India’s first gas trading platform launched

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News: Union Petroleum Minister has inaugurated the Indian Gas Exchange (IGX).

Facts:

  • Indian Gas Exchange(IGX): It is India’s first online natural gas trading platform that will enable market participants to trade in standardised gas contracts.
  • It is owned and operated by the Indian Energy Exchange(IEX).
  • Significance: It is expected to facilitate overall transparent price discovery in natural gas and facilitate the growth of the share of natural gas in India’s energy basket.

Note: The price of domestically produced natural gas is decided by the government.It will not be sold on the gas exchange.

Additional Facts:

  • Indian Energy Exchange(IEX): It is the first energy exchange in India regulated by the Central Electricity Regulatory Commission (CERC).
    • It provides a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates and Energy Saving Certificates.