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Indian Gas Exchange

  • June 17, 2020
  • Posted by: admin1
  • Category: DPN Topics
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Subject: Economy

Context:

Indian Gas Exchange (IGX), India’s first gas exchange was launched

Concept:

  • The IGX is a digital trading platform that will allow buyers and sellers of natural gas to trade in both spot market and in the forward market for imported natural gas.
  • It will facilitate transparent price discovery in natural gas, and facilitate the growth of the share of natural gas in India’s energy basket.
  • The price of domestically produced natural gas is decided by the government. It will not be sold on the gas exchange.
  • The exchange also allows much shorter contracts for delivery on the next day, and up to a month while ordinarily contracts for natural gas supply are as long as six months to a year.

Background:

  • Domestically produced natural gas currently accounts for less than half the country’s natural gas consumption while imported LNG accounts for the other half.
  • LNG imports are set to become a larger proportion of domestic gas consumption as India moves to increase the proportion of natural gas in the energy basket from 6.2% in 2018 to 15% by 2030.

Natural gas:

  • Natural gas is a mixture of gases which are rich in hydrocarbons. Natural gas reserves are deep inside the earth near other solid & liquid hydrocarbons beds like coal and crude oil.
  • Natural gas is mainly used as fuel for generating electricity and heat.
  • Natural gas in compressed form is used as fuel for vehicles which is known as CNG. This is used for making fertilizers also, mainly ammonia.
  • Russia, USA and Canada are major producers & consumers.
  • For transporting, two variants are used – LNG for cross countries exchange and CNG for domestic purpose.
economy Indian Gas Exchange
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