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हिन्दी — Read in HindiPower sector and the grid
The business of electricity: markets, prices, distribution companies and the grid.
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Power exchanges and market coupling
Copy link to Power exchanges and market couplingPrelims and Mains
A power exchange is a platform where generators, distribution companies, traders and large consumers buy and sell electricity.
- India has three exchanges regulated by the Central Electricity Regulatory Commission (CERC); the Indian Energy Exchange holds over 80 per cent of the market, with the Power Exchange India Limited (PXIL) and the Hindustan Power Exchange (HPX) sharing the rest.
- Each exchange sets prices from its own demand and supply; under the draft CERC (Power Market) (Second Amendment) Regulations, 2026, a Market Coupling Operator, the Grid Controller of India, would set clearing prices from aggregated anonymous bids across exchanges.
- Under the CERC (Power Market) Regulations, 2021, a trader member may not hold more than 5 per cent equity in the exchange it trades on.
What changed
19 Jun 2026BriefOn 17 June CERC rejected HPX's plea for a three year exemption letting PTC India trade on it while diluting its stake. Mains: PTC India argues that once prices are discovered centrally, a trader can no longer influence exchange level price discovery, so the ownership cap loses its rationale. The Indian Express, 19 Jun 2026: Why India's largest power trader cannot trade electricity on the exchange it helped create (opens in a new tab)
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