Power Exchange India Limited (PXIL), is a fully electronic, nation-wide exchange for trading of electricity. It has been promoted by two of India's leading Exchanges, National Stock Exchange of India Ltd (NSE) & National Commodities & Derivatives Exchange Ltd (NCDEX).
Power Finance Corporation, Gujarat Urja Vikas Nigam, JSW Energy, GMR Energy, Jindal Steel & Power have taken equity stakes in this venture.
NSE is the largest stock Exchange in India and amongst the top 4 Stock Exchanges in the world in terms of number of transactions. The standards set by NSE in terms of market practices, products, technology & service standards have become industry benchmarks and are being replicated by other market participants. NCDEX is the only commodity exchange in the country promoted by national level institutions. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust, nationwide reach, technology and risk management skills.
PXIL, like its promoters, will not just be building a Power Exchange, but would also be seeking to play a thought leadership role in shaping India power markets in the years to come. PXIL aims to provide transparent and fair price discovery mechanism which can signal massive potential investments into the Indian Power Sector.
The initial products offered for trading are electricity contracts offered on a day-ahead basis with voluntary participation. New products will be introduced after taking feedback from the market & obtaining approval from CERC. PXIL has an independent Board of Directors and professionals who manage the day-to-day operations. The Company is run on commercial principles as an individual business entity, separated from the business of its shareholders.
PXIL received regulatory approval from Central Electricity Regulatory Authority (CERC) on 30th September 2008 to begin operations. After receiving the final nod from the National Load Despatch Centre, the apex body of the country grid operator, PXIL has successfully started its operations on 22nd October 2008.
