India's 1st Gas Exchange Comes Online
Indian Energy Exchange (IEX) on June 15 launched India's first online delivery-based gas trading platform. The Indian Gas Exchange (IGX) was virtually inaugurated by Indian petroleum and natural gas minister Dharmendra Pradhan.
IEX, the country's largest electricity trading platform, said that IGX would help promote and sustain an efficient and robust gas market and foster gas trading in the country. The platform features multiple buyers and sellers to trade in spot and forward contracts at designated physical hubs.
The delivery-based exchange will offer from a day to monthly trades, from Dahej and Hazira Hub in the state of Gujarat, and Kakinada in the state of Andhra Pradesh initially.
“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 investment in gas value chain, deliver efficient utilisation of pipeline infrastructure as well as ensure revival of gas-based power plants,” CEO of IEX & director IGX, Rajiv Srivastava said.
IGX said it already has 12 members and more than 350 registered clients from prominent industrial segments.