Day Ahead Market operations will be carried out in accordance with the ‘Procedure for scheduling of collective transactions’ issued by the Central Transmission Utility (PGCIL), ‘CERC (Open Access in inter-State Transmission) Regulations, 2008’ ,its modifications issued from time to time and the Bye-Laws, Rules and Business Rules of the Exchange.

Process of Closed-Bidding Auction

• Bid accumulation period (Bidding phase)
  During the auction sessions on each Trading Day, bids entered by Members on the IEX Trading Platform are automatically stored in the Central Order Book without giving rise to Contracts. During this phase, bids entered can be revised or cancelled. Bid accumulation period shall start at 10.00 AM and will end at 12.00 Noon.
  
  
• Auction period
  At the end of the bidding session, the IEX Trading Platform will seek to match bids for each hourly contract. After the price determination phase is concluded, the Members, whose bids have been partially or fully executed, will be provided all relevant trade information regarding each contract traded on the IEX Trading Platform.
  
  
• Price Determination Process (Provisional)
  All purchase bids and sale offers will be aggregated in the unconstrained scenario. The aggregate supply and demand curves will be drawn on Price-Quantity axes. The intersection point of the two curves will give Market Clearing Price (MCP) and Market Clearing Volume (MCV) corresponding to price and quantity of the intersection point. Results from the process will be preliminary results. Based on these results the Exchange will work out provisional obligation and provisional power flow. Funds available in the settlement account of the Members shall be checked with the Clearing Banks and also requisition for capacity allocation shall be sent to the NLDC. In case sufficient funds are not available in the settlement account of the Member then his bid (s) will be deleted from further evaluation procedure.
  
  
• Price Determination Process (Final)
  Based on the transmission capacity reserved for the Exchange by the NLDC on day ahead basis by 2.00 PM, fresh iteration shall be run at 2.30 PM and final Market Clearing Price and Volume as well as Area Clearing Price and Volume shall be determined. These Area Clearing Prices shall be used for settlement of the contracts.
  
  
• Settlement
  On receipt of final results, obligations shall be sent to Banks for Pay In from buying Members at 2.30 PM and will take confirmation of the same from the Bank. At 3.00 PM final results will be sent to NLDC / SLDCs for incorporating in final schedules. Once a transaction is scheduled it shall be considered as deemed delivery.