Hindustan Power Exchange (HPX) on Monday said that it has crossed the trade milestone of 2.5 billion units within eight months of its launch.
"HPX, promoted by PTC India, BSE and ICICI Bank, has successfully crossed the milestone of 2.5 Billion Units of power traded within 8 months of its launch," an HPX statement said.
HPX was able to cross this landmark with a rapid increase in trade volume across contingency, weekly, monthly, and Long Duration Contracts (LDC) segments, it explained.
The exchange recently concluded monthly long-duration contracts of 453.7 MU (million units) which will be delivered in the months of March and April 2023 and is a part of the above volume.
HPX raced to 2.5 BU within a short span of 67 days with a daily average volume of 18 MU, post crossing the historic landmark of 1 BU, which happened within six months of its launch, it stated.
This is the fastest increase in volume for the initial few months of the existence of any of the power exchanges operating in the country, it stated.
A large part of this volume is attributed to LDCs which were introduced on the HPX platform in February.
Electronic Reverse Auction
HPX successfully executed the very first Electronic Reverse Auction (e-RA) contract for the Indian Railways, which saw encouraging participation from generators.
Since the launch, more than 25-plus e-RA tenders have been launched on HPX in just three weeks with the successful execution of 7 e-RAs, and more are in line to be executed, it stated.
With roughly 500 market participants now onboard HPX, the exchange has covered almost all the major players across the country and is looking for increased market presence in the coming months.
In the contingency segment, HPX has garnered a market share of 30 per cent on average in the last two months, which went up to 55 per cent on certain days. Since inception the market share of HPX stands at 20 per cent in these segments, it stated.
HPX, formerly known as Pranurja Solutions Ltd, is a recently launched electricity exchange in India. It has commenced the operations from 6th July 2022.