Power Ministry panel outlines roadmap to develop electricity market

A power ministry-constituted panel has suggested a roadmap outlining the interventions for the near, medium, and long term for the development of the electricity market.

The interventions suggested by the panel include setting up a mechanism to monitor whether adequacy of supply is being maintained by the state utilities, enhancing the efficacy of the Day-ahead Market, introducing a market-based mechanism for secondary reserves, and implementing 5-minutes based metering, scheduling, dispatch, and settlement.

The proposed changes also include demand response and aggregation, which could reduce reserve requirements and lower electricity costs, according to a power ministry release.