Central Electricity Regulatory Commission (Power Market) Regulations, 2021

Feb 16, 2021 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance

The Central Electricity Regulatory Commission (CERC) on February 15, 2021 has issued the Central Electricity Regulatory Commission (Power Market) Regulations, 2021. 

The following provisions have been made: 

• These regulations shall apply to:

1. Power Exchange

2. Market Participants other than Power Exchange

3. OTC Market

• These regulations shall apply to the following types of contracts:

1. Contracts transacted on the Power Exchange.

2. Contracts in the OTC Market: Delivery based contracts. 

• The scheduling and delivery of transactions for Day Ahead Contracts and Real-time Contracts (including the timeline for gate closure, wherever applicable) shall be in coordination with the National Load Despatch Centre and in accordance with relevant provisions of the Open Access Regulations and the Grid Code.

• Price Discovery shall be done by Power Exchanges or by Market Coupling Operator as and when notified by the Commission.

• The bidding mechanism and price discovery mechanism shall be as approved by the Commission based on the proposal of the Power Exchange.

• Contracts covered under clauses (1) to (3) of Regulation 5 of these regulations cannot be annulled or curtailed except due to constraints in the transmission corridor or any other technical reasons in accordance with the Open Access Regulations and the Grid Code.

[Notification No. L-1/257/2020/CERC]

 


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