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The Indian Energy Exchange has filed a petition with the Central Electricity Regulatory Commission, proposing new bid order category for spot electricity trade.
At present, buyers can raise three bid types in the Day-Ahead Market (DAM) to meet their immediate requirement of power.
According to the petition, the IEX has proposed seven more bid variants optimised for source, quality and utility of power.
The power exchange has now sought comments on these as per the directives of the CERC. According to an IEX presentation, the current bid types for the DAM are Single Bid, Block Bid and Linked Block Bid.
The current bids allow consumers to buy power for the coming day by choosing multiple price-quantity pairs for each time block.
Flexibility in DAM
The new bid types that are proposed are Minimum Quantity Block Bid, Profile Block Bid, Minimum Income Bid (MIC), MIC Bid with Schedule stops condition, Enhancement in Link Bids, Flexi Bids and Load Gradient Bid Type.
According to the IEX, the Minimum Quantity Bid will bring more flexibility for sellers and buyers in DAM, and help them stabilise their schedule. The bid will allow buyers and sellers to define a minimum quantity they would like to offload during a trade block. At present, the option available is to either buy/sell the entire quantity on offer during a block.
The Profile Bid will bring flexibility for renewable generators to model their bidding pattern, and also help the discoms in demand-side management.
The Minimum Income Bid will provide flexibility to participants to plan for their Max Revenue Realisation. The MIC Bid with Schedule stops condition will come in handy for a power plant, in case the minimum income bid is deactivated. Currently, a power production unit will have to be stopped abruptly if the MIC fails.
Under the schedule stop option, the deactivation will not imply the automatic rejection of all single orders, and the offered power will be adjusted in subsequent bids. This will lead to optimisation of volume and lead to increase in social welfare, according to IEX.
With Flexi Bids, pump-based hydro power projects can optimise their revenue by adding flexibility to the supply bids. The Load Gradient Bid Type will increase flexibility in DAM and help plants manage the technical criteria of ramping up to meet the grid requirements.
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