NTPC, NCDEX to float JV in 15 days for power exchange

NTPC, NCDEX to float JV in 15 days for power exchange
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First Published: Mon, Dec 17 2007. 03 57 PM IST
Updated: Mon, Dec 17 2007. 03 57 PM IST
PTI
New Delhi: The country’s top power generating firm NTPC Ltd expects to float by this month-end a joint venture firm with NCDEX, PFC and others for setting up India’s second power exchange.
NTPC chairman and managing director, T Sankaralingam, said efforts are on to sign an agreement for the joint venture in the next 15 days.
“We have talked to all the promoters. We just have to sit and sign the agreement, which will be done in the next 15 days before the end of December,” Sankaralingam told PTI.
Power sector regulator Central Electricity Regulatory Commission (CERC) had directed NTPC and National Commodity and Derivatives Exchange to form a separate company for the proposed power exchange.
When contacted, a CERC official said the commission has not heard from NTPC after it was suggested to float a separate company.
National Stock Exchange, National Hydroelectric Power Corp and Power Finance Corp, along with NTPC and NCDEX, are expected to hold almost equal stakes in the proposed firm.
CERC has also barred PowerGrid Corp from being a part of the power exchange, as it is a transmission utility, the official said.
India Energy Exchange, the country’s first electricity trading platform, was launched in November with Financial Technologies Group, Power Trading Corp, Tata Power, Reliance Energy, Rural Electrification Corp, Infrastructure Development Finance Company, Adani Enterprises and Lanco Infratech as the promoters.
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First Published: Mon, Dec 17 2007. 03 57 PM IST