The new entrant – Hindustan Power Exchange Ltd (HPX) formerly Pranurja Solutions Ltd. (PSL) has commenced operation from 6th July 2022 after getting all the regulatory approval of Central Electricity Regulatory Commission (CERC). HPX has been able to obtain the regulatory approval after going through a rigorous regulatory process as per the Power Market Regulation. HPX has been jointly promoted by BSE Investments Ltd., PTC India Ltd. and ICICI Bank Ltd.
HPX was represented by Mr. Ravi Kishore, Advocate and Managing Partner of RNS Associates, who handled the complete process of regulatory approval before CERC.
In the recent past there has been a significant increase in trading of electricity at the Power Exchange. The Electricity Act 2003 has created a distinct activity of trading and the Act mandates that the Electricity Regulatory Commission shall endeavour to promote development of market (including trading) in power. The trading at Power Exchanges will take the sector away from the traditional long term Power Purchase Model. At the exchange the price discovery is through a scientific, efficient, transparent and competitive manner where all the stakeholders are benefitted.
The business at the Power Exchange will get further boost after a long standing dispute between SEBI and the CERC as to who would regulate the forward contracts and derivatives in electricity has been settled thereby paving the way for trading of electricity as other commodities with forward contract and derivatives. Therefore, the commencement of operation of HPX assumes significance as it will bring competition in the power sector and benefit the electricity sector.
ABOUT THE FIRM
RNS Associates consists of qualified and experienced professionals with unmatched acumen and knowledge in diverse practice areas managed and headed by its Managing Partners — Ravi Kishore and Niraj Singh. The Managing Partners bring in their respective expertise and experience on the table, which is a blend of litigation, advisory to the clients both domestic and international on compliance and regulatory issues and hands-on experience in various economic and corporate laws not as a litigator but also as an administrator and manager.
The firm has been recognized across various platforms, including Legal Era, Corporate Counsels Association of India, Indian National Bar Association and more.