IEX launches India’s first gas trading platform
Indian Energy Exchange (IEX), India’s leading and premiere energy market platform has launched Indian Gas Exchange (IGX), the first nationwide online delivery-based gas trading platform.
Shri Dharmendra Pradhan, Honourable Minister of Petroleum and Natural Gas, inaugurated the Indian Gas Exchange in an e-ceremony. The platform is fully automated with 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 - India’s leading energy market platform, IGX will enable market participants to trade in standardised gas contracts.
Esteemed dignitaries such as Shri Tarun Kapoor, Secretary, MOPNG and Shri D K Saraf, Chairman, PNGRB also addressed and felicitated the e-launch ceremony which also saw a virtual gathering of 1000-plus participants from India and overseas.
IGX will play an instrumental role in transforming India’s gas markets, positioning India as a sustainable economy and enhancing industry’s competitiveness. The competitive price discovery will facilitate availability of gas at lower prices for cross-spectrum of industries across India, stimulate demand and facilitate greater investments in domestic gas exploration.
Rajiv Srivastava, Managing Director and CEO, IEX and Director, IGX, says: “It is a proud moment for us to launch Indian Gas Exchange. IEX, over the last 12 years has successfully furthered government’s agenda of 24 x7 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.
“IGX will drive industrial competitiveness, sustainability, spur investments in the gas value chain, deliver efficient utilisation of the pipeline infrastructure as well as ensure revival of gas-based power plants.”
The Indian Gas Exchange will offer six market products beginning from day-ahead market and forward contracts including - Daily, Weekly, Weekday, Fortnightly and Monthly at three physical hubs in Dahej, Hazira in Gujarat and Odoru in Andhra Pradesh to begin with while it is planned to add more hubs soon.
Through its membership drive launched in March this year, IGX already has 12 members and more than 350 registered clients from prominent industrial segments.
Hirander Misra, Chairman of GMEX Technologies says: “We are delighted to be the strategic technology partner for IGX as cutting-edge technologically enabled energy marketplaces of the future.” He added, “IGX will architect India as a market-based gas economy, whilst also leading to sustainable environmental benefits.”