New scheme worth Rs 3 lakh crore proposed to the Finance Commission
Power minister R. K. Singh in his meeting with the 15th Finance Commission, proposed a new scheme worth Rs. 3 lakh crore over five years. Power ministry officials also discussed the necessity of restructuring the power system to make states responsible for the financial health of the distribution companies (DISCOMs) under their control.
The new scheme borrowed from old schemes under the power ministry and focused on reducing losses in the power sector through separate feeders for agriculture, prepaid smart meters, etc.
However, the Finance Commission will have to take into account the drastically different circumstances arising out of the coronavirus pandemic which has necessitated a Rs. 90,000 crore liquidity injection into the DISCOMs by the Govt. through PFC-REC.
Power Exchange India to launch real time market for electricity
Power Exchange India (PXIL), promoted by NSE and NCDEX, is set to launch a real-time market (RTM) for electricity transactions from June 1st.
This new RTM would enable buyers and sellers to transact electricity from anything across the country with an hour of prior notice.
This would be the first exchange contract that would allow generators with long term PPAs to participate on the exchange and sell their surplus generation of electricity.
The RTM is designed as a half-hourly market, comprising of 48 auction sessions of 15 min duration each. The auction sessions would be conducted during even time blocks of the hour with delivery one hour after the closure of trade session.