Indian Energy Exchange (IEX) announced the launch of the first nationwide online delivery-based gas trading platform, Indian Gas Exchange (IGX).
Shri Dharmendra Pradhanm, Minister of Petroleum and Natural Gas, introduced the IGX in an e-ceremony. The platform is fully automated with web-based interface. It is powered by GMEX technology. Incorporated as a wholly owned subsidiary of the IEX, IGX will allow market participants to trade in standardised gas contracts.
IGX will play a key role in the transformation of India’s gas market and placing India as a sustainable economy. The competitive price discovery will provide availability of gas at lower prices for wide range of industries across India, stimulate demand and facilitate greater investments in domestic gas exploration.
Rajiv Srivastava, Managing Director and CEO, IEX and Director, IGX commented:
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% currently to 15% 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 IGX will offer six market products beginning from day-ahead market and forward contracts including – Daily, Weekly, Weekday, Fortnightly and Monthly at three physical offices in Dahej, Hazira in Gujarat and Odoru in Andhra Pradesh and it plans to add more in the future.
Hirander Misra, Chairman of GMEX Technologies said:
We are delighted to be the strategic technology partner for IGX as cutting-edge technologically enabled energy marketplaces of the future. IGX will architect India as a market-based gas economy, whilst also leading to sustainable environmental benefits.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.