The new entrant – Hindustan Power Exchange Ltd (HPX) formerly Pranurja Solutions Ltd. (PSL) commenced operations on July 6, 2022 after obtaining all regulatory approvals from the Central Electricity Regulatory Commission (CERC). HPX was able to obtain regulatory approval after going through a rigorous regulatory process in accordance with electricity market regulations. HPX was jointly promoted by BSE Investments Ltd., PTC India Ltd. and ICICI Bank Ltd.
HPX was represented by Mr. Ravi Kishore, Attorney and Managing Partner of RNS Associates, who managed the entire regulatory approval process before CERC.
In the recent past, there has been a significant increase in electricity trading on the Electricity Exchange. The Electricity Act 2003 created a separate activity of trading and the act states that the Electricity Regulatory Commission shall endeavor to promote the development of the market (including trading) for electricity. Trading on power exchanges will move the industry away from the traditional long-term power purchasing model. During the exchange, price discovery is done in a scientific, efficient, transparent and competitive manner where all stakeholders benefit.
Power exchange activity will be further boosted after a long-running dispute between SEBI and CERC over who would regulate power futures and derivatives was settled, paving the way for the trade electricity like other commodities with futures and derivatives. Therefore, the start of operation of HPX is of significance as it will bring competition to the power sector and benefit the power sector.
ABOUT THE CABINET
RNS Associates is comprised of qualified and experienced professionals with unparalleled insight and knowledge in various practice areas managed and led by its Managing Partners – Ravi Kishore and Niraj Singh. The Managing Partners bring their respective expertise and experience to the table, which is a mix of litigation, advising domestic and international clients on compliance and regulatory matters and hands-on experience in various economic and corporate law not in as a litigator but also as an administrator and manager.
The firm has been recognized on various platforms including Legal Era, Corporate Counsels Association of India, Indian National Bar Association, etc.