The LDCs introduced by IGX are designed to offer market participants in India enhanced flexibility in securing their natural gas requirements. Buyers on the platform will have the option to select fixed pricing or pricing linked to GIXI and Platts benchmarks. The LDCs will enable the marketplace and its participants to effectively manage commodity and price risks through competitive, transparent, and flexible solutions. 

Speaking on the collaboration, Mr. Rajesh Mediratta, MD & CEO, Indian Gas Exchange Limited, said, “Exactly a year ago, we embarked on this journey by signing the agreement to develop these contracts, and today, we proudly launch them—demonstrating our commitment to advancing India’s gas sector. This data-licensing collaboration with S&P Global Commodity Insights seamlessly combines our expertise to deliver flexibility and robust price hedging options to our trading participants. We extend our sincere gratitude to PNGRB for their support and approval, which has been instrumental in bringing this initiative to fruition. This represents a pivotal step forward, and we are confident it will pave the way for new opportunities and innovative growth for both organizations.”

Renowned for its independence and rigorous price assessment methodologies across energy and commodities markets, S&P Global Commodity Insights brings unmatched credibility to this collaboration. IGX expects incorporation of Platts benchmarks into its offerings to boost market liquidity and foster an environment conducive to the sustained growth of India’s natural gas sector.

Adding to this, Matt Eversman, Director of Global Licensing and Exchange Relationships for S&P Global Commodity Insights, said, “We are pleased Platts benchmarks will help to bring transparency and efficiency to India’s high-potential gas market, and we look forward to continued collaboration with IGX ahead.”

The post Indian Gas Exchange Receives PNGRB Approval to Launch Long Duration Contracts  appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

GIXI – AVG. PRICE FOR GAS DELIVERIES DURING AUGUST’24 WAS RS 1,064 /$12.7/MMBTU; DECREASE OF 4% MoM

TOTAL 96 TRADES EXECUTED DURING THE MONTH

FIRST TRADE EXECUTED AT JAYA DELIVERY POINT

Bengaluru, 04 September 2024: The Indian Gas Exchange (IGX) traded ~4.7 million MMBtu (~118 MMSCM) gas volume in August’24, higher by 15% on MoM basis.

A total of 96 trades were executed in August’24. The most active delivery point for free market gas was Dahej & Gadimoga for Ceiling Price gas, other trading delivery points were- Mhaskal, KG Basin, Suvali & Jaya.

IGX currently offer trades at 15 delivery points. Out of which, 4 are LNG terminals, 3 are Pipeline Interconnection Points and 8 are domestic gas field land fall points. Out of all delivery points, Dahej RLNG Terminal is most active and second is Mhaskal Interconnect point.  Around 78% of the total volume was traded at Dahej delivery point which grew by 201% MoM and 287% YoY. GIXI – Dahej (Aug-24) was ?1061 or $12.6 / MMBtu which was around 6% lower when compared to WIM-Ex Dahej (Aug-24 settled – $13.5/MMBtu).

GIXI for August 2024 was Rs 1,064/$12.7 per MMBtu, lower by 4% last month. GIXI- South was Rs. 1029/$12.3 per MMBtu and GIXI-West Rs 1,065/$12.7 per MMBtu.  Different spot international gas benchmark prices recorded were: HH at ~$2.1/MMBtu (down by 5% MoM), TTF at ~$12.3 /MMBtu (up by 20% MoM), whereas LNG benchmark indices were: WIM ~14.4 $/MMBtu (up by 10% MoM).

Around 4.2 Million MMBtu of free market category gas was traded during the month which marks 20% MoM & 250% YoY growth. About 0.5 million MMBTU domestic ceiling price gas was traded at ceiling price (?828/MMBtu) at KG Basin & Gadimoga delivery points. And about 0.15 Millon MMBtu  domestic gas with complete pricing freedom  was traded at Jaya, Suvali & KG Basin delivery points.

During the month, the Exchange traded gas deliveries were 3 million MMBtu (~2.5 MMSCMD).

The month witnessed first trade at Jaya delivery point, a Vedanta’s gas producing field connected to GAIL’s Natural Gas Pipeline network in Gujarat.

