New Delhi, Jan. Jan 20 (IANS): Power Exchange India Ltd (PXIL) has upgraded its trading platform, enabling creation of real-time power market (RTM) from Monday. The new platform called PRATYAY will allow more flexibility in tenure of contracts for both buyers and sellers on the exchange.

"The new platform is highly configurable which allows for flexibility in terms of making sure that a contract, tenure, nature and its matching algorithm can be connected to different types of contracts which are available," said Prabhjit Kumar Sarkar, Managing Director and Chief Executive Officer, PXIL.

The development of RTM is an important milestone as it will allow trading of power on real time basis. This would mean that power consumers including user industries and discoms can buy power at exchanges without boundary of time and can get delivery in just about one hours, if such demand is placed.

At present, power exchanges in the country function is a day ahead market where buyers and sellers have to place their options one day in advance.

Power regulator CERC had mandated creation of RTM to make the operations of exchanges seamless. This required software changes, which PXIL has done now to facilitate trading without boundaries of time.

The PXIL is promoted by NSE (National Stock Exchange of India Ltd) & NCDEX (National Commodity and Derivatives Exchange).