services for the transactions on Power Exchange:
Provided that
the service charge shall not include any charges levied by Power Exchange,
transmission charges for open access, charges payable to National Load Despatch
Centre or Regional Load Despatch Centre or State Load Despatch Centre and
statutory taxes.
Regulation 25. Approval or Suspension of Contracts by the Commission.
(1) The Commission
may, on its own or on an application made in this behalf, permit any Power
Exchange to introduce new contracts as specified in clause (1) of Regulation 4
of these regulations:
Provided that
no permission shall be required for the contracts which are being transacted on
a Power Exchange on the date of coming into force of these regulations;
Provided
further that the Power Exchanges may introduce new bid types or modify existing
bid types conforming to the types and features of the contracts specified under
Regulations 4, 5 and 6 of these regulations, after consultation with
stakeholders and National Load Despatch Centre, under intimation to the
Commission, along with the details of consultation with stakeholders and
National Load Despatch Centre and the views of the Power Exchange.
(2) Any Power
Exchange seeking permission to introduce a new contract under clause (1) of
this Regulation, shall submit to the Commission complete and detailed contract
specifications including the following:
(i) Type of
contract;
(ii) Price discovery
and matching methodology proposed;
(iii) Timelines,
including commencement of bidding and duration of bidding session till delivery
commences;
(iv) Delivery
mechanism and delivery duration i.e. whether delivery is for intraday, daily,
weekly, monthly, seasonal, yearly or beyond;
(v) Risk management
mechanism including margining and final price settlement mechanism;
(3) The Commission
may, after granting the concerned Power Exchange the opportunity of being
heard, by order, suspend transactions of any contract for the period specified
in the order or withdraw any contract from the Power Exchange.
Regulation 26. Risk Management by Power Exchanges.
(1) The Power
Exchange shall develop and implement a prudent risk management framework by
adopting best practices, which shall be dynamic based on the changing risk
profiles of the market.
(2) The Power
Exchange shall constitute a Risk Assessment and Management Committee (RAMC)
headed by an Independent Director of the Board, which shall monitor adherence
to the risk management framework by the Power Exchange.
(3) RAMC shall also
review the risk management framework on a six-monthly basis in January and July
each year. The six-monthly report of RAMC shall be submitted to the Board of
Directors.
(4) The report of
RAMC along with decision of the Board of Directors thereon shall be submitted
to the Commission not later than end of March and end of September each year
respectively.
Regulation 27. Clearing and Settlement.
(1) The Power
Exchange shall carry out the Clearing and Settlement of any transaction of
electricity undertaken on the Power Exchange in accordance with the provisions
of the Payment and Settlement Systems Act, 2007:
Provided that
Power Exchanges which have been granted registration by the Commission prior to
the date of coming into force of these regulations shall be required to carry
out the Clearing and Settlement of any transaction of electricity undertaken on
the Power Exchange in accordance with the provisions of the Payment and
Settlement Systems Act, 2007, within a period of one year from the date of
coming into force of these regulations or such other period as may be approved
by the Commission;
Provided
further that till such time the Power Exchanges carry out Clearing and
Settlement in terms of the proviso above, the Power Exchanges shall comply with
the following:
(i) The Power
Exchange shall constitute a SGF Management Committee headed by an Independent
Director of the Board and with adequate representation from the members of the
Power Exchange. This committee shall be responsible for overseeing the
management of Settlement Guarantee Fund.
(ii) The Power Exchange
shall invest the proceeds of Settlement Guarantee Fund in safe investments and
ensure that the principal amount is not at risk. Not less than fifty percent
(50%) of the proceeds of Settlement Guarantee Fund shall be kept in safe liquid
investments, including but not limited to fixed deposits with Scheduled Public
Sector Banks, Treasury Bills and Government Securities.
(iii) The Power
Exchange shall distribute at least 70% of the return earned on the initial
security deposit invested in the financial year to the members of Power
Exchange in proportion to initial security deposit of the member and duration
for which such deposit was held with the Power Exchange, within 45 days of the
last date of the financial year.
(iv) The principles
and methods of usage of the Settlement Guarantee Fund shall be clearly
communicated to the members and clients through the bye-laws, rules and
business rules of the Power Exchange.
(v) Details of
investment of the Settlement Guarantee Fund shall be submitted to the
Commission on an annual basis along with Annual Report of the Power Exchange.
(vi) Members' risk
shall be monitored constantly and margin money shall be collected at
appropriate time for efficacy of risk management.
(vii) Members shall
pay the margin money on a gross basis across clients to the Power Exchange,
without offsetting the margin requirements of their clients in the same market.
(viii) Members shall,
wherever applicable, have a prudent risk management and system of timely margin
collection from their clients. The margins collected by members from clients
shall be in accordance with the bye-laws, rules and business rules of Power
Exchange.