IGX currently offers delivery-based trade in six different contracts such as Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly, under which the trade can be executed for six consecutive months. During the month, 29 trades (maximum number) were executed in Daily, followed by 27 trades in Monthly, 18 trades in Weekly, 11 trades in Day-Ahead, 10 trades in Fortnightly & 1 trade in Weekday contract respectively.

The post GAS MARKET UPDATE, AUGUST 2024 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

• TRADES 4.1 MILLION MMBTU (~103 MMSCM) GAS VOLUME IN JULY’24 GROWTH OF 50% YoY
• GIXI – AVG. PRICE FOR GAS DELIVERIES DURING JULY’24 WAS RS 1,114 /$13.2/MMBTU; INCREASE OF 4% MoM
• TOTAL 96 TRADES EXECUTED DURING THE MONTH
• FIRST TRADE EXECUTED IN SSLNG SEGMENT AT DAHEJ DELIVERY POINT
• GUJARAT STATE ELECTRICITY CORPORATION LIMITED (GSECL) JOINS AS A NEW PROPRIETARY MEMBER

Bengaluru, Tuesday,06 August 2024: The Indian Gas Exchange (IGX) traded 4.1 million MMBtu (~103 MMSCM) gas volume in July’24, higher by 50% on YoY basis.

A total of 96 trades were executed in July’24. During the month, 28 trades (maximum number) were executed in Monthly contracts, followed by 26 trades in Daily contracts, 19 trades in Weekly contracts, 16 trades in Day-Ahead contracts & 7 trades in Fortnightly contracts respectively.

The most active delivery point for free market gas was Mhaskal & Gadimoga for Ceiling Price gas, other trading delivery points were- Dahej, KG Basin, Hazira, Suvali & Bhadbhut.

During the month, the Exchange traded gas deliveries were 3.5 million MMBtu (~2.9 MMSCMD).

GIXI (Gas Index of India) for July 2024 was Rs 1,114/$13.2 per MMBtu, higher by 4% last month. GIXI- South was Rs. 936/$11.2 per MMBtu and GIXI-West Rs 1,119/$13.3 per MMBtu.  Different spot international gas benchmark prices recorded were: HH at ~$2.2/MMBtu (down by 20% MoM), TTF at ~$10.3 /MMBtu (down by 5% MoM), whereas LNG benchmark indices were: WIM ~13 $/MMBtu (up by 8% MoM).

Total Domestic ceiling price category gas traded during the month was 0.6 million MMBtu at ceiling price (₹825/MMBtu) at KG Basin & Gadimoga delivery points.

In the month first trade in ssLNG contract was executed in Daily contract at Dahej delivery point & Gujarat State Electricity Corporation Limited (GSECL) joined as a new proprietary member. Additionally, IGX received approval from PNGRB to add Jaya, Jharia, Kochi & Chhara as new delivery points.

IGX currently offers delivery-based trade in six different contracts such as Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly, under which the trade can be executed for six consecutive months.

The gas trade takes place at multiple delivery points, such as – Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, Gadimoga, Suvali. It covers six regional gas hubs, namely, Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, and North Eastern Hub across India.

The post INDIAN GAS EXCHANGE GAS MARKET UPDATE, JULY 2024 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Speaking on the launch, Shri Rajesh K Mediratta, MD & CEO, IGX said, “In this summer, gas prices can touch single digit and spot gas markets can help meet burgeoning power demand, which touched 241 GW last year and expected to touch 255GW this summer. We see huge possibilities, since already power prices are touching Rs. 10/kwh for most time and in summer it may be for almost 24hr in a day. Gas prices less than $10/MMBtu will enhance gas usage for the power sector. Currently, Gas to Power demand is 14%, which can jump significantly in 2024. And in view of the upcoming peak season and challenges, IGX is introducing a special contract to provide flexibility in delivery timelines while maintaining a fixed price, addressing the specific needs of these power plants.

Shri Ghanshyam Prasad, Chairperson, Central Electricity Authority (CEA) in his keynote address said, ” The newly introduced contract by IGX would be beneficial to power companies as it is designed based on the peculiar working of a gas-based power plant. With some changes in gas transportation capacity booking timelines, this contract should be able to help run gas-based power plants by sourcing gas from IGX at competitive prices.”

