Mittals Group Launches India’s First Power Trading App PTS
~ The game-changer power tariff app is developed by Invetech Solutions, a startup company of Mittals Group~
~Freedom for Power traders to bid anytime anywhere with the new PTS App~
Taking the power trading business on exchange to the next level and utilizing the rapidly growing open access power market in the country, Mittals Group, a leading player in the field of Indian power sector launched India’s first power trading app, Power Trading Solutions (PTS). Invetech Solutions, a startup company of Mittals Group has developed the pioneering real time power trading app. The app was unveiled by Mr. S.K. Chaturvedi, Chairman, Joint Electricity Regulatory Commission (JERC) for the Union Territories (UT) and the State of GOA along with Mr. Kulbhusan Mittal, Managing Director, Mittals Group and leading people from IPP(Independent Power Producers), Discoms, RE Generators & Industrial clients. With enhanced security for bidding information and safety from data loss due to viruses, on the move access through mobile phones and decreased operational cost of bidding, PTS app will empower open access market on exchanges.
Power trading has become a major activity after enactment of Electricity Act 2003. One of the popular ways to sale-purchase power in the short run is through online bidding in the Power Exchanges. In line up to the same and encouraging the “Make in India” drive in the country while keeping in mind the time and work-place constraints being experienced by bidding entities, Mittals Group has come up with this innovative idea of providing app solution with its innovative IT arm ‘Invetech Solutions’.
Launching the Power Trading App Shri S.K. Chaturvedi, Chairman, Joint Electricity Regulatory Commission (JERC) for the Union Territories (UT) and the State of GOA said, “The need for this path breaking IT initiative is to ensure timely availability of information and data in this rapidly evolving market. The power trading mobile application PTS would take the concept of power exchange to the next level. It will be a great tool for effective management and optimal resource utilization.”
Talking about this path breaking initiave Kulbhusan Mittal, Managing Director, Mittals Group said, “We have designed this ‘Power Trading App’ to ease the Day Ahead Market (DAM) trading process and provide hands-on solutions, which gives users the freedom to bid anytime, anywhere. The PTS App will not only provide bidding flexibility and ease, it will help in effective management of power portfolio by taking timely corrective measures. It also provides latest power market information and clearing price with graphical comparison on the mobile platform. For intra day contingency market, the app would be very effective for the stakeholders to utilize the cheaper power options available on power exchanges.”
The company plans to add more features like Intimation of Real Time curtailment of Short Term Open Access (Bilateral and/or Collective), On-line submission & processing of No Objection Certificate (NOC), incorporating various products of TAM (Intra Day, Day Ahead DA, Contingency Contracts, Daily & Weekly Contracts) & REC trade in new app.
Power trading has opened various vistas for sale and purchase of power based on individual requirements with an option to select one’s own source. One of the popular ways to sale-purchase power in the short run is through online bidding in the Power Exchanges. Presently, two such exchanges are operating in India, namely Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL), and offer products under Day Ahead Market (DAM) – Term Ahead Market (TAM), and Renewable Energy Certificate (REC) Trade. Most transactions are made in DAM, where only a two-hour (10:00 – 12:00 hours) window is provided for placing bids.