(ix) A member or
client may be declared a defaulter by the Power Exchange if the member or
client:
(a) is unable to
fulfil its Clearing or Settlement obligations towards the Power Exchange or its
client; or
(b) admits or
discloses its inability to fulfil or discharge its duties, obligations and
liabilities towards the Power Exchange or its client; or
(c) fails or is
unable to pay within the specified time, the damages and the money difference
due on a closing-out effected against him under the rules, bye-laws and
business rules of the Power Exchange; or
(d) fails to pay
any sum due to the Power Exchange which may be stipulated from time to time; or
(e) fails to abide
by the arbitration award as laid down under the rules, bye-laws and business
rules of the Power Exchange; or
(f) does not abide
by conditions as may be laid down by the Power Exchange from time to time.
(x) In the event a
member or client is declared a defaulter and the member or client fails to meet
the Clearing or Settlement obligations, the Power Exchange shall give
precedence to the payment of charges due to system operator and payment of
transmission charges from the deposits of the member or the client, as the case
may be. Thereafter, the Power Exchange may utilise the Settlement Guarantee
Fund and other monies to the extent necessary to fulfil the obligations of the
defaulting member or client in the following order—
(a) Liquidation of
collaterals: Contributions or deposits, including margins in any form, of the
defaulting member or client.
(b) Liquidation of
security deposit: Membership deposit given by the defaulting member to the
Power Exchange.
(c) Insurance
money: Insurance taken by the Power Exchange of an amount as considered
appropriate by the Power Exchange for protection against defaults.
(d) Initial
contribution by the Power Exchange towards the Settlement Guarantee Fund.
(e) Current year's
profits of the Power Exchange including fines, penalty collected from members.
(f) Retained
earnings of the Power Exchange.
(g) Contribution
towards Settlement Guarantee Fund by all members or clients: All non-defaulting
members or client's contribution in proportion of deposits towards Settlement
Guarantee Fund.
(h) Balance obligations
remaining outstanding after above funds will be met by contribution from
members or clients in proportion to their contribution to the Settlement
Guarantee Fund.
Regulation 28. Information Technology Infrastructure and Trading System of Power Exchange.
(1) Power Exchange
shall use electronic trading system and telecommunication network;
(2) The bids
entered by a member of Power Exchange shall be first checked against
availability of funds or collateral in the risk management system before being
accepted in the bid book of the Power Exchange;
(3) Automated audit
trail of bids, matching of bids and execution of transactions shall be
maintained.
(4) The algorithm
of the software application for price discovery and market splitting shall be
in compliance with the requirement specified in Regulation 5 as applicable and
methodology mentioned in the bye-laws, rules and business rules of Power
Exchange. The Power Exchange shall get the algorithm audited before
commencement of operations and thereafter, once in every two years and submit
the findings of the audit to the Commission. The resources employed shall have
competence in audit of algorithms and relevant industry certifications such as
CISA (Certified Information Systems Auditor) from ISACA or shall have empanelment
with the Standardization Testing and Quality Certification Directorate under
the Ministry of Electronics & Information Technology.
(5) The Commission
may audit or appoint an agency to audit the software applications used by the
Power Exchanges for price discovery and market splitting on a random basis. The
Power Exchanges shall provide to the Commission results of test cases and
scenarios given by the Commission.
(6) Power Exchange
shall also carry out periodic IT system audit for data security, data integrity
and operational efficiency for every financial year and submit its reports to
the Commission by 30th June following the end of the financial
year.
(7) Power Exchange
shall formulate and implement a cyber security and cyber resilience framework
to manage risk to systems, networks and databases from cyber-attacks and
threats with the approval of the Board and submit it to the Commission for
information. Security audit of the IT systems shall be carried out each year
from a CERT-In (Indian Computer Emergency Response Team) empanelled
organisation.
(8) Power Exchange
shall establish and maintain a disaster recovery site and alternate trading
facility for business continuity in case of emergency.
(9) The Power
Exchange shall discharge the responsibility of activities mentioned in Clauses
(3) to (5) of this Regulation in respect of Day Ahead Contracts or Real-time
Contracts or any other contracts as notified by the Commission until the time
the Commission issues notification for transfer of these responsibilities to
the Market Coupling Operator.
Regulation 29. Miscellaneous Provisions relating to transaction on Power Exchange.
(1) Any deviation
from the schedule of transactions on the Power Exchange shall be settled in
accordance with the Central Electricity Regulatory Commission (Deviation
Settlement Mechanism and related matters) Regulations, 2014, as amended from
time to time and any re-enactment thereof.
(2) All data
transfer by the Power Exchange(s) with the National Load Despatch Centre shall
be done electronically through a secure communication channel.
(3) The Power
Exchange shall be responsible for payment of transmission charges, scheduling
and system operation charges to Load Despatch Centres and State Transmission
Utility as per the regulations of the Commission and State Electricity
Regulatory Commissions.
