IEX, that aims to start a countrywide market for trading in electricity, will use OMX technology for trading and clearing.
Nord Pool, who was recently acquired by OMX, provides spot market technology through its SAPRI system. The agreement includes implementation and support as well as software licenses from OMX, Nord Pool and FTIL.
“As the first ever energy exchange in India, IEX constitutes a milestone project for OMX, and we are excited to contribute to the energy deregulation in one of the world’s fastest growing economies. After completing the training programme, we now look forward to taking the next step in supporting IEX’s launch of a world-class energy trading solution for India,” says Markus Gerdien, president of Market Technology, OMX.
“Training of our members and users is a critical success factor for running India’s first ever energy exchange, and we are very pleased with the outcome of the programme. The implementation work with OMX, Nord Pool and FTIL is going according to plan, helping us create a solid technological platform on which to operate our new exchange,” adds Joseph Massey, director, IEX.