Domestic power company Mittals Group today launched a power trading app, called Power Trading Solutions (PTS). The company claims it to be India's first real-time power trading app. The app has been developed by the company's own startup Invetech Solutions.
"The power trading mobile application PTS would take the concept of power exchange to the next level. It will be a great tool for effective management and optimal resource utilization," said S K Chaturvedi, chairman, Joint Electricity Regulatory Commission (JERC) for the Union Territories (UT) and the state of Goa.
Power trading has become a major activity after the enactment of Electricity Act 2003. One of the popular ways to sell and purchase power in the short run is through online bidding in exchanges.
Presently, two such exchanges are operating in India, namely Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL). These offer products under Day Ahead Market (DAM) - Term Ahead Market (TAM) and Renewable Energy Certificate (REC) Trade.
Most transactions are made in DAM, where only a two-hour window is provided for placing bids.
The company plans to add more features like Intimation of Real Time curtailment of Short Term Open Access (Bilateral and/or Collective), On-line submission & processing of No Objection Certificate (NOC) & REC trade in its new app.