(4) Indemnification
by Power Exchange—
(a) The Power
Exchange shall indemnify the National Load Despatch Centre to the effect that
clearance advice issued by National Load Despatch Centre is on good faith.
(b) The Power
Exchange shall indemnify that in case of curtailment, the Central Transmission
Utility, National Load Despatch Centre, Regional Load Despatch Centres and
State Load Despatch Centres shall not have any financial liability on account
of inability, for any reason whatsoever, to achieve the complete matching
between the advice of the National Load Despatch Centre and the final
schedules.
(c) The Power
Exchange on its own behalf and on behalf of its buyers and sellers, shall keep
National Load Despatch Centre, Regional Load Despatch Centres and State Load
Despatch Centres indemnified at all times and shall undertake to indemnify,
defend, save and hold them harmless from any and all damages, losses, claims
and actions, including those relating to injury to or death of any person or
damage to property, demands, suits, recoveries, costs and expenses, court
costs, attorney fees, and all other obligations by or to third parties, arising
out of or resulting from the transactions.
Regulation 30. Congestion Amount management.
(1) The Power
Exchange may be vested with congestion amount arising from the difference in
market prices of different regions as a consequence of market splitting.
(2) The congestion
amount shall be maintained in a separate account by the Power Exchange which
shall be transferred to the Power System Development Fund in the manner as
specified in the Central Electricity Regulatory Commission (Power System
Development Fund) Regulations, 2019, as amended from time to time and any
re-enactment thereof, or utilised in any manner as may be decided by the
Commission.
Regulation 31. Information Dissemination by Power Exchange.
(1) The Power
Exchange shall display on its website links to all the relevant websites.
(2) Prices,
volumes, transaction fees and historic prices of power traded shall be made
available on the website of the Power Exchange and should be in downloadable
format. In addition, the data shall be made available through Application
Programming Interface (API).
(3) Maximum,
minimum and average of the traded prices for the month and average volume
cleared for all type of contracts transacted on the Power Exchange shall be
published on its website.
(4) The Power
Exchange shall publish on its website, data tables with aggregate demand and
supply curves for each type of contract involving collective transactions.
(5) The Power
Exchange shall provide to the Commission details of all transactions on a
monthly basis in the formats (Forms I-XV) appended to these regulations:
Provided that
the Commission may, by order, modify or introduce formats from time to time.
(6) The Power
Exchange shall submit to the Commission, bids of all participants along with
required analysis, as and when directed by the Commission.
(7) The Power
Exchange shall organize, on a regular basis, member or client awareness programmes
across the country.
(8) Power Exchange
shall create and maintain a document on its website providing detailed
description of the algorithm used for price discovery for all type of
contracts. The description shall include bid types, details of how the
algorithm results in maximisation of economic surplus taking into account
various bid types and congestion in transmission corridor, which shall be
updated with every new version of the price discovery algorithm:
Provided that
Power Exchanges which have been granted registration by the Commission prior to
the date of coming into force of these regulations shall publish this document
on their website within a period of three months from the date of coming into
force of these regulations.
Regulation 32. Market Surveillance by Power Exchange.
(1) Power Exchange
shall set up a surveillance department which shall carry out day to day
monitoring and surveillance of transactions and undertake analysis as mentioned
in clause (5) of this Regulation.
(2) Power Exchanges
shall ensure that market surveillance is executed from a physically secure and
restricted area by authorised personnel. Information, data security, and audio
recording of conversations of such personnel shall be maintained by the Power
Exchange for a period of two years and made available to the Commission, if so
directed.
(3) The Power
Exchange shall constitute a Market Surveillance Committee (MSC) headed by an
Independent Director of the Board and having members from the executive team of
the Power Exchange. No member of this committee shall be a member of the Power
Exchange.
(4) The
surveillance department shall analyse bidding patterns and transactions of
participants and submit its analysis and report to the Market Surveillance
Committee.
(5) The Market
Surveillance Committee shall submit quarterly surveillance report to the
Commission within 30 days after the end of every quarter and shall include the
following but not limited to:
(a) Transaction
pattern of members of Power Exchange over a specific time period;
(b) Daily, weekly,
monthly volatility analysis of prices;
(c) Price setter
analysis of buyer and seller;
(d) Dominant
position by Market Participants;
(e) Monitoring of
Circular Trading;
(f) Analysis of
sudden high transaction volumes of members of Power Exchange;
(g) Analysis of
default by any member of Power Exchange;
(h) Analysis of
transactions to check that the market splitting as approved by the Commission
is being followed in case of congestion in transmission corridor;
(i) Analysis of
market concentration in daily transactions; and
(j) Analysis of
marginal buyers and sellers, whose volume was cleared at the margin.
Regulation 33.
The Power
Exchange shall submit its Annual Report along with its audited balance sheet by
30th September every year to the Commission.
