EKA to develop software for India's power exchange

BANGALORE, INDIA: With Indian Energy Exchange Ltd and Multi Commodity Exchange on the verge of getting approval to set up the country's first power exchange, EKA Software, the provider of commodity trade and risk management software has started developing a new software for the power exchange.

The Bangalore-based company provides commodity trade and risk management software for companies involved in export, import and trading activities, is looking at aggressively tapping into the India markets. After having dedicated seven platforms for the multi commodity exchange including coffee, cotton, metals, sugar and oil, now is cracking on the power companies.

Talking to CIOL Bureau, Manav Garg, CEO & Founder of Eka Software Solutions Pvt Ltd said, ``The Indian commodity exchange is still in the nascent stage but is fast picking up. Shortly we shall see the power exchange as part of the commodity trading where in the state electricity boards and major companies can invest and electricity will be traded.”

The problem in India is that power sector needs to be de-regulated by the CRC, says Garg adding that just as telecom, ports got de-regulated, power will soon join in followed by insurance, energy and others.

As far as power is concerned, we have already started working on the software and need to customize for the power exchange. In fact, we have developed a software for UK-based Inter Continental Exchange, that is the same as MCX in India. “We are now working on building on the same platform and also have a dedicated team for power and shall increase the strength once it becomes more active,” he said.

All power distribution is linked and distributed by a software that is hooked on to the exchange like telecom sector that was de-regulated earlier went through the same phase. “Here infrastructure is the main criteria and then all systems can be put in place.”

Industry officials are optimistic that once the power exchange starts to function, then power theft will be drastically reduced and so will the power scheduling improve. Many private players like Reliance, BSES, NTPC and Tata Power who are all major players on the transmission side will also enter distribution. 

The company rolled out its first version of the software in 2003 and is being updated every year since then. “We started by offering sugar, grains and metals in various leading commodity exchanges including London Metal Exchange, New York Board of Trade, Chicago Board of Trade all based overseas,” adds Garg.