The Central Electricity Regulatory Commission (CERC) has issued the Power Market Regulations, 2021. …
These regulations will be applicable to power exchanges, market participants other than power exchanges, and OTC market; on the contracts transacted on the power exchange, and the delivery-based contracts in the OTC market. As per the regulations, the scheduling and delivery of transactions for day ahead contracts and real-time contracts (including the timeline for gate closure, wherever applicable) shall be in coordination with the National Load Despatch Centre and in accordance with relevant provisions of the Open Access Regulations and the Grid Code. Price discovery shall be done by power exchanges or by market coupling operator as and when notified by the Commission. The bidding mechanism and price discovery mechanism shall be as approved by the Commission based on the proposal of the power exchange.