Regulation 34. Exit Scheme.
The Power
Exchanges shall get their exit scheme in the event of closure of the Power
Exchange or revocation of registration of the Power Exchange, approved by the
Commission at the time of registration. The exit scheme shall provide the
manner in which:
(1) the running
contracts on the Power Exchange shall be closed or the succession plan for all
transacted contracts; and
(2) any claims
pertaining to pending arbitration cases, arbitration awards, liabilities or
claims of contingent nature and unresolved investors complaints or grievances
lying with the Power Exchange would be settled by the Power Exchange.
Regulation 35. Revocation of registration of Power Exchange.
(1) The Commission
may, for reasons to be recorded in writing and after giving the Power Exchange
an opportunity of being heard, revoke the registration granted to the Power
Exchange in any of the following events:
(a) If the
functioning of the Power Exchange is in violation of any terms and conditions
of these regulations or terms of registration;
(b) If the
shareholding of the Power Exchange is in violation of the terms and conditions
of these regulations;
(c) If the Power
Exchange indulges in market manipulation or insider trading;
(d) In case the Net
worth of the Power Exchange reduces at any time below the specified amount as
provided in Regulation 14 of these regulations;
(e) In case the
Power Exchange fails to comply with any direction of the Commission;
(f) In case the
Power Exchange makes an application for revocation of registration.
(2) Notwithstanding
revocation of the registration of Power Exchange, contracts executed prior to
such revocation shall remain valid and their performance shall be ensured by
the Power Exchange through Exit Scheme or as directed by the Commission.
Regulation 36. Grievance Redressal of Members and Clients.
(1) The Power
Exchange shall constitute a Grievance Redressal Forum, headed by an Independent
Director.
(2) Power Exchanges
shall disclose, on their website, the details of complaints lodged by members
against Power Exchange and by clients against its members and status of
resolution of the grievance.
(3) Power Exchanges
shall also disclose, on their website, the conflict resolution mechanism
followed and the result of grievance resolution.
(4) The Commission
may call for information on redressal of any specific grievance by the Power
Exchange.
Part-5 MARKET COUPLING
Regulation 37. Objectives of Market Coupling.
(1) Discovery of
uniform market clearing price for the Day Ahead Market or Real-time Market or
any other market as notified by the Commission;
(2) Optimal use of
transmission infrastructure;
(3) Maximisation of
economic surplus, after taking into account all bid types and thereby creating
simultaneous buyer-seller surplus.
Regulation 38. Designation of Market Coupling Operator.
Subject to
provisions of these regulations, the Commission shall designate a Market
Coupling Operator who shall be responsible for operation and management of
Market Coupling.
Regulation 39.
The provisions
with regard to market coupling and Market Coupling Operator in these
regulations shall come into effect as and when decided by the Commission in
accordance with the regulations to be specified separately.
Part-6 OTC PLATFORM
Regulation 40.
OTC Platform
shall operate after obtaining registration under these regulations.
Regulation 41. The objectives of the OTC Platform shall be.
—
(1) To provide an
electronic platform with the information of potential buyers and sellers of
electricity;
(2) To maintain a
repository of data related to buyers and sellers and provide such historical
data to Market Participants;
(3) To provide such
services as advanced data analysis tools to Market Participants.
Regulation 42. Participants on OTC Platform.
—
The following
shall be eligible for participation in the OTC Platform:
(1) grid connected
entities such as generating companies, distribution licensees, open access
consumers or any person acting on their behalf; and
(2) Trading
Licensees.
Regulation 43. Eligibility Criteria for registration of OTC Platform.
—
(1) The eligibility
criteria for registration of OTC Platform shall be as follows:
(a) Any company
incorporated under the Companies Act, 2013;
(b) The minimum Net
worth of the applicant shall be Rs. 1 crore as on any date falling within 30
days immediately preceding the date of filing the application for grant of
registration.
(2) A Power
Exchange or Trading Licensee or any of their Associates or grid connected
entities shall not be permitted to set up, operate, or have any shareholding in
an OTC Platform.
Regulation 44. Procedure for filing Application and Grant of Registration.
—
(1) Application for
grant of registration to establish and operate OTC Platform shall be filed
online on the website of the Commission, in accordance with the guidelines for
registration and filing application as may be notified.
(2) The Commission
may, after consideration of the proposal, and making such inquiries as may be
necessary, either grant registration or reject the application of the
applicant.
(3) The
registration of an OTC Platform shall continue to be in force for a period of
five (5) years from the date of grant of registration unless such registration
is revoked or cancelled earlier.
(4) The Commission
may, on an application filed by the OTC Platform, and after making such
inquiries as may be necessary, renew registration for a further period of 5
years.
(5) Any company
granted registration to operate an OTC Platform by the Commission in accordance
with these regulations shall pay an annual registration charge in accordance
with the timeline and the manner specified in the Payment of Fees Regulations.
