India's first gas trading platform was launched on Monday to facilitate competitive price discovery and availability of gas for cross-spectrum of industries across the country, said a statement by Indian Energy Exchange (IEX) Monday.
The platform -- Indian Gas Exchange (IGX) was launched by IEX, an automated trading platform for physical delivery of electricity.
"We now endeavour to build gas markets in the country to support the government's vision to increase the share of gas from 6 percent currently to 15 percent by 2030 in India's energy mix," said Rajiv Srivastava, Managing Director and CEO, IEX and Director, IGX.
IGX, with 12 members and over 350 registered clients from prominent industrial segment, will spur investments in the gas value chain, deliver efficient utilisation of the pipeline infrastructure as well as ensure the revival of gas-based power plants, Srivastava said.
It will offer six market products beginning from day-ahead market and forward contracts including Daily, Weekly, Weekday, Fortnightly and Monthly at three physical hubs in Dahej, Hazira in western state of Gujarat and Odoru in South Eastern state of Andhra Pradesh and will add more hubs shortly.
With six liquefied natural gas terminals easing India's import constraints, the country's natural gas demand is expected to rise to 31 million tons by 2025 from 22 million tons in 2018 aided with the network of 13,000 km of gas transmission lined which will be further expanded by 28,000 km in the next few years, according to an energy analyst with a domestic stock brokerage.
Editor:Cherie
