Indian Energy Exchange (IEX), India’s leading energy market platform on Monday announced the launch of the Indian Gas Exchange (IGX), a first nationwide online delivery-based gas trading platform. Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas, inaugurated the Indian Gas Exchange in an e-ceremony.
The platform is fully automated with a web-based interface to provide seamless trading experience to the customers and is powered by best-in-class technology from GMEX, one of the world’s leading digital exchange trading and post-trade technology providers. Incorporated as a wholly-owned subsidiary of the IEX, IGX will enable market participants to trade in standardized gas contracts.
Dignitaries such as Tarun Kapoor, Secretary, Ministry of Petroleum and Natural Gas and D K Saraf, Chairman, Petroleum and Natural Gas Regulatory Board of India also addressed and felicitated the e-launch ceremony that witnessed a virtual gathering of over 1,000 participants from India and overseas.
Rajiv Srivastava, Managing Director & CEO, IEX and Director, IGX said at the launch, “IEX, over the last 12 years has successfully furthered government’s agenda of 24x7 power for all through technology-led electricity markets. We now endeavour to build gas markets in the country to support the government’s vision to increase the share of gas from 6 per cent currently to 15 per cent by 2030 in India’s energy mix.”
Srivastava further added, “IGX will drive industrial competitiveness, sustainability, 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.”
According to an official release, IGX’s launch will be instrumental in transforming the country’s gas markets through competitive price discovery, facilitate the availability of gas at lower prices for a cross-spectrum of industries, stimulate demand and encourage greater investments in domestic gas exploration.
IGX will offer six market products beginning from the day-ahead market and forward contracts including daily, weekly, weekday, fortnightly and monthly at three physical hubs in Dahej and Hazira in Gujarat and Odoru in Andhra Pradesh to begin with. The addition of more hubs is planned shortly.
Through its membership drive launched in March this year, IGX already has 12 members and more than 350 registered clients from prominent industrial segments.