Regulation 45. Documents required to be submitted along with the application.
—
(1) Memorandum and
Articles of Association of the company making the application;
(2) The audited
special balance sheet as on any date falling within 30 days immediately
preceding the date of filing the application for grant of registration showing
the Net worth of the applicant;
(3) Copies of the
Permanent Account Number (PAN), Tax Deduction and Collection Account Number
(TAN) and Income Tax Return (ITR) for the previous year of the company making
the application.
Regulation 46. Obligations of the OTC Platform.
—
(1) The OTC
Platform shall not engage in the negotiation, execution, clearance or
settlement of the contracts.
(2) The OTC
Platform shall maintain neutrality without influencing the decision making of
the Market Participants in any manner.
Regulation 47. Revocation of registration.
The Commission
may, for reasons to be recorded in writing and after giving the OTC Platform an
opportunity of being heard, revoke the registration accorded to the OTC
Platform in case the OTC Platform fails to comply with the terms and conditions
of the registration or any direction of the Commission.
Part-7 MARKET OVERSIGHT
Regulation 48. Objectives of market oversight
(a) To detect and
prevent market manipulation, insider trading, cartelization and abuse of
dominant position by any Market Participant;
(b) To ensure that
Market Participants have confidence in the integrity and fairness of power
markets;
(c) To ensure that
the prices are discovered in a transparent and competitive manner.
Regulation 49. Procedure for market oversight.
(1) The market
oversight shall include, but not limited to, the following:
(a) procedure for
registration of Market Participants;
(b) mechanism for
collecting data from Market Participants;
(c) details of
Market Participants or any other entities who shall furnish information;
(d) details of
information to be furnished by the entities specified in clause (c) above;
(e) periodicity and
formats for reporting of information;
(f) measures to
prevent any misuse of or unauthorised access to the information furnished by
Market Participants;
(g) conducting
analytics and market surveillance based on the data furnished by the Market
Participants;
(h) conducting
analytics and market surveillance based on the reports furnished by the NLDC as
specified by the Commission;
(i) any other
information as may be required by the Commission.
(2) The Commission
may, on being satisfied, that any of the following circumstances exist, order
inquiry or investigation in accordance with the provisions of the Act:
(a) Non-compliance
of the statutory obligations by Market Participants:
(i) Violation or
non-compliance of any of the provisions of these regulations;
(ii) Non-compliance
of the orders of the Commission issued for contravention of these regulations;
(iii) Delay or
non-submission of information sought under sub-clause (d) of clause (1) of this
Regulation or any other information sought by the Commission;
(b) Involvement of
Market Participants in any of the activities, including but not limited to the
following:
(i) Market
manipulation;
(ii) Any form of
cartelization;
(iii) Insider
trading;
(iv) Abuse of
dominant position by any Market Participant.
Regulation 50. Intervention by the Commission.
On receipt of
any information or report under clause (2) of Regulation 49 of these
regulations, the Commission may, after giving such opportunity to the concerned
Market Participant, to make a representation in connection with the report and
after considering representation, if made, by order:
(a) require the
concerned Market Participant to take such action in respect of any matter
arising out of the report as the Commission may deem fit; or
(b) impose penalty
in accordance with the provisions of the Act; or
(c) debar the
concerned Market Participant from participating in any of the contracts
mentioned in Regulation 4 of these regulations for a period as may be decided
by the Commission; or
(d) direct the
Power Exchange to cancel membership of a member; or
(e) suspend or
cancel the registration of the Power Exchange under these regulations; or
(f) suspend or
cancel the registration of the OTC Platform under these regulations.
Regulation 51. Other circumstances requiring intervention.
(1) The Commission
may, on being satisfied that a situation of abnormal increase or decrease in
prices or volume of electricity in the Power Exchange exist or is likely to
occur in the market, by an order, give such directions as may be considered
necessary.
(2) In particular
and without prejudice to the generality of the power under clause (1) of this
Regulation, the Commission may, by order in writing:
(a) impose floor
and cap on prices of electricity in the Power Exchange;
(b) suspend
transaction activities on the Power Exchange for a cooling off period, in case
of increased volatility;
(c) suspend
transaction of any specific contract on Power Exchange;
(d) regulate the
transaction fee charged by the Power Exchange;
Regulation 52. Power to issue interim orders.
Where during an
investigation or intervention, the Commission is satisfied that an act in
contravention of these regulations has been committed and/or continues to be
committed or that such act is about to be committed, the Commission may, by
order, temporarily restrain any person from carrying on such act until the conclusion
of such investigation or intervention or until further orders, after giving
notice to such person.
Regulation 53. Power of inspection.
(1) The Commission
may at any time undertake inspection, conduct inquiries or audit of any Power
Exchange, either through its officers or through a third-party agency, in
accordance with the provisions of the Act.