Giving the special address, Shri P.K. Mishra, Executive Director – Fuels, NTPC said, “I commend IGX for launching a gas contract that addresses the dynamic needs of the power sector. NTPC has swiftly adapted to market changes, and IGX’s new contract comes as a timely solution for gas power plants facing challenges. With an eye on the future, anticipating increased gas demand in the next five to six years, IGX’s product aligns with the evolving energy landscape.”

The introduction of this specialized contract not only caters to the unique needs of the power sector but also opens up new opportunities for suppliers. They can now explore selling cumulative volumes at market-discovered prices, fostering a more dynamic and efficient marketplace.

The post IGX INTRODUCES POWER CONTRACT FOR MEETING INCREASED POWER DEMAND appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Renowned for its rigorous price assessment methodologies and independent daily price assessments in various energy and commodities markets, S&P Global Commodity Insights and its Platts benchmarks are an important addition to IGX and its commitment to fostering innovation and providing a robust platform for buyers, sellers, and traders in the Indian gas market. By incorporating globally recognized benchmarks, the exchange aims to enhance market liquidity, and create a conducive environment for the growth of the natural gas sector in India.

IGX’s LDC contracts, with three-month to one-year commitment lengths, will help India’s market participants secure their natural gas needs. IGX intends to provide complete flexibility to its natural gas buyers to choose fixed-price terms or prices linked to international Platts benchmarks. This will enable buyers to manage commodity and price risk under competitive, transparent and flexible options on IGX.

Speaking on this development, Mr Rajesh Mediratta, MD & CEO, Indian Gas Exchange Limited said, “This collaboration brings together the strengths of both the companies for the benefit and growth of the Gas Sector in India. This milestone initiative will offer trading participants of IGX an unprecedented flexibility and price hedge. We are confident this data collaboration will open many more areas of cooperation between our two companies.”

Saugata Saha, President of S&P Global Commodity Insights, said, “We’re pleased IGX recognizes the price transparency Platts benchmarks bring to the marketplace, as well as their relevance beyond the point of assessment. We welcome important data-licensing alliances that foster growth in key marketplaces like India.”

&P Global Commodity Insights is the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities, energy and energy transition markets.

The post Indian Gas Exchange Inks Data Licensing Agreement with S&P Global Commodity Insights appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Mumbai, Monday, 06 November 2023: The Indian Gas Exchange (IGX) traded 28,98,950 MMBtu (~73 MMSCM/2.4 MMSCMD) gas volume in October 2023, with 46% decrease MoM and 29% YoY decrease.

A total of 46 trades were executed during the month. The maximum number of trades were executed in Monthly contract, 14 trades; followed by Daily & Weekly contracts of 12 and 10 trades respectively.

The most active delivery point for free market gas was Ankot and domestic ceiling price gas was traded at Gadimoga. Other trading delivery points were- Dahej, Hazira, Bhadbhut, Mhaskal & Suvali.

During the month, the Exchange traded gas flows were 58,33,250 MMBtu (~4.7 MMSCMD).

GIXI (Gas Index of India) for October 2023 was Rs 1012/$12.2 per MMBtu, higher by 7% last month. GIXI- South was Rs. 829/$9.96 per MMBtu (Ceiling Price) and GIXI-West was Rs 1012/$12.2 per MMBtu. Different spot gas benchmark prices recorded were: HH at ~$3/MMBtu, TTF at ~$14.5 /MMBtu, whereas LNG benchmark indices were: WIM ~16 $/MMBtu.

IGX traded a total of 3,20,000 MMBtu domestic ceiling price gas during the month.

Eastern Power Distribution Company of Andhra Pradesh Limited Joins IGX as Proprietary Member

A quick summary of the gas market during October’23 is as below:

• Total traded volume: 28,98,950 MMBtu
• Domestic ceiling price gas traded: 3,20,000 MMBtu
• Total no. of trades: 46

The post Indian Gas Exchange (IGX) I GAS MARKET UPDATE, OCTOBER 2023 :: Media Release appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.