Indian Energy Exchange Ltd. (IEX) is the largest exchange for the trading of a range of electricity products in India, in terms of traded contract volumes in FY17 according to the Central Electricity Regulatory Commission (CERC). Electricity products traded over its electronic trading platform comprise (i) electricity contracts in blocks of 15 minutes in the Day-Ahead-Market (DAM), (ii) electricity contracts for fixed terms in the future, such as intra-day contracts, day ahead contingency contracts and contracts up to 11 days ahead, known as the Term-Ahead-Market (TAM) and (iii) renewable energy certificates (RECs). IEX has commenced the trading of energy saving certificates (ESCerts) on Exchange on September 26, 2017. It is one of two exchanges in India that offer an electronic platform for the trading of electricity products and have a substantial majority market share among the power exchanges in India. The DAM constitutes the substantial majority of the...