(2) Where an
inspection under clause (1) of this regulation is undertaken by the Commission,
such Power Exchange and every Director, Manager, officer and any other employee
of such Power Exchange shall cooperate for such inspection, inquiries or audit.
Part-8 MISCELLANEOUS
Regulation 54. Saving of inherent powers of the Commission.
(1) Nothing in
these regulations shall be deemed to limit or otherwise affect the inherent
power of the Commission to make such orders as may be necessary for meeting the
ends of justice or to prevent the abuse of the process of the Commission.
(2) Nothing in
these regulations shall bar the Commission from adopting in conformity with the
provisions of the Act, a procedure, which is at variance with any of the
provisions of these regulations, if the Commission, in view of the special
circumstance of a matter or class of matters and for reasons to be recorded in
writing, deems it necessary or expedient for so dealing with such a matter or
class of matters.
(3) Nothing in
these regulations shall bar the Commission to deal with any matter or exercise
any power under the Act for which no provisions have been made in these
regulations, and the Commission may deal with such matters, powers and
functions in a manner it deems fit.
Regulation 55. Power to remove difficulties.
If any
difficulty arises in giving effect to the provisions of these regulations, the
Commission may, by order, make such provisions not inconsistent with the
provisions of the Act, as may appear to be necessary for removing the
difficulty.
Regulation 56. Power to relax.
The Commission
may in appropriate cases and for reasons to be recorded in writing relax any of
the provisions of these regulations.
Regulation 57. Repeal and Savings.
(1) Save as
otherwise provided in these regulations, the Central Electricity Regulatory
Commission (Power Market) Regulations, 2010 and all subsequent amendments
thereof shall stand repealed from the date of commencement of these
regulations.
(2) Notwithstanding
such repeal:
(a) anything done
or any action taken or purported to have been done or taken or any registration
or permission granted or any document or instrument executed or any direction
given under the repealed regulations shall, in so far as it is not inconsistent
with the provisions of these regulations, be deemed to have been done or taken
under the corresponding provisions of these regulations.
(b) any order or
direction issued or approval granted, or any appointment made in pursuance of
the repealed regulations shall, if in force at the commencement of these
regulations, continue to be in force, and shall have effect as if made,
directed or issued under or in pursuance of these regulations, unless otherwise
specifically required under these regulations.
Form I
Volume and Price of Electricity traded in Day Ahead Market through
Power Exchange (Day wise)
Name of Power
Exchange:
Month:
|
S. No.
|
Date of Delivery
|
Max No of Buy Bids in 15 Min. Block
|
Number of Buy Bids
|
Total Buy Bid in MUs
|
Max No of Sell Bids in
15 Min. Block
|
Number of Sell Bids
|
Total Sell Bid
in MUs
|
Unconstrained MCV
in MUs
|
Market Clearing Volume (MCV)
in MUs
|
Unconstrained MCP
|
Market Clearing Price (MCP)
|
|
Min Rs./kWh
|
Max Rs./kWh
|
Weighted average Rs./kWh
|
Min Rs./kWh
|
Max Rs./kWh
|
Weighted average Rs./kWh
|
|
1
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2
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3
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4
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5
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6
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7
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Note: (1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note: (2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form II
Volume and Price of Electricity traded in Day Ahead Market through
Power Exchange (Block wise)
Name of Power
Exchange:
Month:
Date:
|
Block No.
|
Time
|
Buy Bids
|
Sell Bids
|
Unconstrained MCV
in MUs
|
Unconstrained MCP (Rs./kWh)
|
Market
Clearing
Volume in
MUs
|
Transaction Fee (Rs./kWh)
|
|
Number of Bids
|
Volume in MUs
|
Number of Bids
|
Volume in MUs
|
|
1
|
00:00 - 00:15
|
|
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2
|
00:15 - 00:30
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3
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00:30 - 00:45
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4
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00:45 - 01:00
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5
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01:00 - 01:15
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|
Note.—(1) Data
shall be submitted for each day of the month.
Note.—(2) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(3) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form III
Volume and Price of Electricity traded in Day Ahead Market through
Power Exchange (Area wise)
Name of Power
Exchange:
Month:
|
S No.
|
Delivery Date
|
Block No.
