Section 11 in Central Electricity Regulatory Commission (Power Market) Regulations, 2010
11. A Power Exchange shall adopt the following market design in case of day ahead markets [and Real-time markets] [Added by Notification No. L-1/13/2010/CERC, dated 12.12.2019 (w.e.f. 20.1.2010).].
- A. Price Discovery(i)The economic principle of social welfare maximisation and to create buyer and seller surplus simultaneously during price discovery.(ii)The bidding mechanism shall be double sided closed bid auction on a day ahead basis [and Real-time basis] [Added by Notification No. L-1/13/2010/CERC, dated 12.12.2019 (w.e.f. 20.1.2010).].(iii)The price discovered for the unconstrained market shall be a uniform market clearing price for all buyers and sellers who are cleared(iv)In case of congestion in transmission corridor, market splitting mechanism shall be adopted.(v)The delivery / drawl of power shall be considered at the regional periphery.B. Delivery Procedure(i)Participants in Power Exchange shall take "Concurrence ,Prior Standing Clearance, or No objection" from their respective State Load Despatch Centres if applicable before participating in the Power Exchange(ii)Transmission charges and transmission losses shall be handled as per Procedure for scheduling (Open access) of Collective Transactions issued in accordance with CERC (Open access in Inter State Transmission) Regulations, 2008 and as amended from time to time.(iii)Contracts in day ahead market are necessarily for physical delivery and shall be binding on the participant executing the transaction(iv)The scheduling and delivery of contracts on Power Exchange shall be in coordination with the system operator and in accordance with CERC (Open access in Inter State Transmission) Regulations, 2008 as amended from time to time, Indian Electricity Grid Code as amended from time to time. The operational details shall be as per the Procedure for scheduling (Open access) of Collective Transactions issued in accordance with CERC (Open access in Inter State Transmission) Regulations, 2008 and as amended from time to time.(v)The allotment of transmission corridor to Power Exchanges shall be done by National Load Despatch Centre as per directions of the Commission.
