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The Indian Gas Exchange (IGX) has been authorised to operate by the Petroleum and Natural Gas Regulatory Board (PNGRB). This approval has been given under the PNGRB (Gas Exchange) Regulations, 2020 for 25 years. These regulations were notified by PNGRB on September 28, 2020.
IGX said that it had submitted its application for authorisation on October 8, 2020 under the new regulations of PNGRB.
IGX was established in 2020 as India’s first automated national-level trading platform for physical delivery of natural gas. It is a wholly-owned subsidiary of the Indian Energy Exchange (IEX).
The IGX platform provides a neutral and transparent marketplace to multiple buyers and sellers to trade in spot and forward contracts at designated physical hubs, the statement said.
PNGRB Chairperson DK Sarraf, said, “With this development, IGX has become first regulated gas exchange in the country. The Exchange will play an instrumental role in transparent discovery of gas prices, accelerate investments in the value chain, aid in capacity utilization of pipelines as well as boost consumer confidence and in turn increasing gas demand in the country.”
IGX currently offers trade in five contracts namely: Daily, Weekly, Weekday, Fortnightly and Monthly at three physical hubs at Hazira and Dahej in Gujarat and KG Basin in Andhra Pradesh.
“The Exchange has over 500 registered Clients and 14 Members. Since its launch on June 15, 2020, the platform has cumulatively traded 74,600 million British thermal units of natural gas,” the statement added.
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