|
Delivery Time
|
Congestion
Occurred during the block
(If Yes put 1, If No put 0)
|
Unconstrained MCV (MU)
|
Market Clearing Volume (MCV) (MU)
|
Market
Clearing
Price
(MCP) (Rs./kWh)
|
A1
|
A2
|
|
|
Buy Volume
(MU)
|
Sell Volume (MU)
|
Price (Rs./kWh)
|
Buy Volume (MU)
|
Sell Volume (MU)
|
Price (Rs./kWh)
|
…
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1
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2
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3
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4
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5
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|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form IV
Volume and Price of Electricity traded in Term Ahead Market
through Power Exchange
Name of Power
Exchange:
Month:
|
S. No.
|
Period of Transaction (Date)
|
Time of Transaction (Hours)
|
Actual Scheduled Volume (MUs)
|
Seller
|
Buyer
|
Trade Price (Rs./kWh)
|
Transaction Fee (Rs./kWh)
|
|
From (Date)
|
To (Date)
|
From (HH:MM)
|
To (HH : M M)
|
Name of Seller
|
Category
|
State
|
Name of Buyer
|
Category
|
State
|
|
A
|
INTRADAY
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1
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2
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B
|
DAY AHEAD CONTINGENCY
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1
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2
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C
|
DAILY
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1
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2
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D
|
WEEKLY
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1
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2
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E
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Any other Contracts
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1
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2
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|
|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Note.—(3) Full form
of the abbreviations used for Name of the Seller/Buyer etc. shall be provided
at the end of the Table
Form V
Volume and Price of Electricity traded in Green Term Ahead Market
through Power Exchange
Name of Power
Exchange:
Month:
|
|
Period of Transaction (Date)
|
Time of Transaction (Hours)
|
Actual
Scheduled
Volume
(MUs)
|
Seller
|
Buyer
|
Trade
Price
(Rs./kWh)
|
Transaction Fee (Rs./kWh)
|
|
S. No.
|
From (Date)
|
To (Date)
|
From (HH:MM)
|
To (HH : M M)
|
Name of Seller
|
Category
|
State
|
Name of Buyer
|
Category
|
State
|
|
A
|
INTRADAY
|
|
1
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2
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B
|
DAY AHEAD CONTINGENCY
|
|
1
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2
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C
|
DAILY
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|
1
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2
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D
|
WEEKLY
|
|
1
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2
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E
|
Any other Contracts
|
|
1
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2
|
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|
|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Note.—(3) Full form
of the abbreviations used for Name of the Seller/Buyer etc. shall be provided
at the end of the Table
Form VI
Volume and Price of Electricity traded in Real Time Market through
Power Exchange (Day wise)
Name of Power
Exchange:
Month:
|
S. No.
|
Date of Delivery
|
Max No of Buy Bids in
15 Min.
Block
|
Number
of Buy
Bids
|
Total Buy Bid
in MUs
|
Max No of
Sell Bids in
15 Min.
Block
|
Number of Sell Bids
|
Total Sell Bid
in MUs
|
Unconstrained MCV
in MUs
|
Market Clearing Volume (MCV)
in MUs
|
Unconstrained MCP
|
Market Clearing Price (MCP)
|
|
Min Rs./kWh
|
Max Rs./kWh
|
Weighted average Rs./kWh
|
Min Rs./kWh
|
Max Rs./kWh
|
Weighted average Rs./kWh
|
|
1
|
|
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2
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3
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4
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5
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6
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7
|
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|
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|
|
|
|
|
|
|
|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form VII
Volume and Price of Electricity traded in Real Time Market through
Power Exchange (Block wise)
Name of Power
Exchange:
Month:
Date:
|
Block No.
|
Time
|
Buy Bids
|
Sell Bids
|
Unconstrained MCV
in MUs
|
Unconstrained MCP (Rs./kWh)
|
Market
Clearing
Volume in MUs
|
Transaction Fee (Rs./kWh)
|
|
Number of Bids
|
Volume in MUs
|
Number of Bids
|
Volume in MUs
|
|
1
|
00:00 - 00:15
|
|
|
|
|
|
|
|
|
|
2
|
00:15 - 00:30
|
|
|
|
|
|
|
|
|
|
3
|
00:30 - 00:45
|
|
|
|
|
|
|
|
|
|
4
|
00:45 - 01:00
|
|
|
|
|
|
|
|
|
|
5
|
01:00 - 01:15
|
|
|
|
|
|
|
|
|
Note.—(1) Data
shall be submitted for each day of the month.
Note.—(2) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(3) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form VIII
Volume and Price of Electricity traded in Real Time Market through
Power Exchange (Area wise)
Name of Power
Exchange:
Month:
|
S No.
|
Delivery Date
|
Block No.
|
Delivery Time
|
Congestion occurred during the block (If Yes put
1, If No put 0)
|
Unconstrained MCV (MU)
|
Market Clearing Volume (MCV) (MU)
|
Market Clearing Price (MCP) (Rs./kWh)
|
A1
|
A2
|
|
|
Buy Volume (MU)
|
Sell Volume (MU)
|
Price (Rs./kWh)
|
Buy
Volume
(MU)
|
Sell
Volume
(MU)
|
Price (Rs./kWh)
|
…
|
|
1
|
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2
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3
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4
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5
|
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|
|
|
|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form IX
Volume and Price of Renewable Energy Certificates (RECs) traded
through Power Exchange
Name of Power
Exchange:
Month:
|
S. No
|
Type of REC
|
Volume of Buy Bid
|
Volume of Sell Bid
|
Volume of RECs (No. of RECs)
|
Weighted Average Price of RECs (Rs./REC)
|
|
1
|
Solar
|
|
|
|
|
|
2
|
Non-Solar
|
|
|
|
|
Note.—(1) 1 REC — 1
MWh
Note.—(2) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(3) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form X
Volume of Electricity/RECs traded by Buyers and Sellers through
Power Exchange
Name of Power
Exchange:
Month:
|
S No.
