The National Stock Exchange of India has welcomed draft rules by the Central Electricity Regulatory Commission to introduce market coupling, a reform that effectively creates a single, unified price for electricity across exchanges.Today, electricity is traded on multiple platforms like Indian Energy Exchange, Power Exchange India Limited and Hindustan Power Exchange, each discovering its own price based on separate demand and supply. This often leads to the same power being priced differently.
Market coupling aims to fix this by pooling all buy and sell bids into one system. A central operator—likely Grid India—will then match demand and supply to arrive at a single market-clearing price for all exchanges.
NSE said this could eliminate price gaps of ₹600–700 per MWh currently seen across platforms, which translate into roughly ₹70 crore in extra monthly costs for discoms.The exchange added that a unified, volume-weighted pricing system would improve transparency, deepen markets, and bring India closer to a “one nation, one price” electricity market.
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