Get All Access for $5/mo

Now Trade Power With Just A Tap Mittal Group launches a one-of-its-kind Power Trading app

By Ritu Kochar

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

Since the enactment of Electricity Act 2003, power trading has become a major activity in India. The electricity market has enabled purchases, through bids to buy; sales, through offers to sell; and short-term trades of power.

The Electricity Act enabled this sale-purchase power in the short run through online bidding in the Power Exchanges.Taking this a step further and encouraging the "Make in India" drive in the country, Mittals Group has come up with an innovative idea of providing app solution to the power market through its recently launched app Power Trading Solutions (PTS).

The app was recently 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.

A first of its kind app in India, PTS is developed by the IT arm and startup company of Mittals Group called "Invetech Solutions'. It is designed keeping in mind the time and work-place constraints being experienced by bidding entities. Commenting on the same, Managing Director of Mittals Group, Kulbhusan Mittal said in a statement, "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 intraday contingency market, the app would be very effective for the stakeholders to utilize the cheaper power options available on power exchanges, he added.

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.

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.

The app has opened new windows for opportunity in the power market. Where one could only find two such exchanges operating in India, namely Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL), with Pts, the market will become more open for sale and purchase of power based on individual requirements with an option to select one's own source.

Ritu Kochar

Former Staff, Entrepreneur India

Ritu used to work as a Feature writer for Entrepreneur India.
News and Trends

99labels Co-Founder Ishita Swarup Passes Away

Just two years into the business, it raised INR 16 crore from Info Edge and Bikhchandani, but it didn't go well

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

News and Trends

Reimagining HR: How AI is Leading to Workplace Prosperity

It's proven that the HRTech landscape has traditionally been characterized by tedious and manual processes prone to mistakes, fatigue, and biases. Recruitment, in particular, is a high-stakes area where errors can be extremely costly. These startups are working towards making it efficient

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Entrepreneurs

This Unique Social Startup Helps in Offsetting Carbon Footprint

Verdoo, a free online tool, helps consumers fight climate change through online shopping