|
Name of Buyer/Seller (Client)
|
Category
|
State
|
Volume traded in DAM (in MU)
|
Volume traded in TAM (in MU)
|
Volume traded in RTM (in MU)
|
Volume of RECs traded
|
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
Solar
|
Non-Solar
|
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
|
1
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2
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3
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4
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5
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Note: (1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note: (2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Note: (3) Full
form of the abbreviations used for Name of the Seller/Buyer etc. shall be
provided at the end of the Table
Form XI
Volume of Electricity/RECs traded by Trader Members through Power
Exchange
Name of Power
Exchange:
Month:
|
S No.
|
Name
|
Category
|
Volume traded in DAM (in MU)
|
Volume traded in TAM (in MU)
|
Volume traded in RTM (in MU)
|
Volume of RECs traded
|
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
Solar
|
Non-Solar
|
|
|
|
|
|
|
|
|
|
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
|
1
|
|
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|
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2
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3
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4
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5
|
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|
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Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Note: (3) Full
form of the abbreviations used for Name of the Member shall be provided at the
end of the Table
Form XII
Volume of Electricity/RECs traded by Facilitator Members through
Power Exchange
Name of Power
Exchange:
Month:
|
S. No.
|
Name
|
Category
|
Volume traded in DAM (in MU)
|
Volume traded in TAM (in MU)
|
Volume traded in RTM (in MU)
|
Volume of RECs traded
|
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
Solar
|
Non-Solar
|
|
Sell
|
Buy
|
Total
|
Sell
|
Buy
|
Total
|
|
1
|
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2
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3
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4
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5
|
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|
|
Note: (1) Data
shall be submitted on a monthly basis by 15th of the following month
to the Commission
Note: (2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Note: (3) Full
form of the abbreviations used for Name of the Member shall be provided at the
end of the Table
Form XIII
Volume of electricity traded through Power Exchange (Bid type
wise)
Name of Power
Exchange:
Month:
|
S. No.
|
Delivery Date
|
Bid Types
|
|
Single Bid
|
Block Bid
|
Parent Child Bid
|
Minimum Quantity Bid
|
Profile Block Bid
|
|
Number of bids
|
Volume (in MU)
|
Number of bids
|
Volume (in MU)
|
Number of bids
|
Volume (in MU)
|
Number of bids
|
Volume (in MU)
|
Number of bids
|
Volume (in MU)
|
|
1
|
|
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2
|
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3
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4
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5
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Note.—(1) Any other
type of bid on the Power Exchange should be included as and when approved &
introduced.
Note.—(2) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(3) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form XIV
Congestion Revenue (Block wise)
Name of Power
Exchange:
Month:
|
S. No.
|
Delivery Date
|
Block No.
|
Time
|
Congested Corridor
|
Power Flow over Congested Corridor in kWh (A)
|
Price
|
Congestion Revenue (in Rs.) for the Block
(E)=((A) * (D))/4
|
|
Upstream (Rs./kWh)
(B)
|
Downstream (Rs./kWh)
(C)
|
Difference
(Rs./kWh)
(D)=(B)−(C)
|
|
1
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
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|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form XV
Volume and Price of Energy Savings Certificates (ESCerts) traded
through Power Exchange
Name of Power
Exchange:
Month:
|
S. No
|
Date
|
Volume of Purchase Bid
|
Volume of Sell Bid
|
Number of Participants
|
Trade Volume of ESCerts
|
Price Discovered (Rs./ESCert)
|
|
1
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
Note.—(1) 1 ESCert
— 1 MTOE (Metric Tonne of Oil Equivalent)
Note.—(2) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(3) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Form XVI
Contact Details of Members
Name of Power
Exchange:
Month:
|
S No
|
Name
|
Category
|
Contact Person
|
Registered Office Address
|
Phone Number
|
Email id
|
|
1
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
Note.—(1) Data
shall be submitted on a monthly basis by 15th of the following
month to the Commission
Note.—(2) Data
shall be submitted to the Commission i.e. hard copy to Secretary, CERC and soft
copy in an Excel Sheet by E-mail and through Saudamini portal (E-monitoring)
Vide Notification
No. L-1/257/2020/CERC, dated 15-2-2021, published in the Gazette of India,
Extra., Part III, Section 4, No. 241, dated 16-6-2021.