There will be 48 auction sessions during the day with a delivery of power within one hour of the closure of the bid session, the filing added.
"With the launch of RTM, the Indian energy markets
are moving towards global standards of electricity trading and establishing the new energy order in the country. It will support the utilities in reducing dependence on grid deviation framework, of the order of 20 BU in fiscal year 2020," IEX Ltd CEO and Managing Director Rajiv Srivastava said.
Srivastava further said that the primary purpose of the real-time market is to allow utilities to manage their power demand dynamically, save on huge deviation related penalties, and integrate renewables in an effective way.
"The new market segment will foster greater flexibility, competition, and efficiency in the electricity sector and address the emerging needs of the time," he added.
With the fast-paced shift towards renewable energy, the real-time electricity market will facilitate the distribution utilities to manage the challenge of intermittency associated with renewables, the filing said.