Indira Management Review

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Indian power sector is at the crossroads. Transformation of the sector was well supported by creation of institutions to enhance efficiency through creation of markets via trading and later on in 2008 through trading on power exchanges. However, long-term contracts usually fail to meet the full requirements of the market participants as electricity cannot be stored, hourly consumption in the long-term without forecasting errs is difficult to predict, long-term contracts for peak load requirement are economically inefficient etc. Development of short-term trading markets is necessary to complement the long-term markets. Recognizing these problems, in 2006, CERC initiated organising electricity market by creating power exchanges. On this backdrop, the paper is directed towards the following objectives: (i) experience of power market operations in selected developed countries, and (ii) assessment of Indian power exchange market and its potential.
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