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MSTC Ltd said on Wednesday that the e-auction for re-liquefied natural gas (RLNG) will be held on May 11 and 12 for financially troubled gas-based power producers.
In a statement, MSTC, the e-auctioneer, said that the first phase of auction would be held next week for the stressed power utilities. For the power producers, who have shut down their plant, the e-bidding would take place on Monday. For the plants, which are running under-utilised, the bidding would take place on Tuesday.
MSTC has begun trial run or demo e-auction on Wednesday. This exercise would continue until Saturday.
The power ministry planned the e-auction through reverse bidding to supply subsidised RLNG to these power producers. The bidder, which quotes the least support tariff from the Power System Development Fund, would get the imported RLNG.
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