Legal & Compliance
CERC Issues Directions to Power Exchanges Under Power Market Regulations, 2021
The Central Electricity Regulatory Commission (CERC), vide Order dated April 28, 2025, in Petition No. 8/SM/2024, has issued a set of directions to all power exchanges registered under the CERC (Power Market) Regulations, 2021.
Key directions issued by the Commission are as follows:
Disclosure of Bid Information: All power exchanges are mandated to display, on their websites, the number and volume of bids received (both buy and sell) in addition to the traded volumes for all Contingency and Term Ahead Market (TAM) contracts.
Discontinuation of User-Defined Slots: Power exchanges are directed to discontinue the provision of user-defined time slots, including hourly slots, in TAM, Green TAM (G-TAM), and High Price TAM (HP-TAM) within one week from the date of the order.
Standardization of Time Slots in TAM and HP-TAM:
Power exchanges must undertake consultation with market participants to determine a set of pre-specified time slots under categories such as Round-the-Clock (RTC), Peak/Off-Peak, Solar/Non-Solar, and Day/Night hours.
Post consultation, exchanges are to submit the proposed slots for Commission approval prior to implementation.
Slot Definition in G-TAM Contracts:
For Green TAM contracts, power exchanges are to engage in consultations with market participants based on the generation profiles of different renewable technologies.
The finalized time slots shall be submitted to the Commission for approval.
Role of NLDC:
The National Load Despatch Centre (NLDC) has been directed to periodically declare the timings for Solar and Non-Solar hours.
Compliance and Amendments:
All power exchanges are required to submit a compliance report on affidavit within the timelines specified.
Further, they must amend their Business Rules, Rules, and Bye-Laws wherever necessary to give effect to the above directions.
These measures are intended to bring greater transparency, standardization, and efficiency in the functioning of power markets regulated under the